India ranks 54th out of 55 nations in housing prices appreciation
The Global House Price Index report keeps a tab on the mainstream housing rates across 55 countries and territories in the world.
According to Knight Frank’s report, India ranks 54th out of 55 countries globally in the housing prices index. The country saw a marginal decline of 0.5%, Y-o-Y in rates of residential properties during the quarter ended June. Before this, in the previous ranking of global housing price index report for the first quarter of this calendar year, India stood at 55th position. As per the annual rankings, Turkey is at the top position. The country saw a 29.2% rise in housing prices. In second place is New Zealand with a 25.9% price rise and third place is taken by the US with an 18.6% price rise.
The Global House Price Index report keeps a tab on the mainstream housing rates across 55 countries and territories in the world. The index measures the nominal rates in local currency. In Q2 2021. 18 countries had registered double-digit growth. Only two countries witnessed an annual decline in residential rates and that was India and Spain. The highest rate of annual price growth was observed in Australia at 16.4%. since 2003.
Shishir Baijal, CMD at Knight Frank India, said, “India’s mainstream residential prices have largely remained stable with negative bias despite recovery being impacted due to the second wave.” He pointed that the sector will witness a good recovery with the downward trajectory in Covid-19 cases and mass inoculation drive. Baijal feels optimistic that the demand for homes will increase in the coming quarter.
Since Q1 2005, the index is seeing growth. The pandemic-induced housing boom continues with prices rising by 9.2% on average across 55 countries and territories in the year to June 2021.