Hyderabad: India slipped 13 places in the latest Global House Price Index which ranked last on the 56th rank in the quarter ending December 2020. By its 43rd rank in Q4 2019, India has a decline of 3.6 percent on a year-on-year basis (YoY) in house prices, leading to the decline in the world position.
Knight Frank’s Global House Price Index tracks the movement in general household prices in 56 countries and territories worldwide using official statistics. The report highlighted that prices rose in 89 percent of countries and territories by 2020, with several emerging markets performing strongly.
In the 12-month percentage change for the period Q4 2019 – Q4 2020, Turkey continues to lead the annual rankings with prices at 30.3 percent JJ, followed by New Zealand with 18.6 percent JJ and Slovakia with 16 percent JJ . India was the country performing worst in Q4 2020, with a 3.6 per cent drop in house prices, followed by Morocco with a 3.3 per cent drop.
The index shows that general household prices in 56 countries and territories worldwide rose by an annual rate change of 5.6 percent in 2020, compared to 5.3 percent in 2019.
Indian markets ended last due to the conditions creating the pandemic. During 2020, the union and the state government took steps to spur spending and create demand, such as low home loan rates, reduction of stamp duty and other levies on residential purchases in key markets.
Developers have added concessions to the government steps that amount to a further reduction in the effective prices of homes. These steps stimulated demand for housing in the latter part of 2020, but kept prices at a distance.
Shishir Baijal, CMD, Knight Frank India said: ‘Low interest rates and other measures to stimulate demand by the government have fueled the demand for real estate. This led to sales and launches in the fourth quarter of 2020 is a significant jump compared to the first three quarters of 2020. The pandemic has led to the prospect of end users in terms of home ownership leading to many fencing make their buying decisions. ”
Knight Frank said that as the effects of the vaccine take place, it is expected to return to normal, which the government will measure to sell current momentum.
Source: Telangana Today