India climbs five spots in global home price movement: Report
Premium- The price increase of 2.1% yearly in the fourth quarter makes it the best quarter in the year 2021.
India climbed five spots in the global home price index to 51st rank in the fourth quarter of 2021 against 56th rank in the same period last year, according to Knight Frank’s Global House Price Index report.
The price increase of 2.1% yearly in the fourth quarter makes it the best quarter in 2021.
With respect to quarterly changes, Q1 and Q2 witnessed a decline of 1.6% and 0.5%, respectively. The Q3 and Q4 were positive towards the residential price change, witnessing a growth of 0.1% and 2.1%, respectively.
The Global House Price Index tracks the movement in mainstream residential prices across 56 countries and territories worldwide using official statistics.
The index tracks nominal and real price growth in local currencies. The rankings on the price movement have been accounted basis the nominal price growth change. The average annual price change across 56 countries and territories was recorded at 10.3%.
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Turkey witnessed the highest annual price growth rate of 59.6% in Q4 2021 in nominal terms, whereas Malaysia, Malta and Morocco markets recorded a decline in prices by 0.7%, 3.1% and 6.3%, respectively, in the year 2021.
According to the report, 10 markets that witnessed the strongest increase in house prices since the start of the pandemic are largely developed markets where governments stepped in to support economies, and in some cases, housing markets via mortgage holidays or subsidy programmes.
Shishir Baijal, chairman and managing director, Knight Frank India said, “Influenced positively by the pandemic, the recovery in house price is a global phenomenon, which was supported by government policy measures and cost inflation in many overseas markets. In case of India nominal prices have registered a marginal growth, bucking the negative trend experienced in previous quarters, indicating a similar trend of growth in demand. With renewed enthusiasm of consumers towards home ownership, competitive house prices and low home loan interest rate, we expect the market momentum to continue."
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