The remarkable growth in India s residential market, despite the challenges of higher home loan rates as well as threats of inflation, has largely been the result of stable economic growth which has lent itself to providing greater financial security to end-users, Knight Frank India noted in a report.
India climbed 18 spots up to 14th rank in the global house price index in the third quarter of 2023, data compiled by real estate consultant Knight Frank India showed. House prices remained robust in the face of higher debt costs, with average prices across the 56 markets covered by the Knight Frank s Global House Price Index, growing at an average of 3.5 per cent on a yearly basis in September 2023, up from 2.2 per cent in the previous quarter.
With this robust growth in the last year, India climbed 18 spots to 14th rank in the index. Average annual price growth stood at 3.5%, according to Knight Frank Global House Price Index – Q3 2023. Several factors contributed to the rise in property prices including a pent-up demand, a desire to upgrade, and a willingness to spend more for better and modern amenities.
Real estate consultant Knight Frank's Global House Price Index tracks nominal and real price growth across 56 countries in local currencies. Turkiye is at the number one position with an annual 89.2% appreciation, followed by Croatia (13.7%), Greece 11.9%, Colombia 11.2% and North Macedonia 11%.