June 10, 2021
Nation witnesses decline of 1.6% year-on-year in home prices
India has moved down 12 spots in the global home price index to the 55th position in Q1 2021 against 43rd rank in Q1 2020, with a decline of 1.6% year-on-year (YoY) in home prices, according to property consultant Knight Frank’s research report - Global House Price Index - Q1 2021.
India gained a spot, compared to last quarter (Q4 2020), where India ranked last globally amongst the 56 countries ranked by the index.
Shishir Baijal, Chairman & Managing Director, Knight Frank India said in a statement, “In Q1 2021, India witnessed meaningful recovery in sales volumes, helping housing prices remain stable. In the preceding quarters the residential markets had been on a path of rebound with markets such as Mumbai and Pune achieving pre-Covid levels of activities.”
India has moved one place up at 55th rank and is ahead of only Spain in the list of 56 countries worldwide. In the previous report released in March this year, India s ranking was 56th.
Turkey remains at the top with a 32 per cent rise in prices during January-March 2021 compared to the first quarter of the 2020 calendar year. New Zealand saw a 22.1 per cent rise in prices on a year-on-year (YoY) basis, followed by Luxembourg (16.6 per c