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.
India climbed up five spots in the global home price index to rank 51 in the October-December 2021 quarter, against rank 56 in the same period a year ago. The price increase of 2.1% year-on-year in the fourth quarter makes it the best quarter in the year 2021. The findings are part of Knight Frank’s latest research report, Global House Price Index – Q4 2021.
With respect to quarterly changes, January-March 2021 and April-June 2021 witnessed a decline of 1.6% and 0.5%, respectively. The third and fourth quarters of the last calendar year have been 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%. Turkey witnessed the highest annual price growth rate by 59.6% in the year to Q4 2021 to 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, the 10 markets that have 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.
Commenting on the findings, Shishir Baijal, chairman & MD, 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 the 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.”
https://www.financialexpress.com/industry/india-registers-2-1-rise-in-home-prices-in-oct-dec-knight-frank/2468552/
