The average annual price change across 56 countries and territories was recorded at 10.3%

India climbed up 5 spots in the global home price index to 51st rank in Q4 2021 against 56th rank in Q4 2020. The price increase of 2.1% YoY in the fourth quarter makes it the best quarter in the year 2021, according to Knight Frank.

In its latest research report ‘Global House Price Index – Q4 2021’, Knight Frank has cited that with respect to quarterly changes, Q1 2021 and Q2 2021 witnessed a decline of 1.6% and 0.5%, respectively. The Q3 and Q4 2021 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 2021.

KNIGHT FRANK GLOBAL HOUSE PRICE INDEX Q4 2021

CHANGE IN RESIDENTIAL PRICE ACROSS TOP 8 INDIAN MARKETS

According to the report, the ten 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 same, Shishir Baijal, Chairman & 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.”

https://www.financialexpress.com/money/india-climbs-5-spots-to-51st-position-globally-in-annual-home-price-movement-knight-frank/2467651/