Mumbai (Maharashtra) [India], June 10 (ANI): India moved down 12 spots in Knight Frank's global home price index to 55th rank in Q1 2021 against 43rd rank in Q1 2020 with a decline of 1.6 per cent year-on-year in home prices.
The country gained a spot compared to last quarter (Q4 2020) where it ranked last globally among 56 countries tracked by the index.
With respect to six-month (Q3 2020 to Q1 2021) and three-month (Q4 2020 to Q1 2021) changes, residential prices in India witnessed a growth of 0.6 per cent and 1.4 per cent respectively.
The report highlighted that the United States witnessed the highest annual price growth rate since 2005 with a 13.2 per cent increase year-on-year.
In the 12-month percentage change for Q1 2020 to Q1 2021, Turkey continues to lead the annual rankings with prices up by 32 per cent year-on-year followed by New Zealand at 22.1 per cent and Luxembourg with 16.6 per cent.
Turkey continued to lead the index for fifth consecutive quarter while Spain was the weakest-performing territory in Q1 2021 where home prices fell by 1.8 per cent followed by India with minus 1.6 per cent.
Mainstream residential prices averaged across 56 countries and territories in Q1 2021 grew by 7.3 per cent which records the fastest growth in prices since Q4 2006.
According to the report, 7 per cent (four countries) of the surveyed global countries and territories registered a decline in yearly price growth while 13 of the 56 countries and territories experienced a year-on-year double-digit growth in prices till Q1 2021.
Shishir Baijal, Chairman and Managing Director of Knight Frank India, said India witnessed meaningful recovery in sales volumes, helping housing prices remain stable in Q1 202.
In the preceding quarters the residential markets had been on a path of rebound with markets like Mumbai and Pune achieve pre-Covid levels of activities.
"However, with the onset of the second wave and the threat of new variants of the virus along with fluctuation in vaccine rollout, there could be a pressure on sales volumes as well as on price growth," said Baijal. (ANI)