According to Knight Frank, home prices in India increased by 1.4 % sequentially in the March quarter.

in image house building illustration

BENGALURU: According to property advisory Knight Frank's latest research report - Global House Price Index - Q1 2021, India dropped twelve spots in the global home price index to rank 55 in the March quarter, down from 43rd the year before, with a 1.6 percent year-on-year (YoY) decline in home prices.

In the March quarter, India had gained a spot from the December quarter, when it was ranked last among the 56 nations covered by the Index. Residential prices in the March quarter increased by 0.6 percent and 1.4 percent, respectively, from the July-September quarter 2020 and the October-December quarter 2020.

Using official figures, the Global House Price Index examines changes in mainstream home prices in 56 nations and territories throughout the world. Turkey continues to dominate the yearly rankings between Q1 2020 and Q1 2021, with prices climbing 32 percent year on year, followed by New Zealand (22.1 percent) and Luxembourg (16.6%). In Q1 2021, Spain had the worst performance, with property values falling 1.8 percent YoY, followed by India with -1.6 percent.

Shishir Baijal, chairman and managing director, Knight Frank India, said, "In Q1 2021, India witnessed a 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 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 the fluctuation in the vaccine roll out there could be a pressure on sales volumes as well as on price growth".

Source - Mint

 

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