India Climbs to 51st Position Globally In Annual Home Price Movement
India climbed up 5 in the global home price index to 51st in Q4 2021 against 56th 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's latest research report - Global House Price Index – Q4 2021. Concerning 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, seeing 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 10.3%. Turkey witnessed the highest annual price growth rate by 59.6% in the year to Q4 2021 to nominal terms. According to the report, the ten markets that have witnessed the most substantial increase in house prices since the pandemic are primarily developed markets where governments stepped in to support economies and, in some cases, housing markets via mortgage holidays or subsidy programmes. According to Shishir Baijal, Chairman & MD, Knight Frank India, "Influenced positively by the pandemic, the recovery in house price is a global phenomenon 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 homeownership, competitive house prices, and low home loan interest rate, we expect the market momentum to continue."
Tags : India 51st Position Globally Annual Home Price Movement Shishir Baijal Chairman & MD Knight Frank India homeownership competitive house prices and low home loan interest rate The Global House Price Index