New Delhi: The good news for home buyers is that the prices of houses and flats have come down. Indeed, India ranked 56th globally in terms of price rise in the fourth quarter of 2020. This has been revealed in the latest report by International Property Consultancy Knight Frank.
India’s ranking slipped 13 places in the Global Price Index
According to the report, India has dropped 13 places in the global home price index during the quarter ending in December 2020. Home prices in India declined by 3.6 percent year-on-year compared to the 43rd rank in the fourth quarter of 2019. Due to this, India’s rank has fallen in the world.
Property is the most expensive in Turkey
In the Global House Price Index, the mainstream residential price is analyzed through government data. This index tracks residential prices in 56 countries and territories. In this index from the fourth quarter of 2019 to the fourth quarter of 2020, Turkey is at the top. It is followed by New Zealand with 18.6 percent growth and Slovakia with 16 percent.
India was the weakest performing country in the fourth quarter
India is at the bottom of this index, where house prices have fallen by 3.6 percent on an annual basis. It is followed by Morocco at 55th place, which has recorded an annual decline of 3.3 percent. According to Knight Frank’s report, demand for homes has increased in the past three months in some markets such as New Zealand (19 percent), Russia (14 percent), Canada, and the UK (both 9 percent). Due to this, the ranking of these countries has improved.
