India's Rank Slips 7 Places in Housing Prices Appreciation Globally
Knight Frank in its latest research report - Global House Price Index Q3 2020 cited that India moves down 7 spots in the global home price index to 54th rank in Q3 2020 against 47th rank in Q3 2019, with a decline of 2.4% year-on-year (YoY) in home prices. The performance of India compared to previous quarter Q2 2020, the ranking remains unchanged to 54thspot amongst the 56 countries and territories tracked in Q3 2020 index. Turkey continues to lead the annual rankings with prices up by 27.3% YoY, followed by New Zealand at 15.4% YoY and Luxembourg with 13.4% YoY. Morocco was the weakest-performing territory in Q3 2020, with home prices fallen to 3.3% YoY. The report highlighted in Q3 2020, Ireland, Spain, India and Hong Kong witnessed the weakest price growth year-on-year. Mainstream residential prices across 56 countries and territories worldwide saw a slight price correction, which stood at an annual rate change of 4.5% on average, compared to Q2 2020 at 4.7%. According to the report, 16% of the surveyed global countries and territories registered a decline in yearly price growth. In Q2 2020, many housing markets remained frozen and saw a sharp rebound in sales and prices in Q3 2020 including New Zealand, UK and the US, while others witnessed only a marginal impact on pricing including China, France and Germany.
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