India Slips 12 Spots To 55th Position Globally In Home Price Movement: Report

Between third quarter of 2020 to first quarter of 2021 and from fourth quarter of 2020 to first quarter of 2021, residential prices saw a growth.

India moved down 12 spots in Knight Frank's global home price index to 55th rank in first quarter of 2021 against 43rd rank in first quarter of 2020 with a decline of 1.6 per cent year-on-year in home prices. The country gained a spot compared to last quarter (fourth quarter of 2020) where it ranked last globally among 56 countries tracked by the index. With respect to six-month (third quarter of 2020 to first quarter of 2021) and three-month (fourth quarter of 2020 to first quarter of 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 first quarter of 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 the first quarter of 2021 where home prices fell by 1.8 per cent followed by India with minus 1.6 per cent.