India's rank slips to 54th globally in home price appreciation

Mumbai: India has moved down seven spots in the global home price index to 54th rank in Q3 2020 against 47th in Q3 2019, with a decline of 2.4 per cent year-on-year (YoY) in home prices, international property consultant Knight Frank said in its latest research report -- Global House Price Index Q3 2020.

According to the index, the ranking of India remained unchanged to 54th spot amongst 56 countries compared to previous quarter Q2 2020.

The Global House Price Index tracks the movement in mainstream residential prices across 56 countries and territories worldwide using official statistics.

In the 12-month percentage change for the period Q3 2019 - Q3 2020, Turkey continues to lead the annual rankings with prices up by 27.3 per cent YoY, followed by New Zealand at 15.4 per cent YoY and Luxembourg with 13.4 per cent YoY. Morocco was the weakest-performing territory in Q3 2020, with home prices fallen to 3.3 per cent YoY.

The report highlighted in Q3 2020, Ireland, Spain, India and Hong Kong witnessed the weakest price growth year-on-year.

According to the Knight Frank India's recent report titled India Real Estate Update (July-September 2020) -- analyses the residential and office market performances across eight major cities for the Q3 2020 period. It estimates that home sales volume jumped by 2.5 times to 33,403 units in Q3 2020 compared to 9,632 in Q2 2020. New residential unit launches increased by 4.5 times to 31,106 units in Q3 2020, compared to 5,584 units in the previous quarter.

Mainstream residential prices across 56 countries and territories worldwide saw a slight price correction, which stood at an annual rate change of 4.5 per cent on average, compared to Q2 2020 at 4.7 per cent.

According to the report, 16 per cent 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, the UK and the US, while others witnessed only a marginal impact on pricing, including China, France and Germany.