India ranks 54th out of 55 nations

New Delhi: India ranks 54th out of 55 countries globally in the housing prices index as rates of residential properties fell marginally by 0.5 per cent year-on-year during the quarter ended June, according to Knight Frank.

India was at 55th position in the previous global housing price index report for the first quarter of this calendar year.

Turkey, with 29.2 per cent appreciation of housing prices, continues to lead the annual rankings. New Zealand is at second position with a 25.9 per cent price rise while the US ranks third with 18.6 per cent appreciation. The Global House Price Index report tracks the movement of mainstream residential prices across 55 countries and territories worldwide. The index tracks nominal prices in local currency.

Overall, 18 countries in Q2 2021 have reported double-digit growth, while India and Spain were the only countries to register an annual decline in home prices.

Australia at 16.4 per cent recorded its highest rate of annual price growth since 2003.

"India's mainstream residential prices have largely remained stable with negative bias despite recovery being impacted due to the second wave. Moving forward with the downward trajectory in COVID-19 cases and mass inoculation drive, the sector is expected to make a healthy recovery with demand for homes only expected to increase in the coming quarter, said Shishir Baijal, Chairman and Managing Director at Knight Frank India.

The report cited that the index is rising at its fastest rate since Q1 2005. The pandemic-induced housing boom continues with prices rising by 9.2 per cent on average across 55 countries and territories in the year to June 2021.