Indian Real Estate Report: India ranked 56th globally in terms of price rise in the fourth quarter of 2020. According to the latest report by International Property Consultancy Knight Frank, India has fallen 13 places in the Global Home Price Index during the quarter ending in December 2020. The house prices in India have fallen by 3.6 per cent year-on-year compared to the 43rd rank in the fourth quarter of 2019, which led to the decline in its rank in the world.
Turkey tops the list
The Global House Price Index tracks housing prices in 56 countries and territories. In the period from the fourth quarter of 2019 to the fourth quarter of 2020, Turkey topped the annual ranking with an increase of 30.3 per cent year-on-year. This is followed by New Zealand with 18.6 per cent annual growth and then Slovakia with 16.0 per cent. India was the weakest performing country in the fourth quarter of 2020, where house prices fell by 3.6 per cent on an annual basis. This is followed by Morocco, where there is a 3.3 percent annual decline.
The report said that 89 percent of the countries and provinces have seen a price increase during 2020. In which several emerging markets have performed well, including turkey, which topped the index for the fourth consecutive quarter.
New Zealand, Russia’s ranking improved
According to the report, in 56 countries and territories across the world, residential prices have increased at the rate of 5.6 percent annually during 2020. In comparison to which the rate was 5.3 percent in 2019. It said that some markets such as New Zealand (19), Russia (14 per cent), Canada and the UK (both 9 per cent) have improved the ranking due to increase in demand for homes during the last three months.