If you are preparing to buy a house, then the burden on your pocket is going to increase. Home prices continue to rise in the country. In the Global Home Price Index, India has reached the 51st position in the fourth quarter of 2021, while India was ranked 56th in the fourth quarter of 2020. Overall, India has jumped five places in this list. Knight Frank has said in his research report that there has been a growth of 2.1 percent in the fourth quarter.
According to the report, the prices of houses in India have increased during the last three months. During the last two years, there has been a boom in the sale of homes in India with a price of more than 50 lakhs. After the Corona period, the sale of houses worth Rs 80 lakh or more has increased by 15 to 30 percent in different cities of the country.
According to the report of Knight Frank, the prices of houses in the country saw a decline of 1.6 percent in the first quarter of 2021 and 0.5 percent in the second quarter. But there has been an increase of 0.1 percent in the third quarter of 2021 and 2.1 percent in the fourth quarter. According to Knightfrank India’s Global House Price Index, this list of 56 countries has 53 countries where property prices have increased. In this, the prices of houses in India have increased by 2.1 percent as compared to earlier. Globally, home prices have increased by an average of 10.3 per cent in 2021.
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Prices increased by 59.6 percent in Turkey
In this report, it seems that the corona epidemic has not had much impact on real estate. Turkey saw the biggest increase in house prices at 59.6 percent. On the other hand, the price of houses in New Zealand has increased by 22.6 percent, and in Australia by 21.8 percent on an annual basis. However, prices in Malaysia, Malta and Morocco fell by 0.7 per cent, 3.1 per cent and 6.3 per cent, respectively.
The effect of inflation on the boom
Shishir Baijal, Chairman and Managing Director, Knightfrank India, said that the correction in house prices after being affected by the pandemic is a global phenomenon. Inflation has also had an effect on the rise in prices. In the case of India, there has been a marginal increase in house prices. After the pandemic, people’s interest in buying a house has increased. This has also given support to the prices.
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