India secures 54th rank in Knight Frank’s housing price index

India has secured the 54th rank out of 55 countries, in Knight Frank’s housing price index. For the first quarter of this calendar year, India was ranked 55th in the Global Housing Price Index. Turkey continues to lead the annual rankings, with a 29.2% increase in housing prices. New Zealand comes in second with a price increase of 25.9%, while the United States comes in third with an increase of 18.6%. The Global House Price Index tracks residential price changes in 55 countries and territories around the world. The index is based on nominal prices expressed in local currency. In total, 18 countries experienced double-digit growth in Q2 2021, with India and Spain being the only countries to see annual home price declines. At 16.4%, the annual price growth rate of Australia hit its highest since 2003. Shishir Baijal, Chairman and Managing Director at Knight Frank India cited that the price of residential property in India has remained relatively stable with an overall negative bias, despite the effects of the second wave of Covid-19. A healthy recovery is expected to take place in the housing market as Covid-19 cases continue to decline and a mass inoculation campaign continues, according to Baijal. As per the report, the index is rising at its fastest rate since the first quarter of 2005. The pandemic-induced housing boom continued within the year to June, with prices rising 9.2% on average across 55 countries and territories. Image SourceAlso read: Housing unit launches slump 54% in Q1 FY22