India Advances Five Places In The Global House Price Index

The latest Global House Price Index, which tracks nominal and real price growth in local currencies, shows that India climbed five spots and ranks 51 in Q4 2021. 

Respecting quarterly changes, Q1 2021 and Q2 2021 experienced reductions of 1.6% and 0.5% respectively. The Q3 and Q4 2021 were optimistic about the residential price change and sighted a growth of 0.1% and 2.1%. 

The report suggested that the ten markets which saw the highest increase in house prices from the beginning of the pandemic belonged to largely developed markets where governments intervened to support economies, and in a few cases, housing markets through mortgage holidays or subsidy programs. 

“Influenced positively by the pandemic, the recovery in house price is a global phenomenon, which was supported by government policy measures and cost inflation in many overseas markets. In the case of India, prices have registered a marginal growth, bucking the negative trend experienced in previous quarters, indicating a similar trend of growth in demand. With renewed enthusiasm of consumers towards home-ownership, competitive house prices, and low home loan interest rate, we expect the market momentum to continue", said Shishir Baijal, Chairman and Managing Director, Knight Frank India.