India's rank slips 7 places at 54th interms of housing prices appreciation globally: Knight Frank
India's rank slipped 7 places to 54th in terms of appreciation in residential prices as rates fell 2.4 per cent year-on-year during the July- September quarter, according to property consultant Knight Frank.
In its latest research report 'Global House Price Index Q3 2020', Knight Frank said that India moved 7 spots down in the global home price index to 54th rank in Q3 2020 against 47th rank in Q3 2019, with a decline of 2.4 per cent year-on-year (YoY) in home prices. When compared with the June quarter, India's ranking remained unchanged.
Turkey is at first position with prices up by 27.3 per cent YoY, followed by New Zealand at 15.4 per cent and Luxembourg with 13.4 per cent. Morocco was the weakest-performing territory in Q3 2020, with home prices fallen to 3.3 per cent YoY.
Shishir Baijal Chairman and Managing Director of Knight Frank India said, ''In order to combat the adverse economic implications of the pandemic, real estate developers started innovating their marketing strategies which included financial benefits, discount, and easy payment options to attract buyers.'' While the overall real estate sector dynamics continue to remain strained, he said there has been a meaningful improvement in sales in the September quarter. ''Home loan rates at a multi-decade low of sub 7 per cent, fall in residential prices, aggressive marketing of ready inventory and indirect discounts to the buyers - have helped move the demand needle in Q3 2020.