India slips to 56th rank globally basis on-year housing price growth

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India moves down to 56th rank in global home price index dipping down by 13 spots in the quarter ending report of 2020. Against its 43rd rank a year ago, India saw a decline of 3-6% year-on-year in home prices, leading to a drop in global position in Global Housing Price Index.

The Global Housing Price Index tracks the movement that occurs in residential prices across 56 countries and territories worldwide using official statistics. In the 12-month percentage change for the period Q4 2019-Q4 2020.

Turkey continues to lead the annual rankings with price up by 30.3%on year, followed by New Zealand at 18.6% and Slovakia at 16%. India was the weakest-performing country during the fourth quarter of 2020, with a decline of 3.6% in home prices, followed by Morocco with a drop of 3.3%.

The report highlighted that 89% of countries and territories saw prices increase in 2020, with several emerging markets performing strongly, including Turkey, which leads the index for the fourth consecutive quarter.

Mainstream residential prices across 56 countries and territories worldwide rose at an annual rate change of 5.6% on average in 2020, compared to 5.3% in 2019.

In the Asia Pacific region, the performance remains surprisingly anemic given its relatively efficient handling of the pandemic. Although New Zealand stood in second place, the region’s next highest ranking is Japan (5%) at 27th place. Hong Kong and Malaysia both saw annual price growth slip into negative territory, and even Singapore’s growth rate was muted at 2.5%.

Indian property markets finished last on the table owing to conditions created by the pandemic. During 2020, the union and state governments have taken several steps to incentives spending and creating demand.

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