Why in News ?
According to Knight Frank’s Global House Price Index for Q1 2021, India has moved down by 12 spots in global home price index because property price in India has declined amid covid-19 pandemic.
This year, India has been ranked at 55th position while during Q1 2020, India was ranked at 43rd position in terms of property prices.
Key Findings of index
- Home prices in India decreased by 1.6 percent on a year-on-year basis.
- In terms of changes in 6-month (Q3 2020-Q1 2021) and 3-month (Q4 2020-Q1 2021), residential prices have increased by 0.6 percent and 1.4 percent, respectively.
- US witnessed highest annual price growth rate since 2005. Prices have increased by 13.2 percent year on year (YoY)
- Turkey is the topper in annual rankings with prices of 32 percent.
- Turkey is followed by New Zealand at 22.1 percent and Luxembourg with 16.6 percent growth in prices YoY.
- Spain emerged as weakest-performing territory in Q1 2021. In Spain, home prices fell by 1.8 percent.
- Spain is followed by India with 1.6 per cent decline on prices.