The pandemic-induced housing boom continues with costs increasing by 9.2% on typical across 55 nations and territories in the year to June 2021. Ten of the world’s created economies averaged cost development of 12% in the 12 months to June, double that seen in crucial creating markets (4.7%), as per the most recent international home cost index by Knight Frank.
Turkey (29.2%) leads the annual rankings, but its price of development is slowing. Several crucial economies which includes New Zealand (25.9%), US (18.6%), Australia (16.4%), Canada (16%) and Russia (14.4%) also make it into the major ten. In total, 18 markets registered double digit cost development, up from 13 last quarter and seven a year ago.
Only two markets saw costs decline in the year to June 2021 – India and Spain. This is the lowest proportion of markets registering a decline in costs because the Global House Price Index commenced in 2008.
India moved one spot up in the international home cost index to the 54th rank throughout the quarter ended June 2021 as against Q2 2020 due to continued resilience shown by the residential segment amidst the international outbreak of the COVID-19 pandemic,
On a QoQ basis, India climbed up one spot in Q2 2021 as compared to Q1 2021. The Global House Price Index report tracks the movement of mainstream residential costs across 55 nations and territories worldwide. The index tracks nominal costs in regional currency.
The report additional described that a breakdown by created and creating economies shows a more nuanced image with created markets outperforming by some margin.
KNIGHT FRANK PRIME Worldwide Home Price tag INDEX Q2 2021 RANKED BY ANNUAL % Modify
Overall, 18 nations in Q2 2021 have reported double-digit development, though India and Spain had been the only nations to register an annual decline in home costs.
Concerning 6-month (Q4 2020 – Q2 2021) and 3-month modifications (Q1 2021 – Q2 2021), mainstream residential costs in India witnessed a development of .9% and -.5%, respectively.
“India’s mainstream residential prices have largely remained stable with negative bias despite recovery being impacted due to the second wave. Moving forward with the downward trajectory in COVID-19 cases and mass inoculation drive, the sector is expected to make a healthy recovery with demand for homes only expected to increase in the coming quarter,” stated Shishir Baijal, Chairman and Managing Director at Knight Frank India.