NEW DELHI: India’s rank slipped 7 areas to 54th in terms of appreciation in residential costs as prices fell 2.4 per cent year-on-year through the July- September quarter, according to house consultant Knight Frank.
India is at 54th position amongst the 56 nations and territories tracked in terms of appreciation in residential actual estate costs, the consultant mentioned.
In its newest analysis report ‘Global House Price Index Q3 2020’, Knight Frank mentioned that India moved 7 spots down in the worldwide household price tag 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 household costs.
When compared with the June quarter, India’s ranking remained unchanged.
Turkey is at initially position with costs 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 household costs fallen to 3.3 per cent YoY.
Knight Frank India Chairman and Managing Director Shishir Baijal mentioned, “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 general actual estate sector dynamics continue to stay strained, he mentioned there has been a meaningful improvementin 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.
“Going forward, even though the financial fundamentals continue to stay sturdy, financial recovery is more rapidly than anticipated. The housing trend remains sturdy and is anticipated to continue in the initially quarter of 2021,” Baijal mentioned.
The typical residential costs across 56 nations and territories worldwide grew by 4.5 per cent on an annual basis.