NEW DELHI: 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.
India is at 54th position amongst the 56 countries and territories tracked in terms of appreciation in residential real estate prices, the consultant said.
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.
Knight Frank India Chairman and Managing Director Shishir Baijal 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 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, though the economic fundamentals continue to remain strong, economic recovery is faster than expected. The housing trend remains strong and is expected to continue in the first quarter of 2021," Baijal said.
The average residential prices across 56 countries and territories worldwide grew by 4.5 per cent on an annual basis.