India surges to 14th position in Global House Price Index for Q3-2023: Report – Zee Business

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In the third quarter of 2023, India made a significant leap, climbing 18 spots to secure the 14th position in the global house price index, according to data compiled by real estate consultant Knight Frank India.

The country witnessed a notable year-on-year price increase of 5.9%, making a strong statement about the resilience of India’s real estate sector.


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Despite higher debt costs, house prices in India remained robust compared to the global trend. Across the 56 markets covered by Knight Frank’s Global House Price Index, average prices grew by 3.5% on a yearly basis in September 2023, up from 2.2% in the previous quarter.

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The Global House Price Index monitors nominal and real price growth across 56 countries in terms of their local currencies.

“Annual global house prices continue to rise despite increasing interest rates, the central banks’ primary tool to combat elevated global inflation levels,” stated the real estate consultant.

“Average annual price growth stands at 3.5%, closely approaching the pre-pandemic ten-year average of 3.7%. Among the 56 markets monitored, 35 experienced annual price growth, while 21 witnessed price decline.”

Turkey has maintained its top spot in the rankings since Q1 2020, showing the strongest growth once again.

The top five spots in the rankings are dominated by the southeastern corner of Europe, with Greece (14.0%), Croatia (13.7%), and North Macedonia (11.0%) displaying robust annual growth.

In the Asia-Pacific region, Japan stands out with 6.3% annual growth, followed closely by India with 5.9% annual growth.

The impressive growth in India’s residential market, despite challenges like higher home loan rates and threats of inflation, is attributed to stable economic growth, providing greater financial security to end-users.

“In light of an increased interest cost environment stemming from heightened inflation levels, the robust domestic economic fundamentals and the escalating aspirational attributes of residential real estate are driving heightened demand among homebuyers in prominent residential markets within the country,” said Shishir Baijal, Chairman and Managing Director of Knight Frank India.

“Furthermore, the upsurge in urbanization is providing additional momentum to infrastructure development, paving the way for emerging residential hubs in the urban centers of India,” he added.

(With input  from ANI)

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