India’s residential property market appreciated nearly 6 per cent so fare this year. (Photo credit: Pexels)
New Delhi: The jump in real estate prices reflected in India jumping 18 places on Knight Frank’s Global House Price Index of 56 countries. Global annual home price growth touched 3.5 per cent, compared to the 10-year average of 3.7 per cent, according to Knight Frank. This remains the case despite efforts by global central banks to curb inflation.
Buy/sell, rent/lease residential &
commercials real estate properties.
The countries were ranked based on appreciation of real estate based on their local currency.
The rankings are as follows:
- Turkiye witnessed an 89.2 per cent jump
- Croatia’s housing market appreciated 13.7 per cent
- Greece witnessed an 11.9 per cent jump in home prices
- Colombia was ranked 4th with an 11.2 per cent rise in housing prices
- North Macedonia ranked 5th with an 11 per cent jump
- Bulgaria witnessed a 10.7 per cent rise
- Mexico’s housing market rose 10.4 per cent
- Portugal’s housing market appreciated 7.8 per cent
- Slovenia’s residential market grew 7.4 per cent
- Poland’s housing market rose 7 per cent
India ranked 14 on the list with 5.9 per cent appreciation witnessed in the housing market on-year basis. This resulted from stable economic growth leading to improved financial security for homebuyers.
The rise in urbanisation has provided a fillip to infrastructure development in India, said Knight Frank India Chairman and MD Shishir Baijal.
Are housing prices falling in India?
Residential property prices in India are on the rise since 2022, when major cities witnessed a 4-11 per cent jump in home prices. This is accompanied by a rise in property purchases.
To be sure, India has witnessed a spike in home buying activity in the ultra-luxury space with a 247 per cent jump witnessed in more than Rs 40 crore price bracket in 2023 so far, according to property consultancy Anarock. This segment witnessed Rs 4,063 crore worth if deals so far this year, compared to Rs 1,170 crore in full0-year FY22. Property prices in 2024 are expected to appreciate further in 2024, according to an industry forecast by Business Insider.