The pandemic-induced housing boom continues with prices rising by 9.2% on average across 55 countries and territories in the year to June 2021. Ten of the world’s developed economies averaged price growth of 12% in the 12 months to June, double that seen in key developing markets (4.7%), as per the latest global home price index by Knight Frank.
Turkey (29.2%) leads the annual rankings, but its rate of growth is slowing. Several key economies including New Zealand (25.9%), US (18.6%), Australia (16.4%), Canada (16%) and Russia (14.4%) also make it into the top ten. In total, 18 markets registered double digit price growth, up from 13 last quarter and seven a year ago.
Only two markets saw prices decline in the year to June 2021 – India and Spain. This is the lowest proportion of markets registering a decline in prices since the Global House Price Index commenced in 2008.
India moved one spot up in the global home price index to the 54th rank during the quarter ended June 2021 as against Q2 2020 due to continued resilience shown by the residential segment amidst the global 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 prices across 55 countries and territories worldwide. The index tracks nominal prices in local currency.
The report further mentioned that a breakdown by developed and developing economies shows a more nuanced picture with developed markets outperforming by some margin.
KNIGHT FRANK PRIME GLOBAL HOUSE PRICE INDEX Q2 2021 RANKED BY ANNUAL % CHANGE
Overall, 18 countries in Q2 2021 have reported double-digit growth, while India and Spain were the only countries to register an annual decline in home prices.
Concerning 6-month (Q4 2020 – Q2 2021) and 3-month changes (Q1 2021 – Q2 2021), mainstream residential prices in India witnessed a growth of 0.9% and -0.5%, 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,” said Shishir Baijal, Chairman and Managing Director at Knight Frank India.
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