India moved down 12 spots in Knight Frank's global home price index to 55th rank in first quarter of 2021 against 43rd rank in first quarter of 2020 with a decline of 1.6 per cent year-on-year in home prices. The country gained a spot compared to last quarter (fourth quarter of 2020) where it ranked last globally among 56 countries tracked by the index.
With respect to six-month (third quarter of 2020 to first quarter of 2021) and three-month (fourth quarter of 2020 to first quarter of 2021) changes, residential prices in India witnessed a growth of 0.6 per cent and 1.4 per cent respectively. The report highlighted that the United States witnessed the highest annual price growth rate since 2005 with a 13.2 per cent increase year-on-year.
In the 12-month percentage change for first quarter of 2020 to Q1 2021, Turkey continues to lead the annual rankings with prices up by 32 per cent year-on-year followed by New Zealand at 22.1 per cent and Luxembourg with 16.6 per cent. Turkey continued to lead the index for fifth consecutive quarter while Spain was the weakest-performing territory in the first quarter of 2021 where home prices fell by 1.8 per cent followed by India with minus 1.6 per cent.
Mainstream residential prices averaged across 56 countries and territories in Q1 2021 grew by 7.3 per cent which records the fastest growth in prices since fourth quarter of 2006.
According to the report, 7 per cent (four countries) of the surveyed global countries and territories registered a decline in yearly price growth while 13 of the 56 countries and territories experienced a year-on-year double-digit growth in prices till first quarter of 2021.