India Rises To 14th Rank In Global House Price Index With 5.9% YoY Growth
India has leaped 18 spots to secure the 14th rank in the Knight Frank Global House Price Index for the third quarter of 2023.
The country experienced a robust year-on-year (YoY) growth of 5.9 per cent in housing prices, reflecting a remarkable rebound in the residential real estate market. This surge brings India's average annual price growth to 3.5 per cent, closely approaching the pre-pandemic ten-year average of 3.7 per cent.
Analysts attribute the impressive growth in India's housing market to stable economic conditions that have provided increased financial security to end-users. Despite challenges posed by higher home loan rates and looming threats of inflation, the residential sector has thrived, indicating the resilience of the Indian real estate market.
At the onset of the pandemic, both Central and State governments implemented strategic measures to stimulate home sales, offering incentives to potential buyers. These initiatives not only bolstered market activity but also accelerated sales, contributing to the overall upward trajectory of housing prices in the country.
Globally, Turkey claimed the top spot in the house price index, experiencing an astounding 89.2 per cent YoY increase. Southeastern European countries, including Greece, Croatia, and North Macedonia, dominated the subsequent positions with robust annual growth. In the Asia-Pacific region, Japan led with a 6.3 per cent annual growth, while India closely followed as the second-highest in housing price appreciation.
