India’s Soaring Home Prices Propel Global Rankings: Knight Frank Report

India's Soaring Home Prices Propel Global Rankings: Knight Frank Report

VoM News Desk | December 15, 2023 | 11:08 PM IST | Breaking News | Follow on Google News

India’s Soaring Home Prices Propel Global Rankings: Knight Frank Report

India’s Soaring Home Prices Propel Global Rankings: Knight Frank Report

India has witnessed a remarkable surge in its home prices, climbing 18 positions to secure the 14th spot globally in Knight Frank’s Global House Price Index for the third quarter (Q3) of 2023. Despite challenges like rising home loan rates and inflation, India’s residential market has displayed resilience, backed by stable economic conditions and strategic government interventions aimed at stimulating home sales.

Resilient Growth in Residential Market
During Q3 2023, India observed a significant 5.9% year-on-year surge in home prices. This growth was fueled by a robust economy, government incentives, and rapid urbanization. Notably, the top seven cities in India witnessed the sale of 3.49 lakh units, marking a 7% increase in overall residential property sales compared to the corresponding period in 2022. This renewed demand stems from pent-up requirements, a desire for enhanced amenities, and a positive economic outlook.

Global Trends and Future Challenges
Globally, the average house price growth across 56 markets surveyed spiked to 3.5% year-on-year in September 2023, up from 2.2% in the preceding quarter. Turkey held the lead with a remarkable 89.2% annual increase and 18.1% quarterly surge in home prices. Southeastern European countries like Greece, Croatia, and North Macedonia also showed robust annual growth. In the Asia-Pacific region, Japan led with a 6.3% annual increase, closely trailed by India.

The report anticipates low market liquidity as the primary challenge for housing markets in 2024, with a projected decrease in sales volumes unless interest rates witness a decline. Navigating these hurdles, particularly the liquidity issue, will be critical for sustained growth in different markets, including India, as we progress forward.

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