India slips 12 places to 55th in Home Price Index, home prices fall 1.6% in a year | India slips 12 places to 55th in Home Price Index, home prices fall 1.6% in a year

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  • India Slips 12 Places To 55th In Home Price Index, Home Prices Fall 1.6% In A Year

Mumbai4 hours ago

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India has been ranked 55th among all the countries included in the Home Price Index in the first quarter of 2021 due to a steady decline in house prices. According to a report by global property consultant Knight Frank, India was ranked 43rd in the first quarter of 2020. In this context, India has slipped 12 places. 56 countries around the world were included in the index.

Home prices up 1.6% in India
According to the report, the prices of houses have decreased by 1.6% on a yearly basis. At the same time, between the third quarter of 2020 and the first quarter of 2021, house prices increased by 0.6%. Similarly, house prices increased by 1.4% during the fourth quarter of 2020 to the first quarter of 2021.

16-year record broken due to inflation of homes in America
The US remained in focus on the rise in house prices across the index. Because the prices of houses here have become costlier by 13.2% compared to a year ago. The last time such a huge inflation was seen in a year was in 2005.

Turkey leads the index for the fifth time in a row
However, Turkey has surpassed all for the fifth time in a row in terms of household inflation on an annual basis. Turkey topped the index. Here the prices of houses became expensive by 32%. Similarly, 22.1% in New Zealand and 16.6% in Luxembourg have become expensive. Spain was at the bottom of the index, with home prices down 1.8% from last year.

Home prices rise fastest for the first time since 2006
According to the report, mainstream residential prices across 56 countries and territories grew by an average of 7.3% during the first quarter of 2021. This is the sharpest increase in prices since the fourth quarter of 2006. In this report by Knight Frank, it has also been said that the prices of houses have decreased in 7% i.e. four countries surveyed. At the same time, during the first quarter of 2021, 13 countries out of 56 included double digit growth in prices.

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