Moneycontrol PRO

India ranked 54th globally in home price appreciation: Knight Frank

The cpountry witnessed a marginal decline in the price in Q2 2021; Turkey leads the index for the sixth consecutive quarter with annual price growth of 29.2 percent.

India has moved up one spot up in the global home price index to 54th rank in the quarter ended June 2021 as against Q2 2020 due to continued resilience shown by the residential segment amidst the global outbreak of COVID-19 pandemic even as rates of residential properties fell marginally by 0.5 percent year-on-year during the quarter ended June, the global home price index by Knight Frank has said.

On a Q-o-Q comparative, India climbed up one spot in Q2 2021 as compared to Q1 2021, the report mentioned.

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 mentioned that Turkey (29.2 percent) continues to lead the annual rankings, but its rate of growth is slowing down. Australia at 16.4 percent recorded its highest rate of annual price growth since 2003.

A breakdown by developed and developing economies shows a more nuanced picture with developed markets outperforming by some margin.


COVID-19 Vaccine

Frequently Asked Questions

View more
How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

View more

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. However, this is the lowest proportion of markets registering a decline in prices since the Global House Price Index commenced in 2008.

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 percent and -0.5 percent, 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.

The report cited that the index is rising at its fastest rate since Q1 2005. The pandemic-induced housing boom continues with prices rising by 9.2 percent on average across 55 countries and territories in the year to June 2021.
Moneycontrol News
first published: Sep 14, 2021 03:52 pm

stay updated

Get Daily News on your Browser
ISO 27001 - BSI Assurance Mark