India has moved down seven spots in phrases of actual property costs to 54th rank towards 47th in Q3 2019 in the Knight Frank’s Global House Price Index Q3 2020, a 2.4% year-on-year (YoY) decline in residence costs.
However, as per the efficiency of India in contrast with Q2 2020, the ranking has remained unchanged to 54 amongst the 56 international locations and territories tracked in Q3 2020 index.
In the 12-month share change for the interval Q3 2019 – Q3 2020, Turkey continues to steer the annual rankings with costs up by 27.3% YoY, adopted by New Zealand at 15.4% YoY and Luxembourg with 13.4% YoY. Morocco was the weakest-performing territory in Q3 2020, with residence costs falling 3.3% YoY.
As per the report Ireland, Spain, India and Hong Kong witnessed the weakest price development year-on-year.
Shishir Baijal, CMD, Knight Frank India, mentioned, “In order to combat the adverse economic implications of the pandemic, real estate developers started innovating their marketing strategies which included financial benefits, discount, and easy payment options to attract buyers.”
“While the overall real estate sector dynamics continue to remain strained, there has been a meaningful improvement in sales in Q3 2020. Home loan rates at a multi-decade low of sub 7%, fall in residential prices, aggressive marketing of ready inventory and indirect discounts to the buyers have helped move the demand needle in Q3 2020,” he mentioned.
“Going forward, though the economic fundamentals continue to remain strong, economic recovery is faster than expected. The housing trend remains strong and is expected to continue in the first quarter of 2021,” he added.
Mainstream residential costs throughout 56 international locations and territories worldwide noticed a slight price correction, which stood at an annual price change of 4.5% on common, in comparison with Q2 2020 at 4.7%.
According to the report, 16% of the surveyed global international locations and territories registered a decline in yearly price development.
In Q2 2020, many housing markets remained frozen and noticed a pointy rebound in gross sales and costs in Q3 2020 together with New Zealand, U.Ok. and the U.S., whereas others witnessed solely a marginal impression on pricing together with China, France and Germany.