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India slips 12 spots to 55^th position globally in YoY home price movement; Turkey continues to lead the index for the 5^th consecutive quarter: Knight Frank

Mumbai, 10^th June, 2021: Knight Frank, a leading International Property Consultancy, in its latest research report - Global House Price Index - Q1 2021 cited that India moved down 12 spots in the global home price index to 55th rank in Q1 2021 against 43^rd rank in Q1 2020, with a decline of 1.6% year-on-year (YoY) in home prices. India gained a spot, compared to last quarter (Q4 2020), where India ranked last globally amongst the 56 countries tracked by the Index.

With respect to 6-month (Q3 2020 – Q1 2021) and 3-month (Q4 2020 – Q1 2021) changes, residential prices in India witnessed a growth of 0.6% and 1.4%, respectively. The report highlighted that the United States witnessed the highest annual price growth rate since 2005, with a 13.2% increase YoY.

GLOBAL HOME PRICE RANKING - MATRIX

The Global House Price Index tracks the movement in mainstream residential prices across 56 countries and territories worldwide using official statistics. In the 12-month percentage change for Q1 2020 – Q1 2021, Turkey continues to lead the annual rankings with prices up by 32% YoY, followed by New Zealand at 22.1% YoY and Luxembourg with 16.6% YoY. Spain was the weakest-performing territory in Q1 2021, where home prices fell by 1.8% YoY, followed by India with -1.6%.

AVERAGE PRICE CHANGE ACROSS INDIAN MARKETS DURING Q1 2021

KNIGHT FRANK GLOBAL HOUSE PRICE INDEX Q1 2021RANKED BY ANNUAL % CHANGE

Mainstream residential prices averaged across 56 countries and territories in Q1 2021 grew by 7.3%, which records the fastest growth in prices since Q4 2006. According to the report, 7% (4 countries) of the surveyed global countries and territories registered a decline in yearly price growth, while 13 of the 56 countries and territories experienced a YoY double-digit growth in prices till Q1 2021.

Shishir Baijal, Chairman & Managing Director, Knight Frank India said, “In Q1 2021, India witnessed meaningful recovery in sales volumes, helping housing prices remain stable. In the preceding quarters the residential markets had been on a path of rebound with markets such as Mumbai and Pune achieve pre-covid levels of activities. However, with the onset of the second wave and the threat of new variants of the virus along with the fluctuation in vaccine roll out there could be a pressure on sales volumes as well as on price growth.”

Key Findings of Global House Price Index Q1 2021:

* India ranked 55^th globally in-home price appreciation for Q1 2021

* India witnessed a QoQ rise of 1.4% in house price in Q1 2021

* Turkey leads the index for the fifth consecutive quarter with annual price growth of 32%

* 13 countries and territories experienced a YoY double-digit price growth in Q1 2021

* Residential prices across 56 countries and territories increased 7.3% in the year to March 202

* Spain was the weakest-performing territory in Q1 2021

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