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As property price in the country declined amid the pandemic, India moved down 12 spots in the global home price index to 55th rank in Q1 2021, according to Knight Frank's Global House Price Index - Q1 2021.

During Q1 2020, India was in the 43rd rank in terms of property prices.

Home prices in India declined 1.6 per cent on a year-on-year basis, said a Knight Frank statement.

However, in terms of 6-month (Q3 2020-Q1 2021) and 3-month (Q4 2020-Q1 2021) changes, residential prices in India witnessed a growth of 0.6 per cent and 1.4 per cent, respectively.

The report showed that the US witnessed the highest annual price growth rate since 2005, with a 13.2 per cent increase YoY.

On a year-on-year basis, Turkey continues to lead the annual rankings with prices up by 32 per cent YoY, followed by New Zealand at 22.1 per cent YoY growth and Luxembourg with 16.6 per cent rise in prices.

Spain was the weakest-performing territory in Q1 2021, where home prices fell by 1.8 per cent YoY, followed by India with 1.6 per cent decline.

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," he added.