India ranks 51st in the recently released Global house price index showing its annual growth in housing prices with a 2.1% rise in rates climbed up five spots as 56th rank in Q4 of 2020.
Context
- India ranks 51st in the recently released Global house price index showing its annual growth in housing prices with a 2.1% rise in rates climbed up five spots as 56th rank in Q4 of 2020.
Highlights of the report
- The highest annual growth has been witnessed by Turkey with a growth rate of 59.6% in the year to Q4 2021.
- This is followed by New Zealand with a growth rate of 22.6%, the Czech republic with 22.1%,slovakia with 22.1 %, and Australia with 21.8%.
- Malaysia, Malta, and Morocco recorded a decline of 0.7%,3.1%and 6.3% respectively in the year 2021.
The Global house price index
- A property consultant firm Knight Frank released this latest research report with the title `Global House price Index Q42021`.
- This index tracks the rise and fall of residential prices across 56 countries and territories worldwide by using official statistics. It tracks both nominal and real price growth in local currencies.
- The ranking given to the countries has been accounted for on the basis of nominal price growth change.
- The recovery in housing prices is a global phenomenon supported by government policy measures and cost inflation in many countries.
