India moved down 13 spots in the global home price index to 56th rank in Q4 (in the quarter ending December 2020) 2020 against 47th rank in Q3 2019, with a decline of 3.6 percent, year-on-year (YoY), in home prices, according to Knight Frank India's latest report

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 the period Q4 2019 - Q4 2020, Turkey continues to lead the annual rankings with prices up by 30.3percent YoY, followed by New Zealand at 18.6percent YoY and Slovakia at 16.0percent YoY. India was the weakest-performing country in Q4 2020, with a decline of 3.6percent YoY in home prices, followed by Morocco with a drop of 3.3percent YoY.

The report highlights that 89percent of countries and territories saw prices increase in 2020, with several emerging markets performing strongly, including Turkey, which leads the index for the fourth consecutive quarter. Mainstream residential prices across 56 countries and territories worldwide rose at an annual rate change of 5.6percent on average in 2020, compared to 5.3percent in 2019. Indian markets have finished last on the table owing to conditions created by the pandemic, the report said.

During 2020, the union and state governments have taken many steps to incentivize spending and create demand. Steps included historic low home loan rates, reduction in stamp duty and other levies on residential purchases in key markets. Developers have added concessions that have amounting to a further reduction in prices of homes.

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