India's rank slipped 7 places to 54th in terms of appreciation in residential prices as rates fell 2.4 per cent year-on-year during the July- September quarter, according to property consultant Knight Frank. India is at 54th position amongst the 56 countries and territories tracked in terms of appreciation in residential real estate prices, the consultant said.
In its latest research report 'Global House Price Index Q3 2020', Knight Frank said that India moved 7 spots down in the global home price index to 54th rank in Q3 2020 against 47th rank in Q3 2019, with a decline of 2.4 percent year-on-year (YoY) in home prices. When compared with the June quarter, India's ranking remained unchanged. Turkey is at first position with prices up by 27.3 percent YoY, followed by New Zealand at 15.4 percent and Luxembourg with 13.4 percent. Morocco was the weakest-performing territory in Q3 2020, with home prices fallen to 3.3 percent YoY. Knight Frank India Chairman and Managing Director Shishir Baijal said,
"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, he said there has been a meaningful improvement in sales in the September quarter. "Home loan rates at a multi-decade low of sub 7 percent, fall in residential prices, aggressive marketing of ready inventory and indirect discounts to the buyers - have helped move the demand needle in Q3 2020.
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