India has moved down 13 spots in the latest global home price index to finish last at 56th rank in the quarter ending December 2020, according to international property consultancy Knight Frank.
Against its 43rd rank in Q4 2019, India saw a decline of 3.6 per cent year-on-year in home prices, leading to the drop in global position, it said in the research report titled 'Global House Price Index Q4 2020.'
The index tracks 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 to Q4 2020, Turkey continues to lead the annual rankings with prices up by 30.3 per cent YoY followed by New Zealand at 18.6 per cent and Slovakia at 16 per cent.
India was the weakest-performing country in Q4 2020 with a decline of 3.6 per cent in home prices followed by Morocco with a drop of 3.3 per cent.
The report showed that 89 per cent 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 5.6 per cent on average in 2020 compared to 5.3 per cent in 2019.
According to the report, markets like New Zealand (19 per cent), Russia (14 per cent), the United States (10 per cent), Canada and United Kingdom (both 9 per cent) have recorded accelerated growth in rankings in the last three months due to a growth in housing demand.
In the context of Asia Pacific, the performance remains surprisingly anaemic given its relatively efficient handling of the pandemic. Although New Zealand stood in second place, the region's next highest ranking is Japan (5 per cent) in 27th place.
Hong Kong and Malaysia both saw annual price growth slip into negative territory and even Singapore's growth rate was muted at 2.5 per cent.
( With inputs from ANI )
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