Team Blitz India
NEW DELHI: India climbed 18 spots up to 14th rank in the global house price index in Q3 2023. Home prices in the country increased 5.9% year-on-year in the third quarter of 2023, according to the Knight Frank’s Global House Price Index.
Globally, house prices remained robust in the face of higher debt costs, with average prices across the 56 markets covered by the Knight Frank’s Global House Price Index growing at an average of 3.5% YoY in September 2023, up from 2.2% in the previous quarter.
The Global House Price Index tracks nominal and real price growth across 56 countries in local currencies.
The growth in India’s residential market, despite the challenges of higher home loan rates as well as threats of inflation, has largely been the result of stable economic growth which has lent itself to providing greater financial security to end-users. Furthermore, at the onset of the pandemic, central and state governments adopted steps to boost home sales through sops to home buyers, which triggered the market leading to acceleration in sales, the report noted.
