Led by Tier 2 & 3 cities, India records 3.3% gains in 2017 – Knight Frank Global House Price Index Q1 2018

• Ranchi, Bhubaneshwar, Coimbatore, Nashik and Kanpur lead the house price growth; recording gains of 16%, 14%, 13%, 13% and 12% respectively  

Mumbai, June15, 2018: Knight Frank, the independent global property consultancy, launched the Global House Price Index for Q1 2018. The index tracks the movement in mainstream residential prices on a national basis across 57 markets using data from official sources such as Central Banks and National Statistics Offices. The index allows investors and developers to compare the performance of mainstream residential markets around the world. Compiled on a quarterly basis using official government statistics or central bank data the index’s overall performance is weighted by the Gross Domestic Product (GDP) on a Purchasing Power Parity basis and the latest quarter’s data is provisional pending the release of all the countries’ results.

Results for Q1 2018:

• Led by tied 2 and 3 cities, India has recorded a 3.3% gain in 2017. Ranchi, Bhubaneshwar, Coimbatore, Nashik and Kanpur lead the house price growth recording gains of 16%, 14%, 13%, 13% and 12% respectively

• The index increased by 4.8% in the year to March 2018. House prices are rising in 86% of the 57 countries tracked by the index.

• Only 9% of the markets tracked registered price growth above 10%, down from 18% a year ago.

• Hong Kong leads the index for the first time since the second quarter of 2015, with average prices ending the 12 months to March, 14.9% higher. Since the index was first published in 2008, Hong Kong has held the top spot on ten different occasions – more than any other territory tracked.

• Analysis by world region shows Asia Pacific (5.7%) came in second after North America (6.6%).

• Europe’s recovery is now well-underway, closer analysis confirms 11 of the 15 strongest-performing housing markets globally were in Europe at the end of March 2018.

Dr.Samantak Das, Chief Economist and National Director – Research, Knight Frank India, said, “The housing market of the country represents a mixed bag as per our Global House Price Index Q1 2018 findings. While the major metros continue to languish in the price growth dimension, it is the tier 2 & 3 cities like Ranchi, Bhubaneshwar, Coimbatore, Nashik and Kanpur which are leading the price gains in 2017. The movement of ‘Housing for All’ that now finds public and private participation alike has gathered steam in the smaller towns of the country. To endure this momentum in the near future we hope there is a sustainable recovery in housing demand.”

Corporate Comm India(CCI Newswire)