Mumbai (Maharashtra) [India], September 14 (ANI): India moved up one spot up in the global home price index to 54th rank in the quarter ended June as against Q2 2020, according to the latest price index by Knight Frank released on Tuesday.

This was due to continued resilience shown by the residential segment amid global outbreak of Covid-19 pandemic.

On a Q-o-Q comparative, India climbed up one spot in Q2 2021 as compared to Q1 2021, said the report.

The Knight Frank Global House Price Index report tracks the movement of mainstream residential prices across 55 countries and territories worldwide. It tracks nominal prices in local currency.

The report said Turkey (29.2 per cent) continues to lead the annual rankings but its rate of growth is slowing down. Australia at 16.4 per cent recorded its highest rate of annual price growth since 2003.

A breakdown by developed and developing economies shows a more nuanced picture with developed markets outperforming by some margin.

Overall, 18 countries in Q2 2021 have reported double-digit growth, while India and Spain were the only countries to register an annual decline in home prices.

However, this is the lowest proportion of markets registering a decline in prices since the Global House Price Index started in 2008.

Concerning six-month (Q4 2020 to Q2 2021) and three-month changes (Q1 2021 to Q2 2021), mainstream residential prices in India witnessed a growth of 0.9 per cent and minus 0.5 per cent respectively.

"India's mainstream residential prices have largely remained stable with negative bias despite recovery being impacted due to the second wave," said Shishir Baijal, Chairman and Managing Director at Knight Frank India.

"Moving forward with the downward trajectory in Covid-19 cases and mass inoculation drive, the sector is expected to make a healthy recovery with demand for homes only expected to increase in the coming quarter," he said.

The report said the index is rising at its fastest rate since Q1 2005. Pandemic-induced housing boom continues with prices rising by 9.2 per cent on average across 55 countries and territories in the year to June this year. (ANI)