India ranks 51st in annual appreciation in housing prices with a 2.1 per cent rise in rates during the October-December quarter of the last year, according to property consultant Knight Frank.
In its latest research report titled 'Global House Price Index – Q4 2021,' Knight Frank said that India has climbed up five spots to the 51st rank in Q4 of 2021 against the 56th rank in Q4 of 2020.
Turkey witnessed the highest annual price growth rate by 59.6 per cent in the year to Q4 2021, followed by New Zealand (22.6 per cent), Czech Republic (22.1 per cent), Slovakia (22.1 per cent) and Australia (21.8 per cent).
Malaysia, Malta and Morocco markets recorded a decline in housing prices by 0.7 per cent, 3.1 per cent and 6.3 per cent, respectively, in the year 2021.
Global House Price Index tracks the movement in mainstream residential prices across 56 countries and territories worldwide using official statistics.
The index tracks nominal and real price growth in local currencies.
The rankings on the price movement have been accounted basis the nominal price growth change.
The average annual price change across 56 countries and territories was recorded at 10.3 per cent, according to the report.
As per the data, housing prices increased by 2 per cent year-on-year in Q1 (January-March) of 2020.
However, prices declined by 1.9 per cent in Q2 of 2020, 2.4 per cent in Q3, 3.6 per cent in Q4, 1.6 per cent in Q1 of 2021 and 0.5 per cent in Q2 of 2021.
After a gap of five quarters, the housing rates increased 0.1 per cent in Q3 of 2021 and 2.1 per cent in Q4 of 2021.
Knight Frank India chairman and managing director Shishir Baijal said: "Influenced positively by the pandemic, the recovery in housing prices is a global phenomenon, which was supported by government policy measures and cost inflation in many overseas markets."
"In case of India, nominal prices have registered a marginal growth, bucking the negative trend experienced in previous quarters, indicating a similar trend of growth in demand," he added.
With renewed enthusiasm of consumers towards home ownership, competitive house prices and low home loan interest rate, Baijal expects the market momentum to continue.