Global Housing Price: India Sees 3rd Highest Rise..!

Mr. Nicholas Holt

 According to consultant Knight Frank, Our country India witnessed the 3rd highest rise of 12% globally in housing prices in January to March quarter of 2012 over the year-ago period.

Housing prices in India, however, declined by 0.9% when compared with the previous quarter.

The Knight Frank Global House Price Index monitors &  compare the performance of 53 mainstream residential markets across the world.

Mr. Nicholas Holt, Director - Research in Asia Pacific,  Knight Frank said, "Lending restrictions, new taxes, the curbing of multiple property purchases, and new regulations to restrict the inward flow of hot foreign money have had the desired effect"

Highlights of  Knight Frank Report...!

* Brazil recorded the strongest annual growth (23.5%) and Ireland the weakest ( -16.3%).

*  Austria ranked fourth with 11% rise in housing prices, followed by Germany (9.8%), Colombia (9.6%), Turkey (8.7%), Russia (8.2%), Iceland (7.3%) and Canada (6.8%).

* In China, the prices have declined by 2.2%. The Chinese housing market has had a tough  one year (12 months) as developers &  purchasers alike have had bank finance squeezed as a consequence of the ongoing cooling measures.

* During the first quarter of 2012, the housing prices fell in 58% of the countries monitored by the index.

* Global House Price Index recorded its weakest annual performance since the depths of the recession in 2009, recording only 0.9% growth in the year to March 2012.

* Asia had seen average annual price growth of nearly 16% in the first quarter of 2010. However, 2 years later, it stood at about 2%, according to the report.

* On an average, house prices in Europe remained flat in 2011-12, as rising unemployment & depleted incomes weakened housing demand.

The Knight Frank Global House Price Index, started in 2006, tracks mainstream residential markets across the world and is compiled on a quarterly basis using official government statistics / central bank  (Like India's RBI) data.


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