Hyderabad’s housing market on upward curve
HYDERABAD: The housing market in Hyderabad has witnessed a positive trend with house price index registering an upward growth in Q2 of 2021, according to findings by real estate advisor firm Knight Frank.
As per Knight Frank India’s Global House Price Index - Q2 2021 report, Kolkata stood in the first position across Indian markets as it recorded + 3.5 per cent price change in house index, followed by Hyderabad which reported + 1.0 per cent of price change as compared to Q2, 2020.
As per the report, Hyderabad, Kolkata, NCR and Ahmedabad were the four cities which witnessed a positive growth in house price index, while Bengaluru, Pune, Mumbai and Chennai recorded a drop in the index for the last quarter.
The Global House Price Index report tracks the movement of mainstream residential prices across 55 countries and territories worldwide. The index tracks nominal prices in local currency. India moved up one spot in the global home price index to 54th rank in the quarter, as against Q2, 2020, due to continued resilience shown by the residential segment amidst the Covid-19 pandemic.
The report further mentioned that Turkey, with an annual price growth of 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.
Overall, 18 countries in Q2, 2021 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 commenced in 2008, the report added.