Housing Prices Hike: There has been a tremendous increase in the prices of residential properties in India in the last few years. This trend of rising house prices still continues. According to the report of Knight Frank Global House Price Index, property prices in India have registered an increase of 5.9 percent on an annual basis in the third quarter of this year. Due to continuous increase in property prices, India has climbed four places from 18th position to 14th position in the global list.
Property prices increased by this much on annual basis-
Knight Frank’s report has also claimed that on an average annual basis, residential property prices in India have registered a huge increase of 3.5 percent. Before Corona this rate was 3.7 percent. In such a situation, the average increase in house prices has reached the situation before the Corona period.
Why are property prices increasing?
This report has given many reasons behind the increase in residential property prices in India. In the last few days, due to increase in inflation in India, there has been a continuous increase in interest rates. Despite this, property prices are continuously increasing because the country’s growth rate has been stable for some time. This has increased the sense of financial security among people and they are preferring to invest in property despite high interest rates. Along with this, the central and state governments are continuously taking big steps to boost the real estate sector, the effect of which is also visible in the sales figures.
Property prices increased the most in these countries
Knight Frank in its report has released a list of countries where the prices of residential property have increased the most in 2023. Turkey has topped this list with an annual growth rate of 89.20 percent. Whereas residential property prices have increased by 13.7 percent in Croatia, 11.9 percent in Greece, 11.2 percent in Colombia and 11 percent in North Macedonia. India’s name is at 14th place in this list, where during the third quarter i.e. July-September period, an increase of 5.9 percent has been seen in property prices on an annual basis.
