You are here: Home » Economy & Policy » News
Business Standard

India sees 3rd highest rise in housing prices in Jan-March

Brazil records strongest annual growth (23,.5%), Ireland the weakest (minus 16.3%)

Press Trust of India  |  New Delhi 

India witnessed the third highest rise of 12% globally in housing prices in January- March quarter of 2012 over the year-ago period, according to consultant Knight Frank.

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

"Brazil recorded the strongest annual growth (23.5%) and Ireland the weakest (minus 16.3%)," it said.

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

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 12 months as developers and purchasers alike have had bank finance squeezed as a consequence of the ongoing cooling measures.

"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," Knight Frank's Director of Research in Asia Pacific Nicholas Holt said.

The report further said that during the first quarter of 2012, the housing prices fell in 58% of the countries monitored by the index.

Knight Frank's report noted that the 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.

"Doubts over the Eurozone's future, along with the Asian governments’ staunch efforts to cool their markets and deter speculative investment, have taken their toll," it explained.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Tue, June 05 2012. 18:01 IST