The growth in mainstream residential prices in India has landed it a place among top 10 international markets in Q2 2017, a recent survey said.
According to Knight Frank's Frank Global House Price Index, India stood ninth among 55 international markets 13 spots above its position on the index over April-June 2016. It even bettered the performance over the previous quarter wherein it ranked thirteenth, it said. Why You Need A Rental Agreement?
At an annual price appreciation of 10.5 per cent India's residential sector out-shined matured markets such as China (9.6 per cent) and did nearly four times better than the price rise recorded in the United Kingdom (2.8 per cent), the report revealed.
"The residential sector in select tier-II cities such as Kochi, Lucknow and Kanpur have triggered the price growth. However, home prices in most metro cities such as Chennai and Delhi have not shown significant performance," Knight Frank India Chief Economist and National Director - Research Samantak Das said.
Overall nearly 90 per cent of the 55 housing markets witnessed a flat or positive price growth in the 12-month period to June 2017.
Iceland topped the index with a year-on-year price rise of 23.2 per cent followed by Hong Kong (21.1 per cent). Prices in both the markets primarily strengthened owing to limited supply and a healthy surge in demand, it added.
Meanwhile, matured markets such as Singapore and Japan saw negative growth, while Hong Kong emerged as Asia's strongest market in the 12-month period.