Home prices in India declined by 1.9% year-on-year (YoY) in India during Q2 of 2020, according to a global house price Index. As compared to Q1 2020, India moves down 11 spots in the global index, from 43rd rank to 54th rank in Q2 2020, in terms of appreciation in residential real estate prices. The residential sector has been impacted by low demand across most markets in India. Further, the slowdown due to the pandemic in the global economy has adversely affected the real estate sector and the purchasing power of homebuyers. Mainstream residential prices across 56 countries and territories worldwide rose at an annual rate change of 4.7% on average, compared to Q1 2020 at 4.4%. According to the report, 9% of the surveyed global countries and territories registered a decline in a yearly price growth; European countries occupy eight of the top 10 rankings in Q2 2020, which provides representations from the Baltic and Central and Eastern European nations as well. The Global House Price Index tracks the movement in mainstream residential prices across 56 countries and territories worldwide using official statistics.

(Economic Times)