India witnessed biggest rise in house prices in world since 2001

London, Mar 21 (ANI): Housing prices in India have witnessed the biggest increase in the world over the last ten years, according to a new research.

According to the Lloyds TSB International Global Housing Market Review, house prices in India increased by a staggering 284 per cent since 2001, after inflation.

This is equivalent to an average annual rise of 14 per cent.

The report showed that emerging markets saw the biggest increases in house prices over the past decade, but the UK was still among the 15 top performing housing markets.

Just behind India in the table is Russia and South Africa, which saw house values rise by 209 percent and 161 per cent respectively, The Daily Mail reports.

Japan recorded the biggest fall in house prices, 30 per cent, while house prices in Germany are down 17 per cent and United States two per cent.

According to the report, Britain fared well in comparison, with house prices rising by 50 per cent over the past decade, putting it 13th out of 32 countries covered in the list.

Hong Kong was closely followed by India, which had saw a nine per cent house price growth last year and Norway with seven per cent. (ANI)