Towers stand under construction in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

India Trumps Hong Kong as No. 1 for Home-Price Gains in Asia

(Bloomberg) -- With all the buzz around Hong Kong’s housing market, one might mistake it for Asia’s best performer. To be fair, it is over a 12-month period -- but over five years, the region’s top returns came from India, according to Knight Frank LLP.

India Trumps Hong Kong as No. 1 for Home-Price Gains in Asia

Investing in India’s residential market returned 70 percent in the five years through June, compared with 65 percent for Hong Kong, Knight Frank’s Global House Price Index showed. Singapore posted a 5.6 percent decline and Japan also slipped.

India Trumps Hong Kong as No. 1 for Home-Price Gains in Asia

Still, it’s fair to say that Hong Kong is where the heat is right now. The city’s gains over the 12 months through June were second only to Iceland in the real-estate firm’s global rankings.