India’s economy is still growing at a decent pace, but the average price of homes is still higher than in many other countries, according to a survey by the Association of International Investment Advisors.
The index of prices, conducted by the London-based association, showed that in October, the average house price in India was $1.4 million, according the Times of India.
It was more than $10 million higher than the previous month.
In October, only 17% of Indian households reported owning a home, compared to 50% in 2015.
The median price of a house in India is $1 million, which is lower than the US and Germany, where it was $3 million in October.
The country also ranked lower in terms of income per capita.
The average household in India earns less than the average in the US, but is nearly four times as rich as in Germany, according research conducted by consulting firm PwC in March.
India’s average household income per head is Rs 2,895 ($2,074), compared to $847 ($1,846) in the United States.
According to the World Bank, India’s poverty rate is nearly 18%.
In the US it is 13%, while in India it is 14%.
The country’s government, which runs the country, is working to combat rising house prices, with a tax on real estate and other products to fight rising rents.
The association said the survey results show that the government should do more to encourage home ownership.