Excited to learn about the latest trends in Goa real estate industry for 2024? Well, amidst its charm for tourists, Goa property market is buzzing with changes as more investors are turning their focus here. But why Goa? What's making investors keen on exploring property here, away from mainland India? Let's dive into this blog to uncover the answers.
Goa Property Boom: A Hotspot for Real Estate
Thanks to its booming tourism industry, Goa residential real estate sector is witnessing impressive returns on investment. With the promise of high rental yields and property value growth, it's no wonder investors are flocking to explore real estate opportunities in Goa.
In the 2024 Luxury Outlook Survey by India Sotheby’s International Realty (ISIR), it's found that 71% of wealthy Indians plan to invest in real estate in the next 12-24 months. This shows a strong belief in the property market. The survey also highlights that High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs) are very confident about the economy's direction in 2023-24, with 79% feeling positive compared to 59% last year.
Trends in Goa's Real Estate: The Emergence of Income-Producing Assets
Wealthy individuals are broadening their investment horizons by adding income-generating commercial real estate to their property portfolios, alongside their main city residences. One noticeable trend is the growing interest in purchasing farmhouses situated in suburban or outlying areas.
This preference is driven by the desire for more spacious living, green surroundings, options for remote work, privacy, and amenities like private pools. Interestingly, a significant 83% of affluent individuals in India own multiple luxury properties, indicating a move towards varied real estate investments.
Goa Increasing Appeal to NRIs
Goa housing market has become a prime destination for NRIs seeking second homes or investment options, thanks to its tropical weather, beautiful beaches, and vibrant culture. This trend has sparked the creation of luxurious villas, modern condos, and high-end developments designed to meet the refined tastes of NRIs.
Impact of Mopa Airport on Goa's Real Estate
The opening of Manohar International Airport in North Goa has greatly boosted the demand for real estate in the region. With enhanced connectivity, new areas for development have opened up, making them more attractive to investors.
Changing Trends in Goa Real Estate Demand
Following the pandemic, there's been a noticeable uptick in demand for both primary and secondary homes in Goa. This is driven by the allure of attractive rental returns and promising long-term appreciation prospects. Experts highlight that Goa stands out as a preferred destination for second homes in India.
Online searches show a surge in interest for villas priced between Rs. 1-3 crore, indicating a heightened demand in this price range. Conversely, there's been a decline in demand for properties below Rs. 50 lakhs, marking a significant shift in Goa property demand landscape. With increasing investor confidence, the market is poised for growth. Major real estate firms are already acquiring land near Manohar International Airport to cater to the rising buyer interest.
Goa real estate market offers a promising opportunity for investors, thanks to various factors like its thriving tourism industry, attractive rental returns, and potential for property value appreciation. The strong interest shown by affluent Indians reflects their confidence in the market's potential.
Moreover, the growing popularity of Goa among NRIs adds to its appeal, leading to the development of upscale properties tailored to their preferences. With the establishment of Manohar International Airport in North Goa improving connectivity and opening up new development areas, along with changing demand dynamics favoring higher-end properties, the future looks bright for Goa real estate sector, with continued growth expected in the coming years.
