The popular holiday home destination, Goa, is witnessing a boom in the second home market since the onset of the pandemic. There is a surge in demand of both rentals and sales for mid-to-upper range villas, apartments and exclusive homes in the picturesque state in western India.
For many professionals who aren’t tethered to their desks because they are working remotely, Goa offers good quality of life, sea/ riverside views, and some much-needed outdoor space. The uptick in demand for second homes comes as no surprise, especially from homebuyers clamouring for space outside bigger cities including Delhi NCR Mumbai, Bengaluru, Hyderabad and Pune.
Even before the pandemic hit India, the tranquil charm of Goa has attracted many investors looking to buy vacation or holiday homes. Not only do they generate good rentals, buying a second home in Goa has also been aspirational for many Indians as they aspire to move up the economic ladder.
For buyers who wanted to move there eventually or after retirement, the pandemic and resultant Work From Anywhere (WFA) protocols have accelerated the plans. The distant dream of living in the sea state has become a tangible reality for many.
What makes Goa the perfect location for second homes? For one, it is one of the quaintest and least populated locations in India. The picturesque state is also the cleanest place to be in. It is home to the best beaches, is endowed with ample monsoon and greenery. Well-maintained roads, infrastructure, and sanitation facilities offer an added advantage. The properties, food, language, weather, and topography, all combined provide a palette of living that few states in India can.
An overview of Goa property market
While the pandemic shut down sales in March last year, the property market in Goa made a rebound in the second half of 2020. The guidelines against international travel is driving many people to invest in second homes in Goa for both personal and financial gains. Many buyers appreciate the prospect of escaping city life, and some are looking at the commercial advantage of owning an additional property, in the tourist hotspot. Many people who have moved there recently are finding out that living and working out of Goa is practical and economical. Even though this is, in fact, leading to housing prices rise in some locations, homes in Goa are still cheaper than a flat in some areas of South Bombay, South Delhi, and Gurugram. They also offer a high Return on Investment (ROI) which is around 4%, compared to many cities that offer you around 2% ROI on mid-range properties.
The property market in Goa comprises mid-to-upper-range villas, apartments, exclusive homes and bungalows in gated communities and luxury homes. Popular tourist destinations Anjuna, Arpora, Assagao and Saligao remain hot markets. However, investors are also banking on upcoming locations such as Siolim and Porvorim that offer better prices and scope of appreciation in near future. Additionally, the cost of maintaining properties here can be recovered easily with tourism affinity, as compared to investing in major cities. Lastly, there are also no restrictions for Indian nationals for buying homes in Goa. It is also easy for Overseas Citizen Of India (OCI) cardholders to also invest in Goan properties.
For all the right reasons, this emerald land on the west coast of India is a booming real estate market. For those working remotely, a second home in Goa also offers a chance to test a future retirement location.
Views expressed above are the author’s own.
END OF ARTICLE