What makes Goa a popular place to buy a second home?
The second home market in Goa has sparked a lot of interest among investors, whether for personal retreat or asset diversification. Because of the high volume of local and international tourists, the Union Territory (UT) has grown in popularity as a major challenger in the real estate market. Purchasing a house in Goa is regarded as a secure and wise financial option that assures good rental returns and resale value. Annual profits on properties in Goa might range between 12 and 16 percent. Another primary explanation why investing in a holiday house in Goa appears to be a successful decision is the competitive real estate pricing when compared to big areas in India.
“Demand for real estate in Goa has been gradually increasing over the last several years,” says Aditya Kushwaha, CEO and Director of Axis Ecorp. In the previous three years, the Goa real estate market has appreciated by 30-50 percent on average. Consequently, the luxury vacation property market in Goa has always been in great demand, and has reached new highs in the post-COVID-19 era.” This portion of Goa is much more developed and offers a wide range of leisure opportunities, from stunning beaches to historic sites and popular marketplaces.
Additionally, because North Goa is more popular with visitors, the demand for rental houses here is constantly strong. To earn a good return, investors could maintain their property for personal use or convert it into a guesthouse. avenues. This portion of Goa is much more urbanized and offers a wide range of leisure opportunities, from stunning beaches to historic sites and popular marketplaces.
The Miramar-Arambol stretch in North Goa is well-known among tourists since it is home to a number of notable nightclubs, beaches, resorts, and retail centres. As a result, analysts believe that investing in this region might be a wise decision. Other regions deemed ideal for investment include Anjuna, Panaji, Socorro, Mapusa, Baga, and Candolim. South Goa is slightly more cheap than North Goa due to less commercial and tourist intrusion. It is more appropriate for end consumers. Based on their budget, home buyers in South Goa might consider Colva, Madgaon, Vasco, Utorda, and Dabolim.
“There are various investment opportunities in and around Goa. People are also investing on the outskirts these days since they provide greater places at a lower cost. Residential developments near impending infrastructure, such as metro and large highway construction, are also thought to produce superior outcomes. North Goa, in particular, is highly favoured by investors, as it is home to a number of new developments. The location is near the planned MOPA Airport and has a significant amount of natural splendor. In terms of property prices, a 2 BHK in South Goa costs between Rs 60 lakh and Rs 1.2 crore. A beachfront villa, on the other hand, might cost anywhere between Rs 4.5 and Rs 6 crore, depending on the features and carpet space. North Goa has rates that are 30-40% higher,” Aditya adds.
“A fully-furnished 2 BHK villa, costing up to Rs 2.5 crore, might generate up to Rs 20,000 per day as rent, based on the location,” Aditya says of Goa property rentals. If the home is near the seashore, the rent might reach Rs 40,000 per day.”
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
