Goa: The New Hotspot for Luxury Holiday Homes
Goa's real estate market is booming, with Indian buyers flocking to the state for its sun, sand, and relaxed lifestyle. Here's why Goa has become the top choice for holiday homes.
Goa Real EstateHoliday HomesLuxury PropertiesIndia Sothebys International RealtyAshwin ChadhaReal Estate MumbaiSep 22, 2024
Residential yields are highest in Goa. While outside it’s in the range of 2-3%, in Goa, the yield is in the range of 5-6%. So, they’re almost double. This statistic alone has made Goa an attractive proposition for investors who seek not only a vacation spot but also solid returns on their investment.
Over the past few years, the narrative has changed. Chadha attributes this to the lack of development in hill stations compared to the rapid modernisation of Goa. Goa’s ever-evolving social scene, with new restaurants, cafes, nightclubs, and bars popping up regularly, has given it a significant edge.
Goa’s real estate market isn’t just growing in terms of buyer interest, but it’s also expanding geographically. Earlier, Goa was limited to Panjim. Then it moved to Baga and Calangute, then further to Candolim. Now, it’s stretching up north to Morjim, Ashwem, and soon to Tiracol. This northward expansion is bolstered by the development of infrastructure like the new airport in North Goa, which has made the area even more accessible.
With such rapid expansion, prices have surged in Goa. Goa used to be a Rs 5 crore to Rs 15 crore market. Today, we’re seeing properties worth Rs 100 crore. There are villas in Goa now that are valued at that range. The increase in high-end properties reflects the growing demand from ultra-high-net-worth individuals looking for exclusive vacation homes in the region.
Up until now, we’ve been seeing three-villa developments, five-villa developments, and gated communities. But now, DLF is working on a 38-acre project with 61 villas, each priced at around Rs 50 crore. These kinds of developments signal a new level of luxury in Goa’s real estate market.
About India Sotheby’s International Realty India Sotheby’s International Realty is a luxury real estate services provider with a presence in major cities across India. The company offers a range of services, including residential sales, leasing, and property management.
Frequently Asked Questions
Why is Goa a popular destination for holiday homes?
Goa offers higher rental yields compared to other parts of India, making it an attractive proposition for investors seeking both a vacation spot and solid returns on their investment.
What is the current state of the real estate market in Goa?
The real estate market in Goa is booming, with a growing demand for luxury properties and a surge in prices.
What is the average price range of properties in Goa?
Properties in Goa can range from Rs 5 crore to Rs 100 crore, with some villas valued at even higher prices.
What is driving the growth of the real estate market in Goa?
The growth of the real estate market in Goa is driven by the state's rapid modernisation, expansion of infrastructure, and increasing demand from ultra-high-net-worth individuals.
What kind of developments are happening in Goa's real estate market?
There are several luxury developments happening in Goa, including gated communities, villa developments, and high-end projects like DLF's 38-acre project with 61 villas.
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