Real Estate Industry In Goa

The real estate business in Goa thrives among the people and serves as an inspiration to own a property or a getaway destination there, which is one of India’s most favored tourist destinations. Ever since the pandemic, the fashion of owning a second home had been emerging to a large extent among the people, to serve as a purpose of getting away from the overcrowded cities, like a vacation home to recuperate and enjoy some calm time alone or with family and friends.

This demand to own a second home in Goa has grown three times since the pandemic started. This demand is mostly prevalent among the salaried sector groups of people hailing from big cities such as Bengaluru, Delhi, Mumbai, etc, and also included groups of businessmen. The new work culture of working from home which was a result of the onset of Covid greatly influenced the rise of demand for properties in Goa to fulfill their desire to own a property or a home where they can escape from their busy/overpopulated cities where they live.

The real estate business of Goa has seen a drastic change in its demands with people purchasing properties with the aim to use them for their own personal gateway or even to make them their permanent home in the coming days. Before the pandemic happened, properties were purchased with the sole purpose of turning them into a hotel, or tourist spot or used for lodging/food for the tourist.

Goa is a place full of life, offers a good lifestyle, vibrant culture, value for money, and a beautiful environment, making it the ideal choice for many buyers and investors who are in search of properties and homes which will serve the purpose of more than just a weekend getaway. Hence, with many developers and investors interested and getting involved in the real estate business, this business is safe from recession to a great extent.

The rise of Goa’s real estate business

Goa is a very beautiful place that also offers cultural heritage and local experiences and living to the people coming from the city. Many people opt for this place keeping in mind its beautiful surroundings and the calming environment it provides. People, especially from the big and overcrowded cities, are looking for places like Goa which provide an escape from their daily exhausting life to a more peaceful environment that is suitable for both working and relaxing. Which eventually is leading to prices soaring in some micro-markets of Goa.

Many property developers in the real estate business profit off of the growing market by dealing with apartments of great value. The dynamics of the real estate market in Goa are also seeing some significant changes. House owners now prefer shorter leases as they profit more from that than in a more dynamic market.

People in the real estate business and investors, in general, are profiting and earning a good amounts from rentals of villas, apartments, and homes and even from secluded spaces. The average percentage of people occupying homes throughout the year has also increased from 40% to 60%. 

Thus, while rentals have not increased, rental profits have. Additionally, properties near a beach or a garden charge more, almost 5-10% higher than those in an area without the view of a beach or a garden.

The real estate market of Goa is always changing with buyers and investors looking for a property where they can work peacefully while also enjoying and spending vacations. This evolution will further facilitate appreciation for properties and the real estate business in the days to come.

If you’re someone looking to purchase a property then you’ll have to do your property research and not get into it blindly. It is important to keep in mind many aspects of the property before investing in it. Its resale value, maintenance, locality, community, accessibility, safety, etc need to be kept in mind before getting on with the process of purchasing the property. 

One needs to study the area surrounding the property and also if the property they’re purchasing will be right for their own personal needs and the luxury they’re looking for. Both the short and long-term plan needs to be kept in mind before finalizing the purchase.

Example: If the plan is to sell off the property after a certain period of time or years then the value of its resale and the demand in the market for that particular property needs to be kept in mind before purchasing it.

Takeaway

Times are changing and so is the real estate industry places like Goa which has a reputation for its historic existence and beautiful sites make it preferable for the real estate industry. The real estate industry is blooming and places like Goa are leading the competition with massive development and upgrades taking place. From providing employment opportunities to offering preferable surroundings to live in, Goa has surpassed and has come a long way and the real estate industry in Goa is only going to keep blooming and flourishing.