Goa real estate market: Luxury segment gains popularity

[ecis2016.org] We examine that factors that make luxury properties in Goa sought-after and the top locations to invest in luxury properties in 2020

Goa’s real estate market is a viable option for those looking at second homes. There is a lot more that Goa offers, besides the sea and beaches, to real estate investors and home buyers, alike.

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Top reasons to invest in a property in Goa

A market for outsiders and NRIs

While Goa may not be a hotspot for employment, it is an ideal destination for anyone desiring a calm and serene lifestyle. Kanchan Desai, DGM – sales at Prestige Group, says, “Goa is everybody’s go-to destination. It is increasingly also becoming a retirement destination, both, for Goans who have been working abroad and for those from outside the city. They look forward to coming back and settling down here.”

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Stable market for investors and end-users

There has been no oversupply of projects in this market yet. “You will not come across shelved or stalled projects, or builders who have abandoned or not delivered and this is true for both, local and branded developer firms. The government has also kept a check on oversupply of land for construction,” adds Desai. As a result, unlike cities like Noida that are grappling with excess inventory and stuck projects, there are few such cases in Goa and that is a clear advantage.

Presence of a cosmopolitan, educated crowd

Another reason that attracts property buyers to Goa, is the absence of any language barrier. Almost everyone speaks English, which makes it an ideal destination for non-locals to settle here, as well.

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Luxury real estate in Goa

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Just like Mumbai, Goa is a linear city. Of late, smaller villages are getting assimilated with developed areas, thereby, benefiting with improved road networks, while retaining its own character, which make these areas appealing to many.

One of the top areas that luxury home buyers enquire about is Taleigaon, an extension of Panjim and the Dona Paula areas. These are upcoming areas in the Goa real estate market, for the luxury segment, with many forecasting sizeable capital appreciation, in the long-term.

Matthias Cruz, a local broker, says that with home loans at a 15-year low, real estate buyers can make the most of this time. “Luxury units are seeing maximum inquiries, as developers are paying a lot of attention to the lifestyle that buyers are aspiring for. So, there are projects with sea-view restaurants, landscaped gardens, clubhouses, multiple games facilities, yoga decks, party halls and innovations at many levels. Investing, to buy property in Goa, is like buying yourself a life-long holiday by the beach,” Cruz remarks.

Independent houses and residential plots are among home buyers’ favourites, when it comes to purchases in this market.

Property prices in Goa’s luxury locales

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Category: Lifestyle