The already high demand for second homes in Goa is growing even more. Especially in the luxury segment the demand for homes ranging from Rs 1 crore to Rs 3 crore price band has been on the rise, according to research by a property research firm.
The data is based on on-ground property dealings and online queries. All the gathered data indicates that most of the demand for premium housing is created by investors from Mumbai and Bengaluru while investors from Delhi focus on commercial real estate. Goa has become a sought-after destination for second homes and luxury living thanks to its tourism. Places like Assagao, Anjuna, Porvorim, and Siolim are in high demand for luxury housing and real estate, revealed the online search trends compiled by the property research firm.
The research has also revealed that prices in Assagoa are comparable with Gurugram’s golf course extension locality. Realty analysts are of the opinion that online search trends are an indication of the high demand for villas in the Rs 1 crore plus price range. The research also suggested that there is a general decline in demand for housing priced less than 50 lakhs. Goa’s real estate is doing comparatively better than the rest of the states when it comes to markets for second homes.
In the opinion of Amit Masaldan, business head of Housing.com, the high demand for housing priced upwards of Rs 1 crore signifies the healthy growing market for premium housing in Goa. He said that the Covid-19 pandemic acted as a catalyst for the rise of demand for homes in Goa. The high rental income of properties in Goa and the long-term appreciation for property prices have allowed the Goan premium real estate market to grow to such levels.
The property research firm expects the growth to continue in the upward direction for the coming years as investor confidence in Goan properties is also on the rise. “The move towards hybrid work culture, rapid infrastructure development, proximity to beaches and tourism has made it possible for Goa to become a sought-after destination for second homes,” said Ankita Sood, director and head of research at Housing.com. She added that big real estate firms have been already acquiring land in the vicinity of Manohar International Airport in preparation for the increasing demand.
Sood also said that there is an emergence of farmhouses, cottages, and gated villas that are “reshaping the market”. She added that even Housing.com is looking to increase its operations in Goa.
The real estate market in Goa is seeing an upward spurt of growth in demand for luxury housing and real estate. Driven by its coastal beauty and rich cultural heritage, even a number of celebrities have made Goa their second home. The rise in demand for second homes, especially in the luxury segment priced upwards of Rs 1 crore is a good thing for the Goan real estate market.