Demand for holiday homes in Goa by wealthy investors and interest among foreign funds to acquire hospitality assets continue to remain strong, despite claims in certain quarters about a dip in tourism activity, say real estate consulting firms and developers.
The government’s concentrated efforts on infrastructure development promise to significantly enhance housing demand. The establishment of the India Infrastructure Fund and emphasis on Public-Private partnerships for infrastructure in the budget is also a game-changer for the real estate industry.
India’s wealthy elite are competing to acquire high-end properties in Goa as a means of enhancing their lifestyle. This trend is driving an increased demand for luxury villas, condominiums, serviced apartments, and second homes.
Along India’s western coastline, Goa is celebrated for its sandy beaches, lush landscapes, and rich Portuguese heritage. While it has long been a magnet for tourists seeking a slice of paradise, Goa has increasingly become a coveted hotspot for real estate investors. With scenic beauty, robust infrastructure, and strong market demand, this coastal state offers unparalleled opportunities for high returns in the realty sector.
The year 2024 was marked by luxury living. The launches of housing projects worth ₹10 crore to almost ₹80 crore made one thing clear – that demand was skewed towards luxury and ultra-luxury homes and that real estate developers left no stone unturned to launch projects that catered to buyers looking for spacious properties that could accommodate their lifestyle and long-term investment goals.
Goa is seeing a rise in demand for luxury homes among startup founders, business families, and sports personalities post-Covid. The region offers unspoiled environments and serene lifestyles. Real estate developers are investing in high-end properties despite the supply gap. Infrastructure improvements are making Goa an attractive destination for second homes. Wealthy Indians continue to favor Goa for vacation homes.
India’s luxury real estate sector is experiencing a growing demand due to changing consumer preferences and technological advancements. Besides, this overwhelming increase in spacious luxury houses is also attributed to the COVID-19 pandemic because people with high purchasing capacity seek liveable spaces with ample safety and amenity features.
India stands as an outlier in the global real estate market, which is just returning to normalcy with some uptick in transaction volumes, the confidence coming back with prospects of a reduction in interest rates. “The best performing markets in our network at the moment are India and the Middle East,” Knight Frank’s Senior Partner and Group Chair, William Beardmore-Gray told businessline.
Goa, a beautiful coastal state on India’s west coast, has always been a popular tourist destination. But lately, it’s become a hot spot for a different kind of visitor: the luxury home buyer.
The premium segment has nearly doubled its share of total sales, though the affordable segment continues to hold strong. The surge in luxury sales indicates a growing demand for high-end properties, potentially driven by strong economic performance and wealthy investors.