The dream of escaping the chaos of city life, and settling into a peaceful house by the beaches of Goa is one many of us share. But as property prices in Goa soar, this dream feels like it’s slipping further away. Goa is now emerging as a focal point in India’s real estate landscape.
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 emerging as one of the important destinations for the real estate market. Due to its beautiful coastline, low air quality index (AQI), and exceptional rental yields, the state is drawing a new demographic – young professionals looking for both lifestyle and profitable investments.
As many as 80% of people who aspire to own property prefer to take a home loan for it. As many as 52% home buyers prefer apartments, followed by studio apartments at 19%, and independent houses or villas at 17%. Notably, gated communities and plots of land are less popular, chosen by only 7% and 5% of respondents, respectively.
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.
79 per cent prefer home loans to finance their property purchases. Key reasons include competitive interest rates, flexibility in loan tenure, and a long repayment period of up to 30 years, making repayments manageable. Additionally, home loans offer tax benefits and do not typically incur penalties for early repayment, adding to their popularity.
India is quickly becoming a favourite spot for foreign investors who want to put their money into land and development projects. In fact, it’s ranked third globally for such investments in 2024, according to a report by Colliers.