Demand for bigger homes remains strong even now despite rising prices with nearly 50% respondents preferring to buy a 3BHK home, followed by 38% for 2BHK. At least 46% respondents now prefer to buy homes priced >INR 90 lakh.
The inauguration of the new International Airport at Mopa, Goa also led to an increase in tourism, thus impacting the demand for vacation rental homes, hotels, and stay options in Goa. Capital values in surrounding areas have thus doubled in the last three years.
Investment by non-resident Indians (NRIs) in India has revolutionized the Indian real estate industry over the last few years. Today, these investments are shaping the industry for the future and serving as a unifying factor for growth in the short and long run.
At least 35% of holiday home buyers mentioned Goa as their preferred destination, highlighting the enduring appeal of Goa’s lifestyle among India’s wealthy.
Goa’s real estate allure extends beyond its picturesque landscapes; it encompasses a lifestyle and cultural experience that investors find irresistible. As the tourism sector continues to grow, investors see the potential for robust returns on their real estate investments, especially in areas frequented by tourists.
The real estate sector in India has experienced remarkable growth in 2023 and industry experts anticipate the homebuying sentiment witnessed in 2023 to persist in 2024 also.
Goa remains the most preferred destination for a holiday home, as about 35 percent of wealthy individuals chose to buy a holiday home in the state. The sunny beaches, hills, and lifestyle of Goa are the most significant appeal for individuals, but the return on the investments in holiday homes is also attracting investors and individuals.
The ever-evolving landscape of holiday decor ensures a blend of timeless traditions and contemporary twists, making each festive season a unique and stylish celebration.
The residential sector exhibits substantial growth potential, underscored by sustained demand over the past few years, complemented by consistently stable interest rates and robust GDP expansion. Notably, there is a pronounced demand for mid- and high-priced residential properties.
The high demand for second homes in Goa, particularly in the luxury segment, is growing with most of the demand focusing on the Rs 1 crore to Rs 3 crore price band.