According to the Knight Frank report titled ‘Real Estate Outlook 2022’, India’s realty sector is showing signs of healthy growth in 2022. With the steady performance and quick revival, the real estate sector regained the buyer’s and investor’s trust and further picked up the growth momentum.
Goa has now firmly established itself as a year-round staycation destination, bumping up the average rentals for a well-located property to 4% per annum. Limited supply of quality homes has meant one of the fastest price escalations for Goa real estate, during the pandemic.
One of the major reasons for the increased demand in the luxury and affordable segments can be attributed to the changing need and mindset of the people. The pandemic and the uncertainty that it caused has resulted in an increasing desire among people to own a house of their own.
With the COVID-19 pandemic appearing to have created several resets in real estate and the wider acceptance of work from anywhere, the demand for second homes has gone up.As many as 70 percent respondents want to invest in a second home priced at Rs 2 crore or less within two years, a survey by Savills India, amongst prospective homebuyers, has said.
With the festive season ahead, banks across India have started giving offers and providing concessions. One such phenomenon that has been going around recently is interest rates of home loans that find themselves at an all-time low across the country. One such recent entrant into the list of financial entities to slash their rates was Kotak Mahindra Bank.
Goa, the holiday paradise on earth has lately emerged as a holiday home and realty investment destination of India. Goa has consistently been a favoured vacationer goal for both domestic just as foreign visitors. Because of the development in the travel industry, the city has likewise risen as an investment destination for individuals for second home.
Senior citizens often find it challenging to buy a home. Multiple factors like a stable job, regular income, high growth potential and a greater number of years left until retirement work in young borrowers’ favour while applying for a home loan, bBut most senior citizens/retirees on a pension income meet the home loan eligibility criteria.
Your first home is where you live full-time—it is not an investment that you would earn from in the short term. With the Indian middle class and upper-middle class making more than ever before, second homes have continued to be a rage even during the pandemic. In many ways, the pandemic has pushed people to invest in a second home away from the city’s concrete jungle.
Owning a luxury holiday home in places like Goa is an increasing trend for buyers who look at it as a luxury living and also as a good investment option with better rental yields. Effects of the COVID-19 pandemic are abundantly visible across the various sectors of the global economy. India too witnessed a subjugation of macro indicators, that were once believed to be the fastest, and no sector was spared from the deluge of pandemic aftermath.
Goa’s serene location, quiet life and strong economic environment make it an attractive investment destination for many of the investors who are especially looking to buy a second home. Do you want to own a home which is away from the hustle and bustle of the city life and is close to nature? Then Goa is the place to be. Goa’s serene location, quiet life and strong economic environment make it an attractive investment destination for many of the investors who are especially looking to buy a second home.