Young professionals find the Goa market attractive for property investment; Gated villas in Grade A locations command a rental yield of 5-8%. Buyers for second homes are not only end buyers but retail investors seeking both rental returns and capital appreciation.
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.
India’s affluent class has been increasingly redirecting their investment focus towards residential real estate for some time, marking a notable change in the country’s investment landscape. This transition emphasizes changing trends in investment preferences and reflects the motivations driving the elite’s choice to invest in residential properties.
Home prices in India are likely to increase by 4-6 per cent this year but rising per capita income will support demand. Moderating inflation, stable commodity prices, a lower fiscal deficit, and a decline in global policy rates would set the stage for interest rate cuts to boost housing demand.
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.
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.
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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.