Sales for vacation homes have sky-rocketed in the last couple of years. Purchasing a second home is often not just about investment, but also about a lifestyle choice, an alternate residence, a future residence, or simply diversifying assets.
As high-net-worth buyers remain focused on their personal achievements and accomplishing their goals, acquiring luxury real estate continues to be an essential component of their financial portfolios.
Sixty seven per cent of high net worth individuals (HNIs) are planning to buy a luxury property in the next two years in order to upgrade their lifestyle, revealed a survey conducted by India Sotheby’s International Realty.
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.
Lured by peace and private jetties, the wealthy are swooping in for villas in Assagao, Siolim, Nachinola and other parts of the state. Over the last two years, Goa’s languid charms have burst upon India’s high net worth individuals (HNIs), who are now swooping in for luxury homes.
Close to four years after the Goa Real Estate (Regulation and Development) Act was formulated and notified, the Goa RERA has finally framed norms to return the registration fee paid by an agent or builder.
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.