Source: Times of India ( https://bit.ly/44Oi05p )

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, shows research by a property research firm.

The data, which is based on online queries and on ground property dealings, indicates that most of the demand for premium housing is driven by investors from Mumbai and Bengaluru while investors from Delhi are keen on retail and commercial real estate.

Primarily driven by tourism, Goa has become a much sought-after destination for second homes and luxury villas, particularly in Assagao, Anjuna, Porvorim and Siolim, show online search trends collated by Housing Research.

Property prices in Assagao are on par with Gurugram’s golf course extension locality, suggests the research.

Realty analysts say that online queries for homes in Goa indicate a high demand for villas in the Rs 1-crore plus category while there is an overall decline in interest from investors in housing that is in the less than Rs 50 lakh segment.

“Goa’s real estate industry is doing better than the rest of the other markets for second homes in the country. The sweet spot for property purchase in Goa lies in the range of Rs 1-3 crore signifying the growing market for premium properties in Goa,” said national business head of Housing.com Amit Masaldan.

Masaldan said that the Covid-19 pandemic accelerated the demand for first time homes and second homes in Goa, primarily because of the high rental income and long-term appreciation in property prices in Goa.

The firm expects Goa’s real estate market to continue the upward trajectory in the coming years as investor confidence and sentiment keeps growing.