Source: Times Property (

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.

Growth in tourism translates into increased residential demand as every job created in the first year results in housing demand of a minimum 800 sq ft in the third year per household.

As the demand for short-term rental housing is often in demand in such areas, developers too are eager to offer services in order to enjoy recurring returns on the investment.

With growth in residential activity, the need for entertainment, retail (shopping centers and F&B) and other commercial real estate such as establishment of banks, ATMs, etc; also increase, leading to the overall development of the area.

Impact on the hospitality sector
A highly-attractive tourist destination as well as an untouched or scarcely explored tourist destination, both, attract wanderers. As the tourism industry expands in any region, it gives a push to the hospitality industry and leads to the entry of big domestic and international hotel operators. “And once these players come in and tourist sites are developed and maintained, it paves the path for growth in convention centers and properties where destination corporate events, weddings, film shoots, photo shoots and several such activities are conducted, thus boosting all types of real estate,” says Avchit Thombre, chief sales officer at a tourism services providing company.