Homebuyers are also keen to have their own holiday homes as they look for social distancing, health, hygiene, safety and comfort in one space. HNIs are becoming a force multiplier in fueling luxury housing demand, which is rooted in factors such as growth in disposable income and a shift in approach to life.

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.

The real estate sector – the most vibrant among all was not spared. Yet, there is one segment within the real estate sector, ‘holiday homes’ that stands defiant of this ruthless onslaught. It is buzzing with activity amid hopes of heightened demand as people accept the ‘new normal’ post-COVID crisis.

Goa, being one of the most favored tourist destinations, is likely to be the sweet spot for the holiday homes or second homes for high net-worth individuals seeking better rental yields and people looking for luxury living including tourists.

With the ‘work from home’ gaining traction, people are seriously considering a shift of residence, away from the crowded cities to luxurious holiday homes, according to industry experts.

“What was once an aspirational ‘want’ is now emerging as a ‘need’ for a safe and secured home and sensible real estate investment. The earnest desire of buyers to log out of the choking, polluted and hectic city life and hit refresh in a serene space in the lap of nature is what has made holiday homes or dual homes a hot trend today and will continue to remain strong,” said Lindsay Bernard Rodrigues, co-founder and director, Bennet & Bernard Group, a prominent custom luxury homes developer in Goa.

Considering situations like home quarantine, social distancing, health, hygiene, safety and comfort in one space, people have realised the importance of larger and self-sustained communities.

“Hence, the desire to have bigger spaces for the same investments is likely to shift focus from buying realty in cities to second homes in holiday destinations,” Rodrigues said.

Source: CNBCTV18 (http://bit.ly/38md7pI)