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.
The household sector plays a major role in the Indian economy by serving as a primary source of financial resources through savings, contributing a substantial 70% to the total gross domestic savings.
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.
Retail investors, particularly the younger demographic, now have various avenues to invest in real estate without depleting their financial resources, enabling them to earn passive income at an early stage.
The residential sector exhibits substantial growth potential, underscored by sustained demand over the past few years, complemented by consistently stable interest rates and robust GDP expansion. Notably, there is a pronounced demand for mid- and high-priced residential properties.
Driven by economic stability, policy reforms, and changing consumer dynamics, India’s real estate sector has registered strong growth with a massive uptick in demand in 2023.
For the first time in India, sales of high-end homes priced above Rs 1 crore have surpassed demand in the affordable segment, priced below Rs 50 lakh, according to a report by real estate consultancy Knight Frank.
Residential sales continue to gain momentum, reaching multi-year highs. Properties priced over ₹1 core saw a 39% Y-o-Y increase, while the mid-segment, ranging from ₹50 lakh to ₹1 crore, witnessed a 14% year-on-year rise.
A property that has the potential to go under redevelopment is an uncertain bet. Apart from differences between existing tenants on a variety of issues, including the choice of the builder and the size of flats that get allotted to them post the redevelopment, you need to check if you have the patience to hold on.
Goa has emerged as a preferred destination for second home buyers owing to high rental yields ranging from 4-10% approximately.
