Owning a home in Goa has is own little charm to it. Nested along a coastline that spreads 108 kms, warm tropical weather, a relaxed way of life are some of the many reasons why people from near and far want to own a home in this part of the world.
Investors have had a keen eye for investments across many parts of this tiny state due to the fact that historically the returns on investments have been a yielding positive and steady growth. A majority of these investors are NRI’s (Non-Residents Indians) and PIO’s (Person of Indian Origin) that form a large chunk of the buyers market. Additionally there are also second-home buyers from other parts of the country looking vacation homes and retirement homes. Second homes buyers are mainly from the metro cities of India that include Bangalore, Mumbai, Delhi and Chennai who look to unwind and relax from the hustle and bustle of the city life. These buyers are in the market for apartments and even luxury homes. There is also keen interest from overseas buyers from countries such as Russia, United Kingdom and other parts of Europe.
Like many buyers from across the world you too can own your own place in Goa and live a life of relaxation and tranquillity. You can make it a home away from home or even a vacation home and visit whenever you please. There is always something new to explore here if you choose to or you can simply laze on the beautiful beaches and enjoy the sounds of the waves crashing on the shore and unwind, the many reasons why so many continuously find themselves vacationing here over the weekends or even for months together.
Historically properties here have never seen a negative flow resulting in plenty of confidence of investors to make a worry-free investment in a variety of properties. Investments made in villas make an excellent second-income stream as holiday rentals in these properties are highly lucrative and fetch a steady stream of revenue all throughout the year. These investments also fetch an excellent ROI when sold on the market which can range anywhere from 15-25 percent over a 5 year horizon.
Price of property are on the rise but at the same time they are a lot cheaper than other cities in the country. This translates into making a purchase that is of larger square-footage which would be a lot smaller in comparison to purchasing in a metropolitan area in a similar price range. That means you will own a large space in one of the most popular holiday destination in the country. Prices for apartments and villas alike begin at Rs. 3,800- Rs 5,000 per square feet for the entry segment. The mid-level segment continues at the range of Rs. 6,000 per square onwards and the luxury segment at Rs. 7,000 per square foot onwards. Comparitively similar properties would be conmfortably priced at Rs. 9000-12,000 per square foot in Delhi, Mumbai and Bangalore.
Properties in the south of the state offer a lower price range in compared to the north. Margao, which is a busy city in the south has an average price of Rs. 3,800 to Rs. 5,000 per square foot. A similar property in Panjim would be in the range of Rs. 5,500 to Rs. 7,500 per square foot. Each of these cities have their pros and cons therefore if you are on a budget you can consider shopping for a villa in Margao or areas surrounding it.
Vasco is another popular area that is witnessing a property development boom. Independent Villas and row houses within gated communities are widely popular and is a favoured town to invest in as prices are realistic and for a buyer there are a variety of options to choose from. The port town of Vasco has had a appreciation in property rates in the range of 30-35% over the last 5-7 years.
Looking at pricing from a wholistic view, prices of row houses are in the range of Rs. 2.00 crores to Rs. 3.00 crores. In the luxury segment villas are priced in the range of 5.00 crores onwards. Villas are also available in the Rs. 1.00-1.50 crore range. Depending on your budget, there are a a variety of property types available ranging from row-houses, stand-alone independent houses/villas and villas in gated communities. The age of the property and the locality also plays a crucial factor in determining the price along with the area(size) of the property.
There are mainly three areas that that are a hotbed for investments; the central areas, the northern and southern parts of the state. These areas have modern housing developments along with all the modern amenities such as a clubhouse, gym, swimming pool etc. Villas within gated communities are mostly listed in these areas. The northern areas is more looked at as an investment whereas as the southern side is more for those looking for a home to settle-in or even let out whenever possible. On the other hand, the northern coastline is tourist-centric and thus most buyers explore the possibility of a rental income all throughtout the year. The south is peaceful and is visited by tourists looking to enjoy the peace and calm of the state. The northern coastline is buzzing with activity and in-turn has an impact on pricing for purchase and also rental income.
Buying in Northern parts
The northern parts cover Querim beach to parts of Bambolim that includes the city of Panjim. For holiday homes near the coastline properties in Baga, Candolim, Calangute, Anjuna and Vagator are most popular. Second-home properties with lower prices can also be found at Siolim, Assagao, Saligao, Succor and Porvorim. These areas are mainly popular among tourist making rental income easy to come by. European tourists prefer the areas of Vagator, Anjuna and Ashwem where there are mostly independent villas and homes. These areas are the hub of shopping, entertainment, restaurenets, clubbing, pubs and primarily the beaches. Villas that are available here are mostly recent constructions. The demand here is more for beach-side villas and most along the coastline are small to medium in size.
Buying in the South parts
The southern parts extend from Canacona to Vasco-da-Gama. There are board range of villa properties available in these areas at a lower prices in comparison to the northern side. Cities such as Vasco, Margao, Colva, and Verna are leading areas for second homes.