Owning a home in Goa has its own little charm to it. Nestled 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 real estate investments across many locations in this tiny state due to the fact that historically the returns on investments have always been 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 for vacation properties and retirement homes. Investment in real estate mostly pours in from 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 back home. These buyers are in the market for apartments and even luxury spaces. 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 simply 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 real estate 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.
Prices of property are on the rise but at the same time, they are a lot cheaper than other metro 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 real estate 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 at prices lower than metropolitan cities. Prices for apartments and independent dwellings alike begin at Rs. 3,800- Rs 5,000 per square feet in 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. Comparatively similar properties would be comfortably 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 scouting for properties in Margao or areas surrounding it.
Vasco is another popular area that is witnessing a property development boom. Independent bungalows and row houses within gated communities are widely popular and are a favored 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 an appreciation in property rates in the range of 30-35% over the last 5-7 years.
Looking at pricing from a holistic view, prices of row houses are in the range of Rs. 2.00 crores to Rs. 3.00 crores. In the luxury segment, stand-alone homes are priced in the range of 5.00 crores onwards. Properties on the market are also listed in the Rs. 1.00-1.50 crore range. Depending on your budget, there are a variety of property types available ranging from row-houses, stand-alone independent houses, and homes 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 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. Independent dwellings within gated communities are mostly listed in these areas. The northern areas are 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 throughout 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 vacation properties localities near the coastline properties in Baga, Candolim, Calangute, Anjuna and Vagator are most popular. Properties with lower prices can also be found at Siolim, Assagao, Saligao, Succor, and Porvorim. These areas are mainly popular among tourists making rental income easy to come by. European tourists prefer the areas of Vagator, Anjuna, and Ashwem where there are mostly independent bungalows. These areas are the hub of shopping, entertainment, restaurants, clubbing, pubs, and primarily the beaches. Properties that are available here are mostly recent constructions and are ready to move into. The demand in these parts are more for beach-side real estate and most along the coastline are small to medium in property size.
Buying in the South parts
The southern parts extend from Canacona to Vasco-da-Gama. There are board range of property listings available in these areas at lower prices in comparison to the northern side. Cities such as Vasco, Margao, Colva, and Verna are leading areas for investment in real estate.