September 13, 2023
The real estate market in Goa, especially the housing sector, is expanding at an exponential rate. Real estate developers and, consequently, potential homeowners are tapping into Goa’s real estate potential. A sought-after tourist destination surrounded by scenic landscapes, a tropical climate, improved transportation connectivity, advanced healthcare services, lush greenery, and a coastline of pristine beaches are just some of the advantages of investing in a second or vacation home in Goa. Investing in a Goan property offers a good balance of modern-day comforts and nature’s embrace. Discerning Indian consumers have begun recognising Goa as a primary destination for luxury properties. Goa’s real estate market caters to this rising demand with high-end, well-equipped villas and apartments.
With the onset of the coronavirus pandemic, people have become increasingly aware of the need to maintain and nurture a healthy work-life balance. The worldwide lockdown helped people learn the importance of self-sufficient communities and bigger spaces for a healthy life for the mind and body. This approach is now increasingly gaining traction as a lifestyle as well as an added reflection of their social standing. Individuals and families are looking to invest in a vacation or second home as a way to unwind and rejuvenate while taking advantage of tranquil surroundings, close-knit communities, and premium amenities. Additionally, the demand for vacation homes equipped with top-notch amenities and technology-powered facilities is on the rise. There are several luxury homes that offer inclusive spaces equipped with a private pool, gyms, green open spaces, prompt maintenance services, recreational spaces, rainwater harvesting, round-the-clock security, and solar energy backup.
Goa is a well-connected state with an extensive network of motorable roads that connect most of the places in Goa. Moreover, in recent years, the state of Goa has made notable investments and progress in improving its infrastructure. New bridges, highways, and airports put in place make Goa more accessible, and travelling is significantly easier. The Atal Setu, a cable-stayed bridge, makes the travel time from Panaji to Porvorim faster, more efficient, and a pleasant drive. The new Zuari bridge connecting South and North Goa also reduces travel time. Moreover, the new MOPA airport, also known as Manohar International Airport, is now functional. Additionally, the Dabolim airport is operational as well. With two airports operating in Goa, it may result in cheaper airfares. The tourism sector is sure to witness a huge boost in the near future. Tourists and investors can easily travel to and within Goa, thereby increasing the demand for property investments.
Instead of just maintaining a strong focus on monetary considerations, families and individuals are also looking at investing in sustainably built homes. Sustainability today, as we see it, is driving the future of the luxury vacation home segment. This ideology helps foster and create meaningful connections while also feeling great about making a contribution to the environment. A more environmentally-driven mindset encourages the formation of like-minded communities. Potential homeowners expect the home and its amenities to promote holistic wellness. This means the real estate properties need to ensure eco-friendly certifications are in place as well as supporting water conservation, clean air, and energy efficiency. Real estate developers put tools and frameworks in place to evaluate the environmental performance and sustainability levels of their projects.
The real estate domain in Goa remains a dynamic and continually evolving market. The growing housing demand, the need for a luxurious yet sustainable lifestyle, infrastructure developments, and better disposable incomes will ensure that Goa continues to be a popular tourist and investment destination. Potential investors need to gain a better understanding of the current real estate market and examine the myriad of opportunities before making any major decisions or investments. Consider partnering with a highly experienced and fully equipped real estate developer in Goa to achieve a complete understanding of the current market scenario and the investment opportunities that are available.
Why does Goa Continue to Experience a Rise in Real Estate Prices?