Goa Property Guide

Goa is one of the smallest states in Goa, but it is big in tourism. A total of 7785693 tourists arrived in Goa in 2017 according to Goa Tourism Department statistics, with 890459 of them being foreign tourists. Its sun-kissed shoreline, beautiful beaches, nightlife, parties, old churches, and unique cuisine are obvious attractions.

Over the years, the state has also become a preferred property investment destination. Real estate investments are pouring in from Mumbai, Delhi, Bangalore, and even from abroad. Builders are coming up with swanky apartments and houses with modern features and amenities. Old houses and bungalows are being refurbished everywhere. Land is fast becoming a scarce resource. Construction and sales demand is an indicator of Goa’s reputation as an emerging property market.

Who Buys A Property In Goa

There are five types of investors –

  1. Residents of Goa who want to shift to a bigger home or those who want a second property as an investment or for rental income.
  2. Indians from other states and foreigners who want to relocate to Goa.
  3. Those who want a home for their holidays.
  4. Investors who want to buy at lower prices and sell later for profit. Goa’s property prices are still lower than most areas in other Indian metro cities. But the prices are appreciating because of high demand.
  5. Investors who rent out their real estate in the tourist season.

Top 15 Reasons To Buy A Property In Goa

  1. Lower prices compared to other Indian metro cities
  2. Low cost of living
  3. Good infrastructure
  4. Good rental income in the tourist season
  5. Peaceful, serene, quieter – promises a better, healthier life
  6. Easy-going lifestyle, slow pace of life
  7. Very little traffic
  8. Lots of greenery all around, very little pollution
  9. Availability of both modern accommodation units and old heritage structures
  10. The unique culture and food of Goa
  11. Close to big Indian cities – Bangalore, Mumbai, Pune
  12. Cleaner than most parts of India
  13. Safe for both Indians and foreigners
  14. The locals are friendly and inviting
  15. Mild weather – not too hold or cold

The Goa Property Market

The Goa real estate market is on the upswing. Prices are going up steadily, and this trend is likely to continue as there is more demand than supply. Of course, there is always more demand in some neighborhoods, like everywhere else. Even the recent Government of India policy declarations on demonetization and GST has not dampened the mood in the sector. For instance, the property price in Dabolim, where the Goa International Airport is located, has appreciated by 30% in the last few years. In fact, there is so much demand that the local government had to recently ban the sale of agricultural land for real estate development to protect crop cultivation.

Infrastructure is improving all the time. The roads are becoming wider and better. The power situation is also improving with Goa planning to make its own electricity. Builders are coming up with new development plans. The authorities are keeping a close watch to ensure compliance. Restrictions on the sale of agricultural land means there is always short supply of vacant plots. As a result, there is steep competition, which goes a long way in ensuring quality and making the price competitive.

Goa’s Tourism Is Booming

Every year, more tourists are arriving in Goa, both from India and abroad. The total number of arrivals has gone up from 2788029 of 2012 to 6330744 of 2017, a growth of about 250% in the last 5 years. Off-season tourism is also growing, especially the monsoon months of June, July, and August.

With so many tourist arrivals, there is always a dearth of accommodation in the peak season (December, January, and even November and February). Villas, Goa houses, bungalows, and even apartments are always in short supply. Many owners of luxury villas in Goa rent out their properties to tourists. Owners of apartments too rent out directly or through AirBNB India, or Oyo Rooms. The return is very good. Of course, beachfront and waterfront properties always fetch more rental income.

Property Types In Goa

There are all kinds of properties to choose from –

Plus, there are some farmhouses too in the rural areas. In recent years, many new properties have been developed in Mapusa, Porvorim, Penha de Franca, Siolim, and Saligao in north Goa. They are mostly from developers, some of them national. Many developers hire internationally famous architects and landscape artists, so the properties are feature-rich, swanky, and very pleasing aesthetically.

On the other hand, some of the old residential buildings in Goa could be up to 100 years old, or even old, and many of them may need renovation. But they have a lot of character and a distinct personality. Please remember, planning permission may be needed for carrying out some renovations, and of course, this will need further costs as well. There are building restrictions in many Goa neighborhoods.

Compared to this, there are no costs towards renovation for modern villas. The price is determined by location, how close it is to the sea, size of the villa, number of rooms, whether there is a garden and swimming pool, additional features and amenities, and the age of construction. Whether you can move straight into the property will also determine its price.

New Properties Fetch More Rental Income

Many villa and apartment owners will rent out their properties in Goa. With the number of tourists going up each year and a dearth of good accommodation options, there is always a good demand in the peak season. New properties – luxury villas, beach houses in Goa, and also apartments typically fetch more rental income. However, location and features once again will determine the rental price.

Sometimes, old buildings get good money too, especially if they are heritage properties and are in good condition. For example, Portuguese houses from the colonial era are unique in style and ambience. There is always a demand for them.

North Goa is usually seen as a rental market, while the south is better for buyers who want to move in and stay there as the south is more serene and quiet. Central Goa is preferred by those who like town life.

 

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