Once a tourist heaven,
Goa has now opened up its doors to the real property market. The property souk
of Goa has loads of options – from villas to beach houses. The following post
explores the real property market of Goa. Read on to know more.
Introduction
Deep blue seas, vast skies stretching up to the horizon – and
sun-kissed beaches – Goa is definitely a haven for travelers. Tourists from
all across the globe flock to this state every year; whether to soak up the sun
or to experience a long stay at a traditional Goan house — the place offers
absolute ecstasy.
However, while the smallest Indian state offers an exciting
experience in terms of travel and tourism, it also happens to be one of the
leading states offering the best Gross Domestic Product (GDP)—almost two times
higher than that of the entire country.
The Goa Property Market
While the state continues to be one of the best travel
destinations, of late, the property market of Goa has been in the news. Interestingly,
among all the Konkan properties,
the property market of Goa has been pretty much in demand with the end users.
Investors have been rolling out enough money in order to capitalize the
potentials of the Goa residential property market. One of the biggest factors
contributing to the growth of the Goan property market is the tourism boost in
the state.
Since tourism is one of the most popular revenue generating
segments in the state, tourism has propelled the growth of the property market
to a great extent; industry experts opine that a recent trend of second hand
homes being sold off at a bigger price has been noticed. This shows that
end-users are even considering buying a property in Goa for investment purpose
as well.
Trends within the Goa Property Market
Interestingly, the Goan property market has been a favourite
with foreigners and also non-resident Indians. While Goa is yet to come at par
with other locales like Phuket, Maldives and Bali, NRIs have started shifting
focus to this state. End users can choose from loads of options in the
residential souk of Goa. These comprise the following:
- Hill Villas and Apartments
- Farmlands
- Beach Properties and Apartments
- Commercial and Retail Spaces
- Portuguese style villas and traditional Goan cottages
As the place happens to be a tourist heaven, even foreign
tourists have started taking a keen interest in Goan properties. It has been
found that foreigners have been inquiring about apartments and beach properties
in Goa to a great extent. France and United Kingdom tops the list of foreign
tourist in this category. Reasons adhered for the same is the low crime rate
along with the lifestyle of the state that is highly westernized in nature.
Another trend observant within the real property market of
Goa is that NRIs have been flocking to the region quite often. NRIs especially
from the Gujarati community have been flocking to the region for investment
purpose. This is because; Goa is the only Indian state that offers
The real property markets of the region have recorded a
substantial hike of 15% to 20% in the last two year. Apartments in areas in
Vasco and Panjim are some of the hot properties within the Goa property. These
areas have sold off multiple inventories within a few months of their launch.
Leading developers like DLF, Riviera, Parsavnath and Nirvana Nest have launched
several real estate projects within the state. Some of the prime locations
where you can find properties are Anjuna, Vasco, Vagator and Calangute.
Overall, the property market of Goa has been performing
extremely well in terms of investments and also mere purchase powers. Those who
are willing to invest in beach properties or a property that is a little
different from the normal ones – the Goa property market has several options
for them.
Author Bio: A follower of the latest
trends in Real Estate, Sampurna Majumder has been lending her expertise to 99acres.com by writing articles and blog posts on
the in-news topics such as these.
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