Current Rising Trends of Property in Goa in 2024

Curious about the latest developments unfolding in Goa’s real estate landscape for 2024? Amidst its popularity among tourists, a significant transformation is underway in this coastal haven’s property market, as investors increasingly direct their attention towards it. This raises the question: What sets Goa apart, and what factors are driving investors to explore property opportunities in this region beyond the mainland of India? Let’s delve deeper into this blog article to find out.

Rising Potential of Property in Goa: A Real Estate Haven

Among various factors, including the thriving tourism industry, Goa’s residential real estate sector has been experiencing remarkable returns on investment. The potential for substantial rental yields and capital appreciation has positioned it as an appealing destination for investors interested in property in Goa.

According to the annual Luxury Outlook Survey 2024 conducted by India Sotheby’s International Realty (ISIR), as many as 71% of affluent Indians express an interest in real estate investment within the next 12-24 months, indicating a significant level of confidence in the property market. Moreover, the survey reveals that High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs) exhibit considerable confidence in the real estate market, with an astonishing 79% expressing optimism about the economy’s positive trajectory in 2023-24, compared to 59% the previous year.

Current Trends Shaping Real Estate Property in Goa

• Rise of Income-Generating Assets

Affluent individuals are progressively diversifying their investments by acquiring income-generating commercial real estate, alongside their primary city homes. This trend is characterized by a rising interest in purchasing farmhouses located in suburban or peripheral areas. This inclination is motivated by the pursuit of larger living spaces, green surroundings, opportunities for remote work, privacy, and amenities such as private pools. Notably, a significant 83% of wealthy individuals in India possess multiple luxury properties, highlighting a shift towards diversified real estate portfolios.

• Growing Allure of Goa among the NRI Community

Property in Goa has emerged as one of the top choices for NRIs looking for secondary residences or investment opportunities due to its tropical climate, pristine beaches, and dynamic culture. This shift has led to the emergence of luxurious villas, contemporary condominiums, and upscale developments tailored to the sophisticated preferences of NRIs.

• Mopa Airport’s Impact on Goa’s Real Estate

The establishment of the Manohar International Airport in North Goa has significantly propelled real estate demand in the area due to its improved connectivity and has unlocked new areas for development, making them more appealing to investors. 

• Shift in Goa’s Real Estate Demand Dynamics

Post-pandemic, the real estate demand dynamics have accelerated for first and second homes in Goa due to attractive rental income and long-term appreciation prospects.  According to industry experts, Goa’s real estate market stands out among second-home destinations in India, with a surge in online searches observed for villas priced between Rs. 1-3 crore, indicating heightened demand within this price bracket. Conversely, there has been a decline in the demand for properties below Rs.50 lakhs, reflecting a notable shift in the demand for property in Goa. With growing investor confidence, the market is expected to continue its upward trajectory, as evidenced by major real estate firms that have already begun acquiring land near the Manohar International Airport to meet increased buyer interest.

Conclusion

Goa’s real estate market presents a promising landscape for investors, supported by a multitude of factors including its thriving tourism industry, attractive rental yields, and capital appreciation prospects. The significant interest expressed by affluent Indians underscores a robust confidence in the property market’s potential. Additionally, the emergence of Goa as a preferred destination among NRIs further augments its appeal, leading to the development of upscale properties tailored to their discerning tastes. With the establishment of the Manohar International Airport in North Goa enhancing connectivity and unlocking new areas for development, coupled with shifting demand dynamics favoring higher-end properties, the outlook for Goa’s real estate sector remains optimistic and poised for continued growth in the foreseeable future.