Is Goa the next big real estate market?

The real estate market in Goa is expected to grow significantly in the coming years, boosting the local employment rate and economy. The state government is investing heavily in infrastructure projects aiding in further impetus to the local economy and making Goa an even more attractive place to settle in

In recent years, Goa has emerged as one of the most popular real estate markets in India. Numerous factors including the state's beautiful beaches, its cosmopolitan lifestyle, and its growing reputation as a hub for startups, holiday homes, weekend getaways and digital nomads contribute towards ticking the consumer towards investing and settling in the country's favourite holiday spot. The pandemic has encouraged a strong drive of interest in Goa's real estate sector, largely for the high-end luxury and rental segment.

This growing pace of Goa's real estate market is expected to continue in the coming years, as more and more people discover the state's many charms. Prices are still relatively affordable, and there is a growing demand for both residential and commercial properties. Whether one is looking for a holiday home by the beach or an investment property with good rental prospects, Goa has something to offer everyone in every financial plan. It's no surprise that the millennials, young families and the wealthy are making a beeline for Goa. With the current upward trend of buying a second home or a holiday home, the city is not only attracting emerging young buyers with disposable incomes but also NRI's & HNI's.

Why Goa

Stunning natural beauty: With its stunning beaches, lush green landscapes and vibrant culture, Goa is a true blue paradise. And as an investor, one can enjoy all of this, while also reaping the rewards of a wise investment. Goa is not only a desirable real estate location; it is also the top holiday destination for both domestic and international travellers. As a vacation home or as an investment location, owning property in this paradise, on the nation's western coast has recently gained popularity among consumers. The demand on the purchasing side of the residential sector has increased significantly in the Goa market in the past few years, and its potential is never- ending.

A booming tourism industry: With its growing economy and surreal natural beauty, it's no surprise that Goa's tourism industry is booming. And as an investor, one can tap into this growing market and enjoy the benefits of Goa's thriving tourism market.

A vibrant culture: Goa is known for its vibrant culture. From its stunning natural setting to a growing economy and booming tourism industry, the market offers a unique history, rich culture, enticing climate and splendid beaches. Add to that the warm, friendly and loving nature of the Goan people that makes owning a home in Goa an attractive proposition.

ROI: Each year, the number of people exploring Goa to enjoy its beaches, culture, and food is on the rise. This means that there is a constant swing of demand for vacation rentals. Goa fuels a natural and authentic feeling that appeals to a wide range of travellers. Goa's rental income market remains steady and in peak seasons, quite lucrative, too.

Government support: The Indian government has shown constant support towards the booming real estate market in Goa. The tourism industry is the primary contributor of the state's economy and provides employment to a large number of people. The government has taken various measures to promote the industry and to make it attractive to investors. It has also provided financial assistance to developers to help them set up projects in the state. The government's support has helped the industry to grow and has made Goa an attractive destination for real estate investments. It has about seven Special Economic Zones (SEZs) which usher the industrial growth in Goa.

Road ahead for Goa

The real estate market in Goa is expected to grow significantly in the coming years, boosting the local employment rate and economy. The state government is investing heavily in infrastructure projects aiding in further impetus to the local economy and making Goa an even more attractive place to settle in. To conclude, Goa is marching towards becoming one of the most rapidly growing coastal states globally. It is one of the very few destinations that strike a balance between suburb and countryside life. Developers from across the country are tapping into the Goa's real estate potential making it one of the most sought-after investment destinations of the country.

(The author is Vice President (Sales, CRM & Marketing), Sattva Group)