Why are luxury properties gaining demand in Goa?
The housing market is expanding at an unprecedented rate. The government’s sectoral reforms and people-centred initiatives have brought about much-needed transparency. There is also a surge in demand for high-end houses. Metros such as Mumbai, Delhi, and Gurgaon are the preferred destinations for luxury housing. While they continue to be the hot favourites, Goa is also emerging as India’s primary destination for luxury and ultra-luxury properties.
Indian consumers have become more discerning than ever. Having travelled the world and getting exposed to the lifestyle in countries like the US, UK, Australia, and UAE, they are looking to replicate such lifestyles in India. They desire homes that fulfil their dreams of luxurious living. Goa ticks all the right boxes in this regard. It has a picturesque location and a favourable climate that adds to its charm. Goa has also emerged as the destination of choice for a second or vacation house as it offers a perfect balance of natural living and modern-day comforts.
The decline of INR and increased NRI demand
Goa has always had a sweet spot amongst NRIs. The falling value of the rupee is a disguised boon for non-resident Indian (NRI) investors, allowing them to purchase luxury properties with comparatively less capital. Sotheby’s India International Realty highlighted that 31 per cent of HNIs cited a solid investment opportunity as the primary reason for purchasing real estate in the past 18 months, demonstrating the development of HNIs; bullish attitude toward luxury real estate and their hope that home values will rise, according to the poll. The report continued that this indicates a significant shift in the mood regarding real estate among India’s elite. According to experts, high-value investors looking for high-end properties prefer branded, established developers with a track record.
Goa’s modern-day homes and thoroughly crafted villas in idyllic settings are catching the fancy of NRIs, and they are betting big on this region.
Smart houses and healthy living
Indians have been increasingly aware of the necessity to maintain a healthy work-life balance in recent years. Holiday homes in Goa have seen much prominence and appreciation. They are now considered a lifestyle statement and a reflection of one’s social status. Today Individuals look to rejuvenate and unwind in tranquillity on their land if they own spacious homes. The strategic positioning of second homes and facilities has made them an essential alternative for buyers from a safety standpoint. Simultaneously, there has been an increase in demand for smart vacation houses with technologies that meet worldwide standards. Faced with conditions such as quarantine and lockdown, individuals have learned the significance of wider spaces and self-sufficient communities for healthy living. A luxury property offers inclusive spaces with qualitative points of a home office, study rooms, gym, entertainment, green open spaces, and more.
Super connectivity
Goa has always been a well-connected state, and things are expected to get even better once the MOPA airport becomes operational. The new airport will open doors to new opportunities. The influx of flights to the region will increase by multiple folds, and the tourism sector will get a major boost. The improvement in the connectivity options will lead to further real estate investments not just in Goa but also in nearby areas such as Sindhudurg.
Growth of Nurturing gated communities
Post the pandemic, while people want to live in large houses that can be used both for work and pleasure, they also desire excellent neighbours and to rub elbows with like-minded individuals. Additionally, most of these luxury homes are in gated communities of 10 to 15 villas with top-notch security provided. Medical facilities in Goa have also improved considerably.
Sustainability
As opposed to focusing on purely monetary considerations, sustainability is driving the future of luxury holiday homes, with an emphasis on intangibles like creating meaningful connections with customers and feeling good about contributing to the environment. A more environmentally aware mindset means that customers expect more in the way of amenities that emphasize holistic wellness. This encapsulates the greatest levels of eco-friendly certifications in buildings, as well as energy efficiency, water conservation, and clean air.
Goa’s hidden natural and cultural beauty has helped the state attract many tourists over the years. Now with the work-from-home culture becoming a norm, more people are looking at making Goa their forever home. North Goa and Sindhudurg are already thriving grounds for luxury housing, plotted developments, farmhouse communities, grand villas and second homes. The robust housing demand, growing income stability and infrastructure developments will ensure that this area continues to be a popular investment destination.
