The ever-growing population and the rapid, unplanned urbanisation of Indian cities have pushed buyers and investors to reconsider their options with homes which are away from the humdrum of the city, surrounded by nature and also offer high returns.
This has led to Goa becoming one of India’s most sought after destinations for owning a second home, by Indians as well as foreigners. It’s beautiful beaches, relaxed and laidback lifestyle, lush greenery, booming tourism industry and a diverse and friendly population are driving forces in attracting investment to its real estate industry.
Emerging start-up culture
Apart from its thriving tourism sector which contributes largely to its robust economy and provides employment to a large population, Goa also hosts several prestigious educational institutions. Moreover, with the launch of the ‘Goa Start-up Policy’, there have been multiple start-ups that have chosen to set up their office in Goa. This initiative by the government aims to make Goa one of the most preferred start-up destinations of India and make it feature in the top 25 start-up destinations in Asia by 2025.
A major attraction for NRIs
Other than the real estate market in Bengaluru, Pune and Mumbai, there has been an upward trend of NRIs investing in properties in Goa as well. There are a couple of key reasons why Goa is such a lucrative investment destination among NRIs. Considering its thriving tourism industry, NRIs feel that an investment here is bound to bring in great returns and secondly, purchasing a home in Goa makes for a wonderful private holiday retreat for their family when they visit India. NRIs who invest in real estate in Goa initially expect an average return of 7% – 8% annually, while the actual return on investment is as high as 18% – 22% according to a study conducted by Proptiger.
Shifting trends in tourism
Every year, Goa witnesses millions of tourists not only from India but from across the world and during the peak season, there is always a shortage of hotels to accommodate the tourists. Furthermore, there has also been a sharp change in the way people vacation with the emergence of Airbnb and an increasing number of tourists preferring the experience of independent rental homes or homestays instead of hotels. For those looking to invest in a holiday home in Goa, this shifting trend provides them with a great opportunity to turn their holiday home into an additional source of income when they are not living in it.
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