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Top 5 Places to invest in real estate in Goa

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Are you considering settling in Goa, among the Portuguese colonies lining the Arabian Sea coast? Residential real estate accommodates a wide range of preferences, from those looking to retire to those looking to retire to those seeking to buy a home. In North and South Goa, investors have a variety of options to select from, including villas, apartments, and plots. However, where in Goa are the top places to purchase real estate? 

A popular holiday destination near Maharashtra, Goa is known as the “land of beaches and seas.” The Mopa International Airport and the Zuari Bridge are just two infrastructure projects that have made headlines recently. In addition to improving connectivity, these projects have refocused attention on Goa’s residential market. 

Top areas in Goa to purchase a property 

The following list explores the salient characteristics, past prices, and real estate trends of the five most desirable places in Goa. 

North Goa’s Porvorim 

A thriving residential community in the center of Goa, Porvorim sits along the Mandovi River and the busy Mumbai-Goa Highway. Additionally, it serves as the legislative capital of Uttar  Pradesh. NH-78 and NH-66 connect strategically to the Panvel-Kochi-Kanyakumari Highway, Karmali Railway Station, and Dabolim Airport. Porvorim offers a wide range of housing options, with large, move-in ready 2 BHK apartments dominating the market. Porvorim offers monthly rental rates between Rs 9,000 and Rs 39,000, and home-buying prices hover around Rs 8,300 per square foot. The area continues to appeal to working people as a place to live, especially since industrial estates like Pilerne and Colvale are only 14 km away. 

Mapusa, North Goa

Mapusa, a residential and commercial district known for its busy lifestyle, is tucked away in Goa’s northern region. The locality is connected to areas within the city and beyond by the Calangute-Mapusa Road, NH-66, Thivim Railway Station, and Mapusa bus terminal. The 2 BHK apartments from local builders dominate the Mapusa housing market, which provides a high-end experience. With a sharp 40% increase in the previous five years, the average property price in Mapusa is now approximately Rs 6,450 per square foot. Those who invest in Mapusa can anticipate reasonable monthly rentals, which start at about Rs 26,600, along with consistent price growth. 

Candolim, North Goa

From Aguada to Calangute, the charming community of Candolim in North Goa is situated along the Arabian Sea and Nerul River’s shores. With a variety of sea-facing properties and excellent connectivity through NH-66, Aguada Fort Road, and Verem-Nerul Road, Candolim is the ideal location for anyone looking to live a tranquil coastal lifestyle. One-bedroom and 2-BHK ready-to-move-in apartments in Candolim’s residential inventory; the average price per square foot is roughly  Rs 12,800. In the past five years, home values in Candolim have increased by 80% despite the high rates due to the constant demand. Rentals in the area are around Rs 26,000-35,000 per month. 

Goa’s Dona Paula 

A well-known tourist destination, Dona Paula is a posh neighborhood in Panaji’s suburbs. There are luxurious homes, resorts, and hotels in the area. NH-66, Jetty Road, and Hawai Beach Road all provide connectivity in Dona Paula. In Dona Paula, the most common type of housing is an upscale 3-BHK apartment, with prices starting at about Rs 12,050 per square foot. Reputed domestic builders like Mohan Group, Rajdeep Builders, and Mathias Construction are responsible for most of Dona Paula’s residential developments. 

South Goa’s Colva 

Colva, a posh residential area in South Goa known for its captivating coastline, features bungalows, standalone houses, multi-story vacation rentals, and residential apartments. The vicinity has excellent access to the Dabolim Airport, the Margao and Majorda regions, the Mumbai-Goa Highway (NH-66), Colva Beach Road, and Colva-Benaulim Road.   

The Goa locations mentioned above are well-located and provide numerous housing options. Although buyers are free to choose any of them based on their needs, preferences, and financial situation, making an informed decision requires careful consideration of all available options. First-time buyers can also speak with local real estate professionals for more details and help. 

Goa remains the most popular destination for vacation homes, with 71% of wealthy Indians wishing to invest in luxury real estate in the next two years.

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Compared to lifestyle upgrades last year, capital appreciation currently outweighs the primary justification for purchasing real estate. 

Up to 71% of wealthy Indians plan to make real estate investments within the next 12 to 24 months, demonstrating an abundance of confidence in the real estate market. According to India Sotheby’s International Realty (ISIR) annual Luxury Outlook Survey 2024, capital appreciation is now driving real estate investment more than lifestyle upgrades, which is why investors are returning to the market.  

High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs) expressed confidence about investing in the real estate market, according to India Sotheby’s International Realty (ISIR) annual Luxury Outlook Survey 2024. A startling 79% expressed confidence in the economy’s positive trajectory in 2023-24, up from 59% the previous year.  

Regarding home loan interest rates, the Reserve Bank of India (RBI) expected 56% of NHIs and UHNIs to begin lowering rates in 2024, which bodes well for mortgage and financing prospects. 

Diversified holdings in real estate 

A startling 83% of wealthy Indians, according to the survey, own several homes, indicating a trend of diversifying real estate portfolios among the affluent. 

Aside from primary residences, 34% own business property, 25% vacation homes, 21% farmland, and 20% farmhouses. 

Up to 35% of vacation home purchasers stated that Goa was their first choice for a second residence, underscoring the city’s ongoing appeal to India’s affluent. 

At 12%, the desire to invest in properties abroad stayed consistent, with the USA and Dubai, United Arab Emirates, being their top choices. 

Consolidation of real estate portfolio 

Up to 43% of HNI and UHNI respondents said they to focus on higher-quality properties and assets that generate income to consolidate their portfolios. One-third of UHNIs and HNIs now use electronic tools like walkthroughs and 3-D virtual reality for research and property viewing. 

“Record-breaking home sales figures in Indian real estate in 2023 and an all-time high stock market are indications of the growing economic momentum. In the next 12 to 24 months, the top end of the real estate market will gain the most. Goldman Sachs Group Inc. projects that the number of people in the affluent class will almost double to 100 million over the next three years. The ultra-wealthy in India are increasing. The ranks of the ultra-rich have continued to rise due to the strength of start-up ecosystems and the increasing number of unicorns. Amit Goyal, Managing Director of India Sotheby’s International Realty. “Our Luxury Outlook survey results show a renewed and heightened interest among investors who now view real estate as a compelling avenue for long-term wealth creation.” 

“The resilience and potential of the Indian economy is evident in the remarkable shift in economic sentiment we are now witnessing. This increase in luxury projects in the top seven cities is not surprising. Alongside a wider understanding of real estate’s enduring value and potential for long-term financial growth, there is also a shift in mindset. The CEO of India Sotheby’s International Realty, Ashwin Chaddha, stated, “We think investors are strategically positioning themselves for wealth accumulation and creating multi-generational wealth through real estate investments.”