Investing in real estate is invariably a smart decision because property is tangible. People always have, and always will, need shelter.” This quote elaborates on the lucrative benefits of real estate investment.
When an individual purchases a car, it is considered as a purchase. Whereas when one purchases Real estate, it is regarded as an investment and not an expense. This is because its value keeps on appreciating over time due to the growing demand for housing. Especially in a nation like India which has an ever-expanding population that constantly needs fundamental necessities such as food, clothing, shelter, healthcare and education.
GROWTH OF REAL ESTATE MARKET IN GOA
In the last two and half decades (2000-2025), Goa has transformed from a tourism-focussed state into the most sought-after destination for purchase of real estate in India. This is because of the favourable environment created by the administrative authorities such as state and central governments.
Apart from Tourism, the Government of Goa has been encouraging other industries such as Pharma, BFSI, Automobile and Real Estate since these sectors not only provide revenue in the form of taxes but also generate plenty of employment opportunities to the local populace.
Real Estate is one of the highest revenue and employment generators for the Indian economy and the authorities have been thoroughly supportive towards the growth of this sector.
Here is a list of facets that have contributed to growth of real estate market in Goa.
- GROWING CLIENTELE OF EXPAT INDIANS & HNI BUYERS : Goa has gained popularity as a holiday home destination due to its scintillating coastline, laidback lifestyle, exotic cuisine and abundant greenery. HNIs and Expat Indians with disposable incomes have taken the luxury property market of Goa by storm by investing in this segment.
- ENHANCED CONNECTIVITY AND INFRASTRUCTURE DEVELOPMENT: Goa is undergoing a renaissance as far as infrastructure development is concerned. Construction of eight-lane expressways, cable-stayed bridges, flyovers and hydroelectric projects has metamorphosed Goa into a developed state.
- Travel time between North and South Goa has been drastically reduced due to this infrastructure growth. Well-planned infrastructure development is essential for Goa due to its growing stature as an epicentre of real estate.
- DEMAND FOR LUXURY AND PREMIUM APARTMENTS: Goa is envisaged as a getaway location to unwind during the weekend and an ultimate destination for a vacation of 4-5 days. The wealthy elites prefer to buy properties in Goa as second homes, retirement retreats, or high-end vacation properties with premium amenities such as indoor swimming pools, jacuzzi and all latest smart-home equipment. The demand for luxury residences in Goa is expected to grow exponentially in the next 5 years.
- There is also a business opportunity involved. Luxury apartments in Goa provide lucrative rental income through short-term holiday rent-outs and Airbnb.
- FAVORABLE STATE POLICIES AND EASE OF DOING BUSINESS: Purchasing a dream home in Goa is comparatively more convenient than buying a property in one of India’s metropolitan cities (Mumbai & Delhi). This ease of doing business has made ‘purchasing a property in Goa’ an enjoyable experience.
- The administrative authorities have realized the potential of Goa’s real estate market and have made less stringent rules and regulations for purchasing property in Goa. Thus buyers from other states of India have been making a beeline to purchase properties in Goa due to these favourable state policies.
- REAL ESTATE DIVERSIFICATION: Goa is moving beyond tourism and other industries such as BFSI, Automobile, Pharma, Retail and Telecom are expanding their operations in Goa.
- There is a growing demand for commercial and industrial real estate to accommodate these above industries and developers are already in full-throttle mode to fulfill this growing demand.
- People from other Indian states want to migrate to Goa permanently due to obvious reasons and this inundation has led to a demand for residential real estate in Goa.
- There is a surge in construction of commercial spaces for Shopping Malls and Departmental Stores specially for the Retail Sector in Goa.
Conclusion: Developers from across India are expecting plenty of footfalls in Goa’s property sector and have realized the benefits of investing in this coastal paradise. A combination of factors such as infrastructure development, demand for luxury properties and Goa’s natural surroundings have attributed to developers infusing their capital in Goa’s property market.
