Goa's Luxury Real Estate Market Sees Surge in Demand for Second Homes

range of Rs 1 crore and above is evident from online search trends. However, there has been a decline in demand for housing priced below 50 lakhs. Goa's real estate market is outperforming other states in terms of second home markets.

Amit Masaldan, the business head of Housing.com, believes that the increased demand for housing priced above Rs 1 crore reflects a healthy and growing market for premium housing in Goa. He attributes this growth to the industry have established Goa as a sought-after destination for second homes. Ankita Sood, director and head of research at Housing com, highlights the acquisition of land near Manohar International Airport by major real estate firms as a preparation for the anticipated increase in demand.

The demand for second homes in Goa, particularly in the luxury segment, is witnessing significant growth, according to research conducted by a property research firm. Properties in the price range of Rs 1 crore to Rs 3 crore have been particularly sought-after by investors, with Mumbai and Bengaluru investors leading the surge. Delhi investors, on the other hand, show a preference for commercial real estate.

Goa's appeal as a tourist destination has contributed to its rising popularity as a location for second homes and luxury living.

Areas such as Assagao, Anjuna, Porvorim, and Siolim have emerged as high-demand regions for luxury housing, as indicated by online search trends compiled by the property research firm. The research further reveals that prices in Assagao are comparable to those in Gurugram's golf course extension locality.

Analysts in the real estate industry suggest that the high demand for villas in the price i m p a c t o f t h e C OV I D - 1 9 p a n d e m i c , w h i c h h a s accelerated the demand for homes in the region. Goa's attractive rental income potential and the long-term appreciation o f p r o p e r t y p r i c e s h a v e contributed to the expansion of the premium real estate market. The property research firm predicts that the growth trend will continue in the coming years, with investor confidence in Goan properties on the rise Factors such as the shift towards hybrid work culture, rapid infrastructure development, proximity to beaches, and thriving tourism

The emergence of farmhouses, cottages, and gated villas is reshaping the market, according to Sood Even Housing com is looking to expand its operations in Goa, recognizing the potential of the region. The upward spurt in demand for luxury housing and real estate in Goa is fueled by its coastal beauty, rich cultural heritage, and the growing number of celebrities who have chosen the state as their second home. Overall, the rising demand for second homes, particularly in the luxury segment priced above Rs 1 crore, signifies a positive trend for the Goan real estate market. The region's allure, coupled with high rental income potential and longterm property appreciation, continue to drive investor confidence and contribute to the growth of the luxury housing sector.