Is it worth buying property in Goa?
So many people – Indians and foreigners alike, prefer to own a vacation house in Goa. This trend leads to the market seeing the demand to buy land in Goa. The white sand beaches, architecture with colonial impressions in them, authentic food, and markets filled with delicacy and handicrafts make the best gifting and souvenirs. The tourist-friendly environment has brought up the demand to buy villas in Goa.
Real estate has always been a good investment; over the years the returns brought by the estate in Goa have been excellent. Goa as a tourist hotspot increases the demand for spaces available to rent out. So to keep up with the demand of the influx of tourists, buying land in Goa is the way to go. The continuous demand for real estate has been pushing the growth of the real estate market.
REASONS TO BUY LAND IN GOA
Goa has been a hotspot for vacation homes, and the demand for luxury properties stays high. 35% of people who buy holiday homes have mentioned Goa as their preferred destination.
Booming Tourist Sector: Goa has abundant tourism throughout the year. A villa in Goa or land in Goa can be used as the perfect vacation home. Locations that are close to the beach, high-end restaurants, or popular landmarks are quite sought after.
Capital Appreciation: Land in Goa always has an appreciating market value. Luxury properties, villas, and coveted land in regions bring a higher return on the investment than any other place. Due to the high demand for short-term rentals in Calangute, villas in Goa are seen as a high-yield investment.
Upgrade your Lifestyle: The fast-paced city life takes a back seat in a place like Goa. There is no rush to be a part of the race or the frenzied lifestyle. The luxury villas in Goa bring a refined lifestyle. The look back into Indo-Portuguese culture with a modern touch of rooftop bars, back backyard pools that overlook the most scenic views the state has to offer.
Robust Rental Market: The rental market is strong as it is driven by tourists, the young generation who freelance and like to work from scenic spaces, seasonal visitors, and the influx of the expat community. With the continuous roundabout of people who would like rent out on short term basis makes the makes the rental market robust.
With all the good things we write and see about Goa, it makes you wonder if there is anything negative about this as well.
The biggest drawback that exists is that the demand is seasonal. The demand for villas in Goa goes down exponentially during the monsoon season. This means renting it out might be difficult or you would have to settle for lower rental costs.
When you buy a villa in Goa or land in Goa, but don’t live there the cost of maintenance is high. This is simply because it is outsourced through third parties instead of using the locals who provide the services at a lower cost. Maintaining the property also includes the cleaning of the space between guests. A budget for security and regular repair work would also have to be allocated. All these different costs separately seem punitive, but combined lead to high costs.
Another factor to consider is the cost of the property on its own. The luxury they provide and the RoI they give make their demand high with limited supply.
To conclude,buying a property in Goa is a high cost and high return on investment. The beaches, architecture, and greenery will never go out of style for the luxury that people seek.
