Driven by its scenic beauty, relaxed lifestyle, and strong tourism-driven economy, Goa’s real estate market has been a hotspot for investors, second-home buyers, and NRIs. The state’s property market has evolved beyond vacation homes, witnessing growing demand for luxury residences, high-yield rental properties, and commercial developments. Further, policy initiatives promoting sustainable tourism, ease of doing business, and affordable housing are shaping its future. These developments are expected to drive property appreciation, making Goa an attractive long-term investment destination.
Recent data shared by Savills India Research showed that the prices of some of the new villa properties in Goa compare with the apartments in South Mumbai and South Delhi that are priced between Rs 7 crore and Rs 10 crore. While luxury villas and second homes remain popular, there is a rising demand for premium apartments, gated communities, and high-yield rental properties. Domestic buyers, NRIs, and institutional investors are increasingly looking at Goa as a stable investment destination.
Besides, government-led infrastructure projects and improved urban planning are set to transform Goa’s real estate landscape. The Goa Rehabilitation Board and the Goa Housing Board are set to unlock unused land parcels for real estate development through a public-private partnership model in a bid to optimize underutilized government land, drive housing and commercial development, and cater to the growing demand for properties in Goa. As part of this initiative, government bodies have invited the real estate developers’ association NAREDCO Maharashtra to explore investment opportunities across various real estate segments, including residential, commercial, mixed-use, redevelopment, and business parks.
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In addition, the expansion of highways and the recently-operational Mopa Airport have significantly enhanced connectivity, making emerging locations more accessible and boosting property demand. The much-awaited Konkan Expressway is in its final stage and is set to improve travel between Mumbai and Goa significantly. Once completed, it will reduce the Mumbai to Sindhudurg travel time to approximately 6 hours. The expressway is expected to increase property values adjacent to the expressway. Experts see this as an excellent opportunity for commercial, industrial, and residential development.
Ankit Kansal, MD, Axon Developers, notes that like other prominent real estate markets, Goa’s property sentiments are also closely interlinked with government-backed development plans & incentives. In 2022, a Rs 2300-crore international airport has been inaugurated in the Pernem region.
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