Goa, which has long been welcomed as one of India’s most popular travel destinations, is now becoming a leading market for second homes. The state draws a wide range of visitors, from families and seasoned corporate executives to adventure-seeking millennials, thanks to its turquoise blue waters, tranquil Konkan scenery, lively social scene, and varied gastronomic choices.
According to recent research by Axon Developers, Goa is evolving into a market for high-end real estate and second homes. The demand for luxury villas, condominiums, serviced apartments, and second houses is being driven by India’s wealthy elite’s growing desire for premium properties in the state as part of their lifestyle upgrading. C-suite executives, self-made business owners, creative professionals, and family business heirs are among the increasing number of high-net-worth individuals actively investing in Goa’s premium real estate.
As per the report, “Vagator is a notable North Goan real estate hotspot and is a favorite destination for luxury real estate purchasers because of its charming Portuguese-style districts, well-known eateries, and close proximity to well-liked beaches. In the last three years, the average price of real estate in Vagator has increased by 76% to INR 24,100 per square foot. A variety of standalone homes, villas, and bungalows in the neighbourhood range in price from INR 5 crore to INR 35 crore.
Morjim is also becoming more popular nearby, especially for its gated flats and upscale villas. Morjim, which is separated from Vagator by a bay, is well-known for its beach shacks, cafes, and exciting nightlife. It is also close to the Chapora nature reserve. In the last three years, the average price of real estate in Morjim has increased by 21% to over INR 20,000 per square foot. The long-term rental market is being further supported by its popularity among digital nomads and remote professionals.
Speaking on the report Ankit Kansal, Managing Director of Axon Developers said, “People are choosing to stay in rental villas and second houses instead of traditional hotels. This is opening up sources of steady rental income. According to our analysis, one may easily earn close to 6-8% of the rental income by investing in the sweet region of INR 2-3 crores. In a similar vein, the last 12 months have seen an increase in home prices of between 30 and 45 percent.”
He further added, “Property possibilities in Sindhudurg range from INR 6,000 to 7,000 per square foot. Over the last three years, average costs have increased by roughly 65–70%. About 20 to 25 kilometers from the Goa border, Sindhudurg offers a wide range of attractive real estate alternatives, from upscale houses to branded land tracts. Compared to the main Goa, it is comparatively less visited and has more reasonably priced options. Additionally, it has the potential to emerge as India’s next wellness and rejuvenation destination.”
Sharing his views on the report, Umesh Bhati, Director of Bayside Corporations said, “Goa’s rise to prominence as India’s top second-home market is not surprising. It would not be long before the city became a desirable place to live, as it was already a well-liked vacation and leisure destination. A large portion of it can be attributed to a specific shift in perspective during the pandemic and the rise of a wealthy class that put wellness first. Additionally, it’s a great financial opportunity. Prominent areas of the city including Vagator and Morjim are among the most sought-after locations.
Vansh Kataria, Co-founder of Tirasya Estates said, “The potential buyers in India who are searching for expensive second homes are becoming interested in Goa’s real estate market. Goa offers a distinctive investment opportunity that blends pleasure with long-term value thanks to its picturesque coastline settings and high-end real estate options. It also provides a high rental yield for those who wish to live there. Goa’s real estate hotspots, especially in the north, are an alluring option for clients looking for both a promising return and a haven for their lifestyle.”