Why Goa rules the roost as a second home destination

Goa has now firmly established itself as a year-round staycation destination, bumping up the average rentals for a well-located property to 4% per annum.

With a wonderful mix of rural and urban, the serene and the bustling, you can opt for a post retirement life of your choice in Goa.

Making plans for your seaside Christmas and New Year vacation in Goa? Chances are, you will return once again, yearning for a home in the gorgeous state, if you don’t already own one. Goa does that to you. It’s never-ending party vibe, great beaches, local fairs, delightful eateries, and a rocking nightlife remain unmatched in any other holiday destination of India. The pandemic has also made this much coveted destination, the top choice for a long-stay or a second home. So much so, that the knockout prices of Goa property have made several headlines in the past year. Limited supply of quality homes has meant one of the fastest price escalations for Goa real estate, during the pandemic.

The question is, with India’s strong vaccination drive and the pandemic receding, will owning a home in Goa continue to be as desirable? Absolutely. And here’s why.

Choices Galore

Goa’s 160-km-long coastline is dotted with beautiful and well-connected beaches, which top the priority list of the super wealthy. North Goa tends to bring in more outstation buyers in places like Anjuna, Baga, Calangute than South Goa. It’s not long though, when the more reasonably priced South Goa property will be in greater demand.

We often forget that Goa is an entire state and beaches are not the only desirable locations in Goa. For those who prefer quieter spaces, the villages of Goasuch as Assagao, Siolim, Saligao, and the river islands like Diwar and Chandor offer plenty of choices.

Goa also has a wide range of housing – fully serviced studio apartments, builder projects, independent villas, and beach houses. There are options for every budget. No wonder, the millennials and younger families are making as beeline for Goa, as much as the wealthy.

Makes for a prudent investment

For long, owning a home in Goa was more an emotional purchase than a prudent financial decision. Property taxes, annual maintenance and keeping vacant homes safe, all added up to the cost and headache of being a Goa property owner. The pandemic has changed much of that. Families are using their second homes for long extended stays. Goa has now firmly established itself as a year-round staycation destination, bumping up the average rentals for a well-located property to 4% per annum.

These are way better than what large city homes of Delhi, Mumbai offer. Goa’s rental income market remains steady, and in peak seasons, quite lucrative, too. There are several companies and aggregators which offer professional services of maintaining home and renting them out, when not in personal use. Great quality homes will continue to remain hot property, and capital appreciation of 4- 5% per annum is what we foresee.

Healthier Lifestyle

I don’t think there’s any debate on how much healthier your lifestyle can get in Goa. Clean air to breathe, open green spaces and the therapeutic sea breeze, Goa tucked away from the hustle-bustle of citylife is a wonderful option for a lifestyle upgrade. Its accessibility from all major metropolitan cities of India and a few foreign countries is an important factor for its popularity. Both North and South Goa are easily accessible from the new airport. With an influx of professionals, business tycoons, artists and designers to the state, chances are, you will fit right, in this cosmopolitan state.

The Perfect Retirement Haven

With a wonderful mix of rural and urban, the serene and the bustling, you can opt for a post retirement life of your choice in Goa – it can be slow and easy, or totally happening. You can go zen and minimalist in your living choices or choose to stay opulent. A day spent zipping on a two wheeler and enjoying the sunset at a local shack, will give you as much pleasure, as driving an open top luxury car and sipping sundowners at a high-end seaside restaurant.

Most importantly, your friends, family and your grown up kids will love to spend vacations and special occasions with you. You’re inviting them to Goa, and who wants to miss that?

Convinced that Goa will continue to rule the roost for second homes? We believe so. Let me conclude with a safety wrap on buying property in Goa. Make sure the legal paperwork is in place and the title of the property is clear of any disputes. Take the help of a real estate advisor with solid knowledge of the local laws. NRIs and PIOs have specific legal codicils for buying property in Goa – from transferring funds via proper channels to resale conditions, and a reputed transaction advisor is a must. If you’re buying an old house, ensure the foundation is strong; there are no major roofing and electrical problems or leaky underground rooms and areas. And remember, an old home comes with very limited local laws for renovation.

If your heart is set on a beach house, check the flooring, walls, roof, doors and windows for moisture proofing. The distance to the water matters, as Goa has very strict guidelines on coastal and eco sensitive zones, which means, your property must be at a safe prescribed distance. Last but not the least, opt for a sustainable lifestyle. The locals are already protesting at the irresponsible construction madness in the state. Let your relationship with Goa be one of love and care, where you give back to the state, as much as you take from it.

(By Samir Saran, managing partner, India Sotheby’s International Realty)

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