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11 November, 2022
For second home owners in India, Goa has turned out to be a prime choice. Thanks to the strategic location close to the beaches and its reputation as one of the best tourist destinations in India, Goa is witnessing a boom in real estate investments. The coastal zones in Goa, spanning from Vagator to Candolim is particularly witnessing this high demand in property.
People who are interested in purchasing second homes in India look out for new properties in Goa. Besides being their second homes, these properties can deliver a great return in the form of rent. The rental yields in these properties range between 4% to 10%. The demand for rental villas in different localities in Goa is also increasing. Therefore, it is an attractive prospect to keep an eye out for these properties to benefit from the high returns. On average, the rent starts from INR 15,000 per night in these properties. Given that the demand for rental properties is high for tourists, you can expect decent returns from these second homes. In case of luxury villas, the rental yield can be several times higher. Even in the micro markets around Goa, the rental yield is around 8%.
Even during the pandemic, the demand for these homes continued to rise in Goa. People who love residing close to nature often settle for these homes. Some of the factors that make these purchases fruitful include the high rental returns, long-term use, and the first impression in terms of aesthetics. Also, the strong social infrastructure around Goa makes it one of the best places to purchase your second home.
Currently, a number of property developers are coming up with villas and apartments in gated communities in Goa. Most of these developers are building large properties, where the floor space starts from at least 1500 Sq. Ft. Depending on the configuration, the property prices range between INR 3 crore and INR 12 crore.
One of the current trends reveals that visitors and tourists who are looking for homes in Goa prefer longer stays. Previously, the stays used to last for 3 to 4 days. However, many tourists spend long vacations lasting between 15 to 30 days in these properties. Naturally, the high rental returns are benefitting the property investors buying second homes in Goa.