Goa is the Preferred Destination for Second Homes
Goa has emerged as a destination of choice for second-home buyers owing to high rental yields ranging from 4-10% approximately. This trend is notably witnessed in the coastal belt of north Goa spanning from Candolim to Vagator. Savills India has witnessed a decisive trend where individuals are opting for rented villas in gated communities as well as independent ones across Porvorim, Parra, Assagaon, Saligao, Anjuna & Siolim, wherein the rates per night range from Rs 15 thousand to even Rs 100 thousand depending on size and rooms of villas. The rentals per night and occupancy have increased by 25-30% approximately, driving yields higher from 4% to around 8% in some instances across micro-markets. Several property developers are capitalizing on the growing market by selling villas in gated communities with a carpet area of 1500 sq ft to about 4,500 sq ft depending on the number of rooms with the average plot size from 2000 sq ft to about 8,000 sq ft. These villas typically range from Rs 3 Crore to 12 Crore depending on the size of the property. There is a visible change in approach to buying a property in Goa whether it is an apartment or a villa, that suggests longer stays of 15 -30 days instead of the usual 3–4-day short-term stays. This only improves if homes are owned. Savills India estimates that Goa has witnessed more than a 50% increase in demand over the last few years. Popular micro-markets are Pilerne, Parra, Assagaon, Nerul, Calangute, Porvorim, Siolim, Anjuna, Mandrem and Saligao. The New International Airport at Mopa, the northern-most tip of Goa, bordering Maharashtra, is slated to positively impact the development of infrastructure, hospitality and even the second homes sector around lesser frequented beaches like Morjim, Mandrem, and Arambol. Accessibility to and from the villages of Siolim to Tiracol will help develop these areas given that a lot of commercial air traffic will gradually move from the current airport in South Goa to the northernmost part of Goa.
Tags : Goa destination second homes home buyers rental yeilds Savills India villas property New International Airport