Decoding Goa's real estate potential and pricing trends for 2023
India’s real estate market has shown great resilience in 2022. There were many external factors, such as the mounting inflation, the current geopolitical climate, increasing prices of raw materials and home loan rates becoming dearer. However, none of these challenges could derail the growth momentum.
Goa’s real estate market has been on a fast track mode ever since the pandemic. Even before the pandemic, many thought of making Goa their forever home but were unable to cut ties with city life, and the thought of a second home was not that common. Cut to now, with the Work From Anywhere trend and the need to have a secluded place away from the overcrowded cities is making people think of Goa as a base.
Goa’s vibe, its climate and its closeness to beaches and nature are some of the factors that are drawing people to its charm. In the last couple of years, the demand for second homes and villas in Goa, especially North of Goa, has skyrocketed.
The year 2023 looks like another promising year for the real estate market in Goa. It seems that the current growth phase is likely to stay. While the increasing interest rates might make a few people cautions, and they might want to stick to their fence, for many, this will be the year of making their goal of a second home in Goa a reality.
MOPA factor
The opening of the new airport will further push the demand for real estate in the state. Tourism activities are also expected to increase by many folds. This will give another impetus to holiday homes as homeowners will see their rental yields climb a notch up
North of Goa
While the prospects for the entire area are bright but there are far greater returns for properties that are closer to the airport or the beaches. There will also be incremental gains for people that have invested in real estate North of Goa. Given the current investment trends, it is expected that there will be greater demand for real estate in the North of Goa.
MOPA factor
Villas and service apartments
Goa has always been pursued by NRIs and HNI. This trend will gain momentum with the opening of the MOPA airport. This target group has always skewed towards bigger houses and villas. There is also a far greater demand for serviced apartments and homes so that these people don’t have to be hassled about maintaining the place when it is not in use. This trend will continue to gain traction. Axis Ecorp, which offers quality service villas and serviced suites and houses, is already the top choice for homeowners. NRIs have given their token of trust to their projects like Axis Blues, Axis Lake City and Axis Yog Villas. With its one their kind serviced apartments and villas, the company is a name to trust with. Services homes such as those offered by Axis Ecorp also fetch better returns and even be rented out at ease.
