In the face of fears and low expectations, the real estate market in India is showing the surprising ability to brush off its sleeves and bounce back to pre-COVID-19 times. While it is early days yet, the residential real estate segment is already observing a tenacious return of serious inquiries. It is already at 50% of pre-pandemic levels and consists largely of serious buyers who are looking to close a deal in a situation that is currently a “buyer’s market”. Property for sale in Goa is also still garnering genuine interest. So the question is, “Are we looking at a post-pandemic property revival in the near future?
The following are some interesting observations on the revival of the real estate market in Goa:
The Demand For Real Estate
According to “Covid-19: Profiling Locked Down Homes”, a research paper by Savills, an international real estate advisory firm, conducted surveys during the month of May. It showed that a significantly large number of both end-users and investors are looking for smart homes. They expect that these homes should have the components of wellness and carved out work areas. It also showed that a large number showed a willingness to pay premium for homes that incorporated wellness concepts. Even though the market has taken a beating, 30% of end-users showed an inclination to purchase a second home in locations like Goa. An equal amount showed interest in the hills. Research like this confirms the interest in properties in Goa continues to be on the rise despite the pandemic. It appears that there is more than just hope for a property revival.
The Concept Of Home Has Changed
As the pandemic progresses, work from home has become the norm. This has completely changed the way people view their personal spaces. The home has taken prominence over the workplace. This has resulted in the need for larger, more luxurious self owned spaces to call home. With all family members under one roof for extended periods of time for the foreseeable future, there has been an increased interest in luxury villas in Goa. Villas like those curated by Kasu to cater to the new blurred lines of work, play and home. Having a private swimming pool and garden in your backyard doesn’t hurt that decision making process either.
The Concept Of Workspace Has Changed
Many people have now adopted the work-from-home model as an integral part of their long term strategy. The constraints of living within short travelling distances to their offices have therefore been removed. The number of people relocating to Goa was already on the rise before the pandemic. This is now compounded by the numbers of those who desire to move away from the pollution and congestion of the cities to the more healthy and relaxed quality of life that Goa offers. The luxury villas at Kasu Vana and Kasu Zama offer an ideal work-from-home space for those who want peace and tranquility. The idea of being surrounded by nature in some of the most desirable villages in Goa is definitely appealing.
Safety Is Still A Big Question
As international travel has not yet become available due to travel restrictions and the safety of travelling to far flung destinations is still unclear, travelling domestically has become a more viable option. Consumers worldwide are heading to beaches, hills or countryside destinations post lifting of their lock-down. This spurt in internal travel is bound to revive interest in investors. Many are looking to both invest in a second home in Goa as well as rent out their luxury villas in Goa as a return on their investment. Goa also proved to be one of the last states to get affected by the pandemic. It had people from the cities rushing to their second homes for solace during the lock-down.
Real estate as an asset class has always been more popular than stocks and bonds. It has always emerged stronger through national and international crises over the years, there will definitely be a property revival. The question remains, while the world is all set to press the reset button are you at the very least considering an investment that you’ll never regret.