Goa is being increasingly viewed no longer as just a holiday destination but also as a strong contender in the real estate market by affluent city dwellers as well as non resident Indians. Buying a property in Goa offers the unique opportunity to have a second home as well as a safe and intelligent investment in property that has only been appreciating in value. Goa, being a popular tourist destination to local and international tourists ensures that rental returns are good and resale value is strong. The following are factors to consider while investing in a property in Goa:
Type of property:
Goa offers a smorgasbord of investment options to cater to your financial plans.
1. Consider non agricultural land if you are looking for a long term investment or are planning to build your own villa. Do however check the title deeds of properties for sale in Goa carefully and be informed that Portuguese law still applies in some situations.
2. An old Goan house with land around it is an ideal investment to be converted into a boutique hotel, lifestyle store, restaurant or home. Be prepared though to spend a little extra for renovations.
3. Select a reliable and reputable real estate developer to invest in a property that has already been developed or is in the early to mid stages of development. They can offer you flats, single floor apartments, duplexes, bungalows and luxury villas in Goa. Start by asking yourself if you are looking at Goa to have a holiday home, a place to rent out, a place to move to or a future retirement destination option.
Return on investment
Decide on the tenure of your investment plan.
1. Short term investments will include rental incomes and a quick resale turnover. If you decide to rent your property in Goa make sure that you choose one with high potential and minimal maintenance. Understand the locations in Goa that have a higher chance of attracting rentals to and the size that people are most likely to favor. The demand for an apartment may be much more than a villa. However a luxury villa will command a very lucrative rental. It will also be more valuable in the long run as the premium residential segment is trending upwards.
2.Long term investment will include the appreciation in the value of the property over a longer period of time. This would be ideal for the young investor with money to spare.
On an average expect your property in Goa to yield 12-16 % returns annually.
Beach side or hinterland property in Goa.
Goa offers three broad choices in terms of location, coastal, in the villages of the hinterland and in the cities. Most luxury villas in Goa tend to be situated away from the beach in quiet secluded villages. On the other hand most apartments tend to be located in the busy cities. They are also most common along the more busy areas on the beach belt.
Ask yourself the following: Is it just going to be a holiday home cum rental and you prefer to be near the hustle and bustle? Is it going to be a holiday home but you prefer the peace and quiet. Are you moving along with children? In which case you have to bear in mind preferred schools and colleges. Do you want to avoid travel? In which case you have to consider proximity to markets, hospitals and other amenities.
North Goa or South Goa
The Goan real estate market is divided into two micro markets, North Goa and south Goa. Both boast of beautiful beaches and villages. There is however a difference in North and South Goa when it comes down to investing. North Goa is more popular and commercial with respect to tourist and entertainment activities. The south in comparison offers better rental and resale values. South Goa offers lower property prices. And therefore is ideal if you are looking to buy an affordable holiday home or residence away from the buzz.
Before you make your final decision about purchasing a property in Goa make sure to peruse the luxury villas in North Goa that Kasu offers. You will find that they offer not just homes but endearing luxury lifestyle experiences.