PANAJI
Goa remains the top hot spot for vacation homes or second homes with close to 35 per cent of wealthy Indians expressing their intent to invest in the coastal State in the coming one to two years. This was revealed during the annual Luxury Outlook Survey 2024.
The survey, conducted by India Sotheby’s International Realty (ISIR) states that hardly 12 per cent have shown the desire to invest in overseas property, with Dubai, UAR and USA being the top choices.
As per the report, 71 per cent of wealthy Indians expressed their willingness to invest in luxury real estate in the next 12-24 months and Goa is preferred choice for 50 per cent of them.
Primarily driven by tourism, Goa has become a much sought-after destination for second homes and luxury villas, particularly in Vagator, Calangute, Assagao, Anjuna, Porvorim and Siolim. Over the years, Goa has witnessed an uptick in demand for second homes ranging anything above 2 crore and touching the double digit mark. The tag of international tourism destination, high rental yields, cross cultural environment, quality air, water and food and improved lifestyle has drawn many luxury homebuyers to Goa including film and sports personalities.
The annual survey showed that High-Net-Worth Individuals (HNIs) and Ultra High-Net-Worth Individuals (UHNIs) were confident about investing in the real estate market, with a staggering 79 per cent exuding confidence in the economy's positive trajectory in 2023-24, compared to 59 per cent last year.
The survey findings that were released on Thursday, showed that capital appreciation has overtaken lifestyle upgrades as the primary motivation for real estate investment, signalling a return of investors to the market, with a focus on long-term appreciation.
Moreover, 43 per cent of UHNI and HNIs respondents expressed their desire to consolidate their portfolio, to focus on better quality properties and income-generating assets.
The survey also reflected that 83 per cent of surveyed affluent Indians own multiple luxury properties, reflecting a trend of diversified real estate portfolios among the elite. Apart from primary residences, respondents showcased a diverse array of real estate assets, with 34 per cent owning commercial real estate, 25 per cent holiday homes, 21 per cent agricultural land, and 20 per cent farmhouses.
