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The picturesque state of Goa in India is witnessing a boom in tenancy. Rentals for properties in popular destinations have risen by 25-30% in some cases, with the future looking even brighter. As per reports released by Savills India, rent and occupancy have climbed to as much as 8% p.a. in certain micro markets, an enormous difference from the country's average of 1.5-3%. Developers are cashing in by creating gated communities and properties to suit the growing needs.
The Indian arm of the internationally renowned Savills Group has published a report commenting on the recent growth in tenancy and occupancy in the western state of Goa, India. As per its data the state has recently witnessed rents and occupancy climb by up to 25-30%, pushing yields up to 8 percent in some cases across micro-markets. In India, residential property yields typically range between 1.5 and 3%.
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According to the report, there was an increase in demand for second homes in Goa throughout the epidemic due to advantages such as long-term end-use, strong rental yields, and use as a primary residence. As a result, Goa has become a top choice for buyers of second properties that produce high rental yields ranging from 4-10%, particularly along the northern coastal stretch from Candolim to Vagator. People appear to favour staying in rented villas within gated communities or independent ones in localities such as Porvorim, Parra, Assagaon, Saligao, Anjuna, and Siolim.
With the new international airport scheduled to open in Mopa in December 2022, experts anticipate it will have a positive effect on the construction of infrastructure, lodging, and second homes market in lesser known beaches areas such as Morjim, Mandrem, and Arambol. Further, improved access to the villages from Siolim to Tiracol are likely to aid in the development of the surrounding areas. In total over 200acres of land near the airport has already been earmarked for residential, industrial, and commercial development.
Property developers are taking advantage of the expanding market by offering villas in gated communities with carpet areas ranging from 1500 square feet to roughly 4500 square feet. The price is determined by how many rooms there are, and the land sizes range from 2000 to 8000 square feet. Depending on the size of the property, these villas normally range in price from Rs 3 crore to Rs 12 crore. Savills India predicts a more than 50% growth in demand for real estate in Goa, with Pilerne, Parra, Assagaon, Nerul, Calangute, Porvorim, Siolim, Anjuna, Mandrem, and Saligao being the main micro-markets.
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