Once only renowned for its serene beaches and relaxed vibe, Goa has transformed. Today, it is a premier luxury destination with ultra-luxury residential properties, cementing the state as an attractive lifestyle statement. The real estate market has seen an unprecedented boom with frequent infrastructure development, new airports and the post-pandemic shift towards remote work.
Evolution Of Goa’s Real Estate Market
Goa’s journey from a quaint beach destination to a luxurious haven can be seen all around. The state has a unique charm that draws high-net-worth individuals and non-resident Indians to invest in luxury real estate.
The Luxury Outlook Survey 2024 by India Sotheby’s International Realty finds that 71% of affluent Indians plan to invest in luxury real estate over the next two years, with 35% choosing Goa as their holiday home. Goa’s luxury real estate market remains attractive to discerning buyers despite property prices rising by 40% in the last two years and rising mortgage rates. In the process, Goa has been transformed into India’s next big luxury hot spot, showcasing the best of modern luxury with timeless appeal.
When asked Mr Devendra Parulekar, Founder of SaffronStays, a villa-rental platform with luxury homestays for high-end vacation experiences points out that the state’s heritage culture of a mix of Portuguese and Indian makes it ideal for people looking for vacations or owning retreat homes. “Goa’s appeal lies in its relaxed lifestyle, picturesque landscapes, and favourable climate. For Indians, HNIs, and NRIs, owning a property here is a symbol of status and a means to escape the hustle and bustle of city life. The region’s rich cultural heritage and modern amenities make it a desirable investment,” he adds. Moreover, there has been a 30% increase in demand for luxury villas in Goa.
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Luxury Living In Goa
Is it just a hotspot for tourists? Not just for tourists, Goa is now home to many individuals and investors who have shifted their base or capitalised on the booming real estate market. Moreover, the rise of remote work has allowed many professionals to move away from crowded metropolitan areas. The serene environment and slower pace of life offer an excellent work-life balance, making it a preferred destination for remote workers and freelancers. “Additionally, the presence of boutique cafes, art galleries, and upscale dining options adds to the charm. These factors are combined with a sense of community and rich cultural experiences,” Mr Parulekar adds.
The influx of tourists and long-term residents has created a high demand for rental properties in Goa. According to Savills India Research, some of the newly constructed villa properties in Goa are more expensive than flats in South Delhi and South Mumbai, which range in price from ₹7 to ₹10 crore. The research shows that the majority of buyers are people between the ages of thirty and sixty, including both businesspeople and salaried professionals. These buyers, who achieve gross yields of 10-12% annually for asset diversification, are drawn to rental returns and capital appreciation.
Goa’s thriving tourism and hospitality industry presents ample opportunities for property investors. The state attracts millions of domestic and international tourists annually. This has created a consistent demand for short-term rental properties, holiday homes, and hospitality projects. According to the study, owners of second homes are not only end users but also retail investors looking for both capital appreciation and rental returns.
High revenue from vacation rentals in well-liked micro markets gives investors a competitive return on investment and a consistent stream of income. Favoured by families and groups, the demand for private villas is growing.
Prime Locations For Luxe Living
Several locations in Goa have emerged as prime spots for luxury homes. “Areas such as Assagao, Siolim, Parra, and Candolim are particularly popular. These regions offer a blend of tranquillity and accessibility to key attractions. Their scenic beauty, vibrant local culture, and proximity to popular beaches and nightlife make them highly sought after,” he shares. The availability of large plots and beachfront properties in these areas provides ample opportunities for the development of ultra-luxury homes.
According to the research, Assagaon and Siolim are popular with lifestyle-conscious purchasers. They value address and quality over beach access. But, beach proximity is still preferred. In the fiscal year 2024–2023, the cost of villas in grade A places including Anjum, Arpora, Baga, Calangute, Candolim, Vagator, Morjim, Assagao, Siolim, Mapusa, Pilerne, Reis Margos, Caranzalem, and Dona Paula changed by 22%. In 2024–2023, Grade B sites observed price changes of 30%. This includes Aldona, Moira, Nachoinola, Panjim, Chapora, Nerul, Mandrem, Parra, Saligao, Verla Canca, Saipem, Guirim, Tivim, Bicholim, Penha de Franca, Sangolda, and Bambolim.
“Increasing preference for personalised and high-quality experiences drives the popularity. Travelers and property owners alike seek premium amenities that offer comfort, exclusivity, and unique experiences. The pandemic has also heightened the demand for private, well-maintained spaces,” Mr Parulekar shares.
As Goa continues to evolve, it promises a unique blend of luxury, tranquillity, and cultural richness that is unparalleled. The combination of sophisticated infrastructure, upscale amenities, and strategic investments has transformed Goa into a hotspot for luxury real estate.
Cover image credits: Website/Saffronstays