Over the past decade, the value of real estate in Goa has increased markedly, and the country's economy as a whole is constantly growing. Housing here is in demand among both Hindus, in particular wealthy residents of Mumbai, and foreigners. The choice of real estate here is quite wide – bungalows, villas on the coast and in the suburbs, apartments in complexes. This small state is visited by several million tourists every year, so it is profitable to rent out real estate here.
In India, there are restrictions for foreigners on registration of real estate for an individual, you can buy housing here only for a company registered in India. When making a transaction, you must use the services of a lawyer.
How to get there
From Moscow to the only airport in Goa, Dabolim, there are regular direct flights operated by the airline Aeroflot.
You can also get from Moscow to Goa by direct charter flights from October to May. Flights are operated by Transaero and Vim-Avia airlines.
Real estate market
In 2004, when foreigners became more and more interested in buying a home in Goa, real estate prices in the state jumped by about 30% and have been growing steadily ever since. But with the onset of the economic crisis, the demand for housing here has decreased by about half. Such a significant decline in demand led to a decrease in the value of real estate by 5-10%.
In recent years, this small coastal state has attracted a large number of buyers of resort real estate - foreigners and Indians, mainly from the northern part of India, purchase real estate in Goa not only on the coast, but also near rivers, in valleys near cities. All this has led to an inevitable increase in the value of land.
According to experts, over the past five years, prices in the state in tourist and urban areas of Goa for apartments and bungalows have almost doubled. Land plots and real estate continue to rise in price, especially in the popular area of Don Paula, located near the capital of Goa – the city of Panaji. Real estate here costs an average of 65,000-90,000 rupees per sq. m ($1200-1700).
The Goa real estate market offers both primary and secondary housing. You can buy a studio apartment here from $ 25,000, and the cost of a separate villa on the coast starts from $90,000. Apartments and villas are mainly represented on the secondary market. Most of the demand for real estate in Goa is formed by British buyers, but the number of Russians is constantly growing.
The main part of the real estate under construction is located in the northern part of Goa, but the number of such objects is increasing in the south. The Goa authorities are trying to prevent excessive development of the coastline - construction on the coast is prohibited closer than 500 m from the sea.
The popularity of Goa among foreign visitors, especially from Russia and the UK, ensures a constant demand for rental real estate. Rental rates in the northern part of the Goa coast are about $300-500 per week for a house.
Geography of the offer
The northern part of Goa is significantly different from the southern – resorts in the north, such as Calangute, Baga and Candolim, are suitable for young people who prefer a lively nightlife. The South, with charming sandy beaches and five-star hotels in Colva and Benaulim, is suitable for a more relaxed, measured holiday.
About 13 km from Panaji, the most popular resort town of Calangute stretches along the coast among European visitors. Exquisite tourist complexes are laid out here. Real estate near Baga Beach in the northern part of Goa costs an average of 55,000 rupees per sq. m ($1,050).
In the north, closer to the beaches of Morjim and Mandram, one-bedroom apartments in a residential complex cost about $ 50,000, and a three-bedroom villa can be purchased here for $ 150,000.
In the green area of Siolim, which is located in the northern part of Goa on the Chapora River, the average cost of real estate is about 36,000 rupees per sq. m ($ 685), in the city of Mapusa apartments cost 33,000 rupees per sq. m ($ 630).
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