Understanding Goa Property Markets

By: George Gonigal

Residential real estate at the international tourist paradise of Goa is something every investor would love to park his monies with. After all, who does not want to have a beautiful sea-facing cottage surrounded with breathtaking natural beauty!

Anyways, before we talk about the property markets of Goa, we must understand its geography and demographics. Goa, which was earlier a Portugese colony, is divided into two districts-North Goa and South Goa.

The capital city of Goa Panaji, is the administrative capital of the state and is also the headquarters of the North Goa. At the other end, Margao is the prime commercial centre of the state at South Goa, and is the headquarter of the district.

Real Estate scenario

As far as property markets of Goa are concerned, the northern side is witnessed as more active than the southern one. Primarily, it is the infrastructure development that proves to be advantage for North Goa, while the regulated development in South Goa is complemented by its flourishing hospitality industry, hosting a number of 4/5 star deluxe hotels and resorts.

Scattered development is noticed in the residential real estate at Calangute, Caranzalem and Mapusa of the Northern Goa. However, Panaji has a restricted real estate development as it comes under the regulations of Economic Development Council (EDC) owing to its heritage status. Though, the same has paved way to the development of Porvorim, a satellite town to Panaji, and a slew of real estate projects have been under progress at the area.

Property Values

On an average, the capital values for an apartment hover between Rs 1.80 million and Rs 3.0 million. Though there is a limited availability of cottages, luxury villas are selling anywhere from Rs 20 million to Rs 30 million.

Rental values for apartments at Panaji are at Rs 2,500-Rs 3,000 sq. ft, while the same at Calangute is between Rs 2,000 and Rs 2,500 per square foot.

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