Young Professionals Transform Goa into Second Home Hotspot

Goa is no longer just a retirement destination or a popular holiday spot. It’s increasingly becoming a home for young professionals and digital nomads seeking a work-life balance. This shift in demographics is fueling the growth of Goa’s second home market, according to a press release from Savills India, a real estate consultancy firm. The consultancy reports strong demand for villas in gated communities along Goa’s scenic coastline, which range from 2,000 to 4,000 square feet with plots varying between 190 to 400 square meters. While beach proximity remains desirable, some buyers prioritize a luxurious community over direct beach access. Areas like Assagaon and Siolim are becoming particularly attractive to these lifestyle-conscious buyers.

The trend of investors entering the second home market in Goa is on the rise. High rental yields of 5-8% are a major draw, along with the potential for capital appreciation. Savills India highlights that investors are increasingly looking at vacation rentals, particularly private villas favored by families and groups. This shift is contributing to the state’s growing commercial property market, making Goa an ideal location for businesses in hospitality, technology, and creative services due to its beautiful setting and leisure-focused lifestyle.

Interestingly, the demographics of second home buyers in Goa are shifting. Young professionals, digital nomads seeking a work-life balance, and investors are all contributing to the market’s growth. The capital value of villas in Goa has increased significantly. Grade A villas saw a jump from an average price of INR 15,667 per square foot in Q2 2022 to INR 20,914 per square foot in Q2 2023, reflecting a 33% increase. This upward trend continued in Q2 2024 with prices reaching an average of INR 25,504 per square foot, a further 22% increase. Grade B villas also experienced growth, with prices rising from INR 12,667 per square foot in Q2 2022 to INR 15,001 per square foot in Q2 2023 (a 19% increase) and reaching INR 19,500 per square foot in Q2 2024 (a 30% increase).

Popular locations for Grade A villas include Anjum, Arpora, Baga, Calangute, Candolim, Vagator, Morjim, Assagao, Siolim, Mapusa, Pilerne, Reis Magos, Caranzalem, and Dona Paula. Grade B villas are found in areas like Aldona, Moira, Nachoinola, Panjim, Chapora, Nerul, Mandrem, Parra, Saligao, Verla Canca, Saipem, Guirim, Tivim, Bicholim, Penha de Franca, Sangolda, and Bambolim. These areas are becoming increasingly sought-after due to their unique charm and potential for investment returns.

Shveta Jain, MD, Residential Services, Savills India, said, “As part of Goa Home Fest 3.0, we are offering a platform for sellers to showcase their best homes and for buyers to search for the choicest homes based on their requirements. We have curated the showcase to include ready-to-move-in and under-construction homes in Goa, covering both premium coastal locations like Anjuna, Vagator, Candolim and quieter ones like Nachinola, Moira and others in North Goa. The showcase also features independent bungalows and Portuguese homes, which highlight the history and culture of Goa. The fest is a great opportunity for both active and passive searchers to find their dream first or second home or to fulfill their investment objectives.”

Savills India also reports a shift in the average home size in prominent locations. Over the past five years, due to rising land prices, the standard size has decreased from 500 square meters to 250 square meters. There are two main buyer categories: investor-aspirational and end-user, including professionals, industrialists, and those seeking capital gains deployment. The Goa Home Fest 3.0 is designed to connect buyers with their dream properties, featuring a variety of ready-to-move-in and under-construction homes, including premium beachside villas and charming Portuguese homes steeped in history.