Goa has always been one of the most coveted destinations for vacations, partying, and lazing around year-end. However, after the pandemic, a new trend in the second home market has emerged in Goa, attracting investors and buyers from many Tier 1 cities. The trend also got its push from the newly established MOPA airport (Manohar International Airport) in North Goa. The groundwork of which was laid down by the government to reduce the pressure on the existing Dabolim airport and to provide better connectivity to Goa with the rest of the world. It has also seen a tremendous impact on Goan residential and commercial properties. The state-of-the art MOPA airport was built at a cost of around INR 3000 CR. With this airport, not only has it boosted the tourism sector but also the real estate sector in Goa. After the MOPA airport, the cost of properties in North Goa rose to around 30 percent. Let’s dive further into the impact of the new airport on Goa properties, especially in the luxury real estate sector.
Strategic Location of MOPA Airport
In contrast to the current Goa International Airport situated in South Goa, the MOPA international airport finds its home in North Goa’s Pernem district. Located approximately 30 kilometres from Panjim, the capital city of Goa, this new facility aims to enhance connectivity and convenience for travellers. It’s worth noting that the existing Goa International Airport in Dabolim, located in the South, will continue operations, remaining 55 kilometres away from the emerging Mopa Airport. It also boasts a direct link to National Highway–166S, ensuring easy and direct access to and from the surrounding areas, further solidifying its role as a key transportation hub in the region.
Soaring Demand for Second and Retirement Homes
Owning a luxury villa in Goa or buying a luxury apartment in Goa has alway been an aspirational and status symbol for many individuals. But now, with infrastructural projects such as the MOPA airport, the demand for Retirement and Second Homes will grow manifold. In addition, investors are also vying for the best Goan properties due to high capital gains and appealing rental returns especially in North Goa (Candolim-Calangute-Saipem belt). The annual rental yields near MOPA are close to 6.7%.
The Effect of Mopa Airport on Goa’s Real Estate
● Goa holds a prominent position in the national market for second homes. There has been an increase in the number of individuals expressing keen interest in acquiring secondary properties within the state, especially after the pandemic.
● Following the operational commencement of Mopa Airport in Goa last year, experts anticipate a substantial annual surge in property prices ranging between 27-30 percent in North Goa and the adjacent regions.
● The escalating issue of pollution in major Indian cities propels individuals towards seeking residences in more environmentally friendly and open locales like Goa. The availability of attractive amenities such as the MOPA airport further contributes to this migration.
● The markets for second homes and holiday properties are currently experiencing a robust upswing. Over the next five years, the holiday home market is predicted to witness an annual growth rate of 23 percent.
● The rising popularity of remote work and work vacations has become a significant driver, fueling the demand for extended weekends and boosting the tourist season, thereby catalysing growth in the rental industry.
● Rental returns in Goa, witnessing fluctuations within the 6-8% range, are on an upward trajectory.
The flourishing trend in infrastructural developments and interest of both vacationers and investors has given momentum to the development of luxury real estate in Goa. If you are considering investing in a luxury villa or apartment in an idyllic holiday destination, Goa presents unparalleled opportunities. You can discover the world of luxury real estate with Veera Developers Group.
With the expansion of Mopa Airport and its augmented connectivity, the real estate sector in the neighbouring areas is set for substantial growth, offering lucrative investment prospects. Especially noteworthy are locations like Candolim, Calangute, Saipem, and Parra, which present enticing investment opportunities due to their strategic positioning, improved connectivity, and potential economic upswing resulting from the Mopa Airport expansion. Therefore, seize the opportunity and book a luxury villa in Goa or a luxury apartment in Goa with us. If there is a right to invest in property in Goa, it is now.