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    Despite demand, luxury housing has taken a hit in Goa due to lockdown: Survey

    Synopsis

    Goa has consistently been a favoured vacationer goal for both domestic and foreign visitors. Because of the recent developments, Goa has likewise risen as an investment destination for individuals searching for stay possibilities and investment opportunities.

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    Luxury housing had taken a huge hit during lockdown which saw demand going down to 30%, according to a local survey of builders, brokers and associations by MARC (Mangal Analytics & Research Consulting).

    The survey highlights that loosening of curbs marked the wealthy entering the state again to find safe abode in the state which led to demand reaching 80% of the usual by H2 of 2020.

    “Currently the second wave has dampened the demand but realtors are confident that demand will revive as soon as the effects of the pandemic lose pace. In terms of customers, there has been a surge in wealthy customers from northern India and also properties in Goa is gaining popularity amongst the NRI community,” the survey said.

    Goa has consistently been a favoured vacationer goal for both domestic and foreign visitors. Because of the recent developments, Goa has likewise risen as an investment destination for individuals searching for stay possibilities and investment opportunities.

    People outside Goa are buying houses, flats or staying on rent due to work-from-home opportunity. The concept is now to stay in Goa and travel across for meetings. These are mostly people from big cities such as Mumbai, Bangalore, Hyderabad and Pune.

    The primary research conducted to gauge the market sentiments, to understand how the industry has fared in the pandemic found that scenario for affordable homes was grim as economic uncertainty loomed over the buyers of affordable homes who are generally locals.

    The market demand was reported to be cut by 90% in H120. The situation was aggravated as banks were reluctant to cover the entire financing. As the situation pertaining to the pandemic improved the demand for affordable homes didn’t follow the national path and is expected to remain sluggish till H2 2021. The industry is expecting the affordable home segment to not reach its normal levels until the next 2 years.

    Realtors have used digital media to showcase properties across the globe and set up meeting with clients. They believe this has been cost effective and has helped make some sales. However, most times buying decisions only take place in case of actual visits and this has slowed down the sector.

    “As was seen earlier, as against the national trends, Goa has seen a dampened growth in affordable housing. There are several keen buyers in this category. However, pricing and facilities mismatch is a deterrent,” the survey said.


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