India sees influx of millennial first-time homebuyers; Goa gains traction

Younger homebuyers are also seeking sustainable properties, and are willing to pay a premium for them

The Deccan Herald notes that there is an influx of millennial first-time homebuyers in India. This trend is changing the way real estate developers design homes and attract potential buyers. It is also here to stay, which was a point made by Santhosh Kumar, vice chairman of Anarock.

Data from Knight Frank India revealed that 41 percent of homebuyers in Mumbai until September this year were from the 26 to 41 age bracket.

Mallanna Sasalu, CEO of Provident Housing, said, “There is an emotional context about owning a home and that is the change Covid-19 has brought about.”

A combination of factors contributed to this, including higher disposable incomes, competitive and affordable home loan interest rates, and a shift in mindset favouring ownership over renting post-pandemic.

More: Indian luxury properties gain traction; slated to expand quicker in 2023

Younger homebuyers are also seeking sustainable properties, and are willing to pay a premium for them.

Recently, Goa has become one of India’s top real estate markets, with its high-end luxury and rental segment as major points of attraction, according to Bizz Buzz.

It is expected for Goa to gain even more traction in the coming years, especially as more people discover its many charms. 

Moreover, Goa has also become a top choice for second-home buyers on the back of high rental yields ranging from four to 10 percent, reported Financial Express.

Many homebuyers choose Goa because of the air quality, water, and food, access to cross-cultural environments, and overall better quality of life.

Investors looking to buy vacation and holiday properties in Goa have flocked to the area over the years. This picturesque tourist hotspot has attracted business leaders, industrialists, new-age entrepreneurs, media and film industry execs, hospitality owners, and NRIs from Dubai, Europe, London, Singapore, the US, and other parts of the Middle East. 

Investing in the tropical state is also becoming popular among HNIs, salaried upper middle class, and service-oriented industry professionals, reveals Savills India.

The Property Report editors wrote this article. For more information, email: [email protected].