The Covid-19 crisis has fundamentally changed the way we live. The house has grown in importance. For many people, the home has now become a hub from which to work, exercise, learn, socialize and relax. The pandemic has radically altered buyers’ short- and long-term investment outlook and now they have more time to think about how they live and use their space before making their investment decisions. This significant change in buyer behavior has further boosted the market demand for second or vacation homes in the pandemic scenario.
While past rental income or capital appreciation were factors in determining buyers’ decisions to invest in a vacation home, the Covid-19 outbreak has now made people aware of the need for a home. , safe and located away from urban hot spots. The growing quest for solitude of urban India and the desire to disconnect from the suffocating, polluted and hectic city life and live in a serene space within nature are the key factors contributing to the demand for vacation homes in luxury. People are now focusing on something that offers more personal value, like a vacation home, which allows them the added benefit of a safe getaway to an owner-owned place.
In recent years, Indians have become increasingly aware of the need to maintain a healthy work-life balance. Owning a luxury vacation home in Goa is also a growing trend for buyers who view it as a luxury. A few other important factors have made investing in a second home or vacation home a significant trend:
Desire for spacious homes and security
For the majority of buyers, second homes are no longer an investment decision for rental income and future appreciation. The general health, hygiene and well-being problems of Covid-19 have directed attention to large holiday homes in the midst of lush greenery.
The spacious houses allow individuals to recharge their batteries and relax in peace in their own property. From a safety perspective, the strategic location of second homes and amenities has made them a crucial option for buyers. At the same time, there has been a demand for smart vacation homes with technologies that meet global standards. In the face of situations such as quarantine and lockdown, people have realized the importance of larger spaces and self-reliant communities for leading healthy lives.
Greater global exposure
Indians are traveling abroad like never before and have good exposure to the lifestyles of countries like USA, UK, Australia, UAE, and mainland Europe. They are looking for a reproduction of these lifestyles in India and want vacation homes that fulfill their dreams of luxurious living. Vacation homes in Goa, for example, have grown in importance and appreciation and are now seen as a lifestyle statement and a reflection of one’s social standing. According to a report from Sotheby’s Realty, Indians are looking for million dollar homes and there is a huge increase in the world of online property search. Indians are only next to Americans looking for the best deals online.
Theme holiday homes
Themed vacation homes have become a major trend in India, and Goa is a prime destination along with English, French, Portuguese or Balinese homes. These exclusive houses are appreciated for their architecture and their high aesthetic standards. Buyers are no longer shy about experiencing this premium life and premium developers are more than willing to embrace this change. People are basically looking for homes that offer a sophisticated living experience.
A positive climate for buying holiday homes
Customers are enjoying the lowest mortgage interest rates in decades, which has prompted them to opt for vacation homes. Home loans at favorable interest rates promote savings while creating an asset for end use or investment. This offers borrowers the opportunity to increase the loan amount, which helps them broaden their choice for a more luxurious property that includes state-of-the-art lifestyle amenities and facilities. Stimulus programs and reduced stamp duties have also enabled end users to invest in dream vacation homes.
V-recovery on the anvil
With everyone banking on a sharp V-shaped recovery (given the recent surge) and economic growth to pre-Covid-19 levels following the massive vaccination campaign, the future s strong ad for high value. home operations. People are considering a change of residence away from crowded cities to luxurious vacation homes. What was once a draw is now shaping up to be a safe and sound real estate investment, and it will continue to shape the vacation home market and fuel the growth of the economy as a whole.
A recent survey by a real estate portal shows that 82% of people are looking to make a purchase in 2021. Real estate has always been seen as a growing industry; it is also the safest and most reliable investment under current market conditions. Even before the pandemic hit India, Goa’s quiet charm attracted many investors looking to buy vacation or vacation homes. Not only do they generate good rentals, but buying a second home in Goa has also been an aspiration for many Indians who aspire to move up the economic ladder. With higher disposable incomes, high-paid professionals, HNIs, NRIs, and people returning to their home countries after retirement will continue to drive home, which is a necessity. The “own home” is where people aspire to be under current circumstances, and the primary well-being and lifestyle will be defined by owning a home of their choice. Therefore, riding the wave of sustainability and potential investment, the vacation home will continue to be the most sought after real estate segment by “New World” buyers.
The opinions expressed above are those of the author.
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