Golden property potential in Goa

Tuesday, 27, May 2008 09:55

Goa is proving to be a strong overseas property investment destination for British buyers, according to specialists David Stanley Redfern (DSR).

The Indian state, which is the smallest in terms of landmass, has seen units from last year's off-plan developments returning to the secondary market and selling for almost 50 per cent more than they were last year.

And, despite the price, the resale units are being bought just as readily - principally by those who want to see what they are buying, rather than take the risk of buying an off-plan development, according to DSR.

"Goa has proven itself as a place where you can make incredibly successful short-term property investments," said Liam Bailey, head of international research for DSR.

"However, if I was buying a Goa property, I would do so for a long term investment, because when the development scene has slowed down a bit, then sales in the secondary market will be a very easy event indeed, and by that time the value will have increased by even more," he added.

Though, property is worth more on the secondary market, the newly completed off-plan developments are being sold at only slightly more than similar units were last year.

With those units now on the secondary market, as a guide to the kind of profit which can be made in the space of a year, these new off-plan properties represent a great opportunity, DSR believes.

Chris O'Toole