We have been staying in Goa for 4 months. We went with the intention of buying a property but I thought it prudent to investigate all aspects of living here. Sadly, we have come to the conclusion that I could not live here and i would not want to buy here either. It is far cheaper to rent and it is a safer option and a lot less worry.
There are many tepmpting adverts for off-plan developments (Goa and elsewhere) with sea views and palm trees. But always go there and stay a while to see the realiity.
There are many downsides to buying in Goa you will not be told about.
I haven't been to Goa, so would be interested to know what rental you were paying and what it got you. (In particular, proximity to beach and tourist facilities. Also, given long term nature of your rental I imagine rate you got was a lot better than for normal tourist accomodation that's rented a week or two at a time.) I know that in peak season tour operators like Direct Holidays simply can't find enough beds to cope with demand.
Prices are much higher now than when I was looking about 2 years ago, so I realise rental yields will be lower now. Still kicking myself for missing out on 2 bedroomed detached villa with golf views in Requiem Valley for £28k. (You'll pay a lot more than that now!)
If sale proceeds don't enter India there is no repatriastion issue. Selling in this way will ofcourse reduce the market for your property and you may get a bit less than value of property.
- the exchange to Rupee has moved such that your capital gains in GBP would have been reduced somewhat
- Goa has a seasons, and is not visited much during the monsoon
- you need to be there to manage the propery yourself of have friends or relatives to do it for you because it is difficult to find trustworth people to look after you property
- every building needs a 24hr security guard as empty property my find itself occupied.. remember there is still a lot of poverty there
- even if empty, it needs to be cleaned daily as the dust and insect in the hot country can cause a lot of proplems
- no scheduled direct flight there
- you will need a visa everytime you go and will need to take protect again Malaria.
- oh... and you might have to bribe officials in order to get your electricty connected ..
Having said that, some beautiful property with stunning views available relatively cheaply. Dont get me wrong, I love Goa but you need some commitment to own property there.
Has anyone set up in palolem? we have been quite a few times, and finally have decided to buy. The procedure though seems a bit confusing. what is this 182 day residency you have to complete? How can you do this if the tourist visa is only 180days? please help, its hard to get clear advice these days! Also how much is property going for now in Goa? thanks.
