Hi,
I have made a decision that really want to buy in Goa. The only problem is this will be my first time buying abroad.

Firstly can anyone give me any tips such as what to avoid, good resources maybe and whether I should visit a financial advisor.

Secondly, would i need a lawyer in India to represent me in case anything goes wrong etc

Has anyone owned, or currently own property in Goa/India and care to share some experiences ?

I really dont know where to start all i know is want a property in Goa!

Also wanted to ask, is it more lucrative to buy a place in the young tourist/beach party/noisy part of goa to rent out for a few years

OR

to buy in a peaceful part away from the hustle and bustle i.e. retiree or honeymooners etc

and is it easy to rent out property in india?

sorry for the 21,000 questions!

Hi Slim

I was considering Goa and believe it is a good place to invest. Here's a few observations I made when doing my research:

1) Can't repatriate more than you bought property for when you come to sell. There are ways round this that a good solicitor will be able to advise you on. One such trick is to sell property outside of India so funds never go into India. (They can't stop you repatriating the funds if funds never went into India.) This will restrict your resale market.

2) Legal fees are high. It is disheartening if purchase price is £15k and you have another £2.5k legal fees on top of that (in this instance adds almost 17% to purchase price.) Afraid it is a while since I was considering Goa, so can't remember what solicitors I was in contact with. Pity, they offered good advice.

3) Goa could be hit by a tsunami. Land near beach is generally flat and not elevated. Perhaps better to buy further back from beach where you will property will be less exposed.

4) There were plans to improve infrastructure in Goa. At the moment I think the South has poor roads, meaning it can take a long time to travel a short distance. I know there were plans to put in some main roads to connect the South better. This will be good for rentals. It also means that is you wanted to buy in a remote area then that area could become less remote with more accommodation being constructed nearby.

5) In high season it is very difficult to get decent accommodation. I can remember a friend that worked for Direct Holidays telling me that they just couldn't get enough beds to satisfy demand. Can't remember if she said that last Xmas or the one before. Ofcourse, this is good for investors seeking a good rental return. No idea where you will find the best returns.

If it were possible to get mortgages in Goa I would likely invest there, but paying full purchase price without a mortgage is just too much of a push. Let us know how you get on.

thanks for your tips dragon! i will post my findings shortly!

hey dragon, you seem to give out some great advice to slim. Do you know what this 182 days residency you have to complete? How can one do this if the tourist visa is only 180 days? tata