Panaji: Villa prices in North Goa declined by 3% to 5% year-on-year across various localities, marking a reversal after holding steady until June. The correction reflects a classic demand-supply imbalance, with an abundance of both new construction and resale inventory flooding the market, said Savills India’s latest report.Property owners were compelled to lower their asking prices as investor interest waned and buyer enthusiasm moderated. Real estate analysts attribute the softening to multiple factors. The premium segment witnessed significant price escalation in recent years, potentially pricing out certain buyer categories.Many customers who invested in real estate in Goa started exiting the market, and this, coupled with slightly muted demand, prompted landlords to reduce the asking prices.“North Goa witnessed inquiries for second homes from tier I cities such as Delhi, Bengaluru and Mumbai, as well as tier II cities like Chandigarh, Kanpur, Indore and Surat. The state’s relaxed environment, clean air, and vibrant culture have made it a preferred location for retirees and professionals seeking balanced living,” said Savills India managing director (residential services) Shveta Jain.According to the report, investors looking for luxury villas in North Goa are seeking eco-friendly living spaces, and the market is witnessing a rise in gated amenities, including better security. Villas with modern facilities in Assagao, Siolim, Anjuna and Candolim remain on the radar of investors from tier I and tier II cities. “Such developments appeal to high net-worth individuals seeking luxurious yet environmentally responsible lifestyles,” said the report.According to Savills India, price appreciation was most pronounced in tier I cities such as Mumbai, the National Capital Region and Bengaluru.In the under-construction premium segment, Mumbai witnessed a 20–30% year-on-year increase, while Gurugram registered a spike of approximately 2–19%, and Bengaluru witnessed an increase of around 13–15% year-on-year.Completed premium homes witnessed steadier appreciation, with Bengaluru recording a 12–14% year-on-year increase, Delhi recorded around 10–18%, Gurugram around 5-9% year-on-year increase, and Mumbai approximately 4–7% rise, supported by tight inventory, strong preference for immediate possession, and improving rental income.Meanwhile, Goa is witnessing an increasing trend of high-end managed communities as developers are introducing gated communities with concierge services and professional security agencies, said the report.“Demand in Goa has now recalibrated towards genuine second-home end users — buyers looking for homes away from home that support longer, more peaceful stays rather than purely transactional investments. This shift is evident across both North Goa micro-markets such as Assagao, Siolim, Anjuna, and Candolim, as well as in South Goa, which continues to attract buyers,” Jain said.“While investor activity may ebb and flow, Goa’s desirability as a lifestyle-led second-home destination remains consistently robust,” said the report.
