Why demand for luxury holiday homes is gaining traction in the ‘new normal’

Over the past few years, Indians have become increasingly aware of the need to maintain a healthy work-life balance. Owning a luxury holiday home in Goa is also an increasing trend for buyers who look at it as luxury-living. A few other significant factors have made investment in a second or holiday home a significant trend

Spacious homes enable individuals to rejuvenate and unwind in tranquility at their own property. From a safety perspective, the strategic location of second holiday homes and amenities has made them a crucial option for buyers. At the same time, there has been demand for smart holiday homes with technologies that match global standards. Facing situations like quarantine and lockdown, people have realized the importance of larger spaces and self-sustained communities in living a healthy life.

Indians are travelling abroad like never before and have good exposure to lifestyles in countries like US, UK, Australia, UAE, and in the European continent. They look for a replication of such lifestyles in India and want holiday homes that fulfil their dreams of luxurious living. Holiday homes in Goa, for instance, have seen much prominence and appreciation and are now considered a lifestyle statement and a reflection of one’s social status. As per a Sotheby’s Realty report, Indians are searching for million-dollar homes and there’s a huge surge in online property search world over. Indians are only next to Americans searching online for the best deals.

With everyone banking on a sharp, V-shaped recovery (taking into account the recent surge) and growth of the economy to pre-Covid-19 levels in the wake of the extensive vaccination drive, the future is poised to be strong for high value home transactions. People are considering a shift of residence, away from the crowded cities to luxurious holiday homes. What was once an aspiration is now emerging as a safe and sensible real estate investment, and this will continue to shape the holiday homes market and fuel growth of the larger economy.