Ms DD Posted May 16, 2007 The exotic beach paradise where apartments cost only £10,000 It's an exotic beach paradise with pads so cheap you could put them on your credit card. Laura Latham reports on why now is the time to buy in southern India Published: 16 May 2007 The exotic beach paradise where apartments cost only £10,000 Emerging markets don't come much bigger than India, and the subcontinent is currently experiencing a surge inproperty investment. Interest has been sparked by the fast and furious growth of the economy and an expanding job market. Property prices in cities such as Mumbai, Chennai and Delhi have increased by up to 20 per cent in the past year alone. And other locations are seeing increased interest as a result, most noticeably the coastal region of Goa, a hotspot as popular with Indians as it is with overseas buyers. There are few places in the world where you can snap up an apartment for less than £15,000, but Goa is one of them. A popular package-holiday destination for a decade, this former Portuguese colony offers tropical living, access to a fascinating culture and everyday costs so low you can really push the boat out. Naren Cox, of Churchill Overseas Property, says the company is seeing a lot of interest in Goa. "Everyone has focused on India and the market there in general," says Cox, "but then they get wind of the prices in Goa and that clinches it." So how cheap is it? Properties in new-build resorts are being advertised online for just £5,000 but, according to many agents, such figures may be outdated or are for retail units in the resorts. On average, between £10,000 and £20,000 is a realistic price for studios and one-bedroom places. The lower figure will get you a 50 sq m studio apartment, five minutes from the beach in a colonial-style resort with pools, bars and shops. Churchill also has 62 sq m one-bedroom flats for £17,000. Large villas will set you back between £63,000 and £86,000 for four bedrooms. Similar property is available through agents, such as Escapes2, which has starting prices of between £19,000 and £25,000 for one- and two-bedroom apartments. Goan specialist Goa Property Sales also has properties for £17,000, having quickly sold out of all its cheaper options. "The key thing about Goa," says Cox, "is that it's still in its early days. But as a market grows, property sizes tend to decrease as costs go up." Prices certainly are going up already. Appreciation is currently around 25 per cent per year and Cox thinks that 30 per cent is more than possible. But he claims that higher prices being charged by some developments are skewing the market. If you are being asked to spend more than £20,000 for a one-bedroom apartment or over £100,000 for a villa you, should shop around. "Some buyers are overpaying," he says. "If you're offered anything for more than that, you should check if similar property is cheaper elsewhere." Buying so cheap means that you could even offset some of the cost by renting. Owners are making from £150 to £450 per week on a one-bedroom apartment. So, in seven to 10 years you could conceivably have recouped the purchase price. There are worries about large-scale resorts changing the area beyond recognition. But so concerned is the government by the threat of overdevelopment that it is considering imposing limits. "Goa won't get saturated because the government wants to curtail building," explains Cox. "So it's not going to become a soulless development." Which is good news for those who love Goa's golden sands. The resort used to attract a mix of drop-outs and hardcore party people, but it seems the market has matured. Now you'll find young couples, families and retirees soaking up the sunshine. It's a laid-back, value-for-money destination attracting buyers who thrive in its warm, hospitable climate. As Naren Cox says, "Goa used to be hippy, now it's just hip." www.churchilloverseas.com,01983 550 400; www.escapes2.com, 0161-351 2160; www.goapropertysales.co.uk, 01484 309 943 Buyers' guide * Non-nationals need to reside in India for at least 182 days in the previous tax year in order to buy, or you can set up a company, which should cost no more than around £150. Naren Cox warns that some developers and solicitors are charging up to £1,500 to help buyers with this. * When buying off-plan, you sign a legally binding contract with the developer, which gives ownership rights until the property is completed, when final sale deeds can then be handed over. * In November the money transfer laws in India changed to allow non-nationals to bring in and take out any level of funds. * Portugal's legal influence prevails, which should make buying simple and secure for Europeans. Nevertheless, there can be issues with building licences and confusion over ownership of land so always get independent legal advice. * Property sold in Goa is almost exclusively off-plan and paid for in four stages. Naren Cox says prices are still so low many buyers simply pay by credit card. http://money.independent.co.uk/property/homes/article2548618.ece Quote Share this post Link to post Share on other sites
N.O.R.F Posted May 16, 2007 The lights swtiches will be dodgy, the taps will be dodgy, cheap material (doors, windows etc) and the brick/block work will be shabby, the pipes will need replacing very quickly if they are plastic. But by all means go ahead and buy,,,,,,,, Quote Share this post Link to post Share on other sites
Ms DD Posted May 16, 2007 You have just ruined my dream. Waa ku tuntumatay. Do you know the going price for a villa (4 bedroom) by the beach in Berbera? or is there no such thing? Quote Share this post Link to post Share on other sites
Baluug Posted May 16, 2007 Originally posted by Northerner: The lights swtiches will be dodgy , the taps will be dodgy , cheap material (doors, windows etc) and the brick/block work will be shabby, the pipes will need replacing very quickly if they are plastic. But by all means go ahead and buy,,,,,,,, It's not hard to spot a Brit when they use words like "dodgy"....Bloomin 'ell!! Quote Share this post Link to post Share on other sites
Emperor Posted May 16, 2007 I have not read all of the article, nevertheless it had an appealing title but untill I saw Southern India, Acuudu Bilaah... Khalaaaaaas! Quote Share this post Link to post Share on other sites
RedSea Posted May 17, 2007 Emperor maxaa tugu dhacay? majeclid in aad gabdho Indian ah guursato? Dont' forget YOU would be paid. Hey Hey ms. Sheherazade, Kaptan kaluun ma ninkii madax libaax badeedka ku watay miyaa? Cajiib, good to know that you dig raga noocaas ah. Quote Share this post Link to post Share on other sites
N.O.R.F Posted May 17, 2007 ^^go and kill yourslef a shark saxib Quote Share this post Link to post Share on other sites
N.O.R.F Posted May 17, 2007 Originally posted by Ms Dhucdhuc & Dheylo: You have just ruined my dream. Waa ku tuntumatay. Do you know the going price for a villa (4 bedroom) by the beach in Berbera? or is there no such thing? Same thing happens in UAE. Indian construction workers are not good with the finishes (switches etc) MC Canada, where have you been? Quote Share this post Link to post Share on other sites
rudy-Diiriye Posted May 17, 2007 india!! u gotta be kidding me! the septic pool of the world. if u got that kinda of money, spend it in somali. just make sure that u hire an ethio crew and body guard. hey, maanaa keeneya amxaarka!! ask yeey that q's. i am just laying it as its. Quote Share this post Link to post Share on other sites
RedSea Posted May 18, 2007 HEY, North, I have to ask for WHAT? lol...just kidding.... Quote Share this post Link to post Share on other sites
