Goa continues to attract residents and property owners with its pristine beaches and vibrant culture. It is one of the most sought-after destinations where you can invest in real estate. The seamless connectivity of the state to two main airports enhances navigation to other parts of the country.
While the Dabolim Airport was already serving Goa, the new MOPA Airport was opened up in 2022. While Dabolim is located in South Goa, MOPA has been established in the northern part of the city. The development of the second airport boosted the real estate industry significantly.
As a property investor, where would you prefer buying a new property? In this blog, we have compared the advantages of purchasing your home close to both these airports. Accordingly, you can make your real estate investment in the right place.
Read on to get a comparative analysis of both these airports. Accordingly, you can determine which location offers a more promising opportunity for you to invest in real estate.
An Overview of MOPA International Airport
The MOPA International Airport was inaugurated in December 2022. Also known as Manohar International Airport, it is situated in Pernem Taluka in North Goa. Developed at an estimated cost of INR 2,870 crore, the airport spans approximately 2,133 acres. This airport has been strategically developed around 35 Km. away from the capital of Goa, Panjim. With the development of the MOPA Airport, connectivity in Goa has got a boost.
Tourists can now get across to the popular destinations more easily through this airport. The MOPA Airport has been designed to handle both domestic and international flights. In subsequent phases, the capacity of this airport is likely to be increased.
Overview of Dabolim Airport
The Dabolim Airport, also referred to as the Goa International Airport, was established in 1955 in South Goa. It lies around 29 Km. from Panjim and spreads over 1,700 acres. It serves as a civil enclave within the airbase of the Indian Navy, INS Hansa.
Since this airport serves both civic flights and military operations, there has been a lot of constraints over the years. Particularly, these problems intensify during naval exercises. This is way the authorities came up with the new airport at MOPA. Although the Goa Dabolim Airport historically faced certain operational limitations, it handles a significant volume of both domestic and international flights. Particularly, it caters to visitors in the popular tourist places in Goa.
Impact of the MOPA International Airport on Real Estate
The launch of the MOPA International Airport in North Goa has significantly elevated the real estate industry in this part of the city. Here’s how this airport has impacted the real estate industry.
1. Development of infrastructure
The airport has led to a growth in ancillary infrastructure in Goa. This includes the development of roads, hospitality projects, and commercial establishments. The government of Goa has earmarked 232 acres around the airport for commercial development. This includes convention centres, hotels, and retail spaces.
2. Appreciation of Property Prices
The proximity to the new airport has led to a surge in property values. Some places like Assagao, Anjuna, Porvorim, and Siolim have witnessed high demand for property. Prices in Assagao, in particular, are as high as some of the premium localities in major cities in India.
3. Interest of Investors
With superior connectivity, the interests of investors have significantly increased in real estate. Currently, the region is a popular hub for luxury villas, second homes, and eco-tourism projects. Both domestic and international buyers are looking to buy a property in this area.
Impact of the Dabolim Airport on Real Estate
The Dabolim Airport has been operational for decades. It has a significant influence on the real estate industry in South Goa.
1. Established Markets
The areas surrounding Dabolim have long been developed. These places present a mix of residential and commercial properties. With several academic institutions and hospitals located in these regions, the demand for real estate has been steadily rising.
2. Operational Constraints
Shared operations with the Indian Navy limit expansion possibilities. This potentially restricts large-scale real estate developments to take place close by.
3. Stable Property Value Appreciation
Property prices have appreciated around the Goa International Airport over time. However, the growth rate is now moderate compared to the recent surge around the MOPA International airport.
A Comparative Analysis Between MOPA Airport and Dabolim Airport
Connectivity:
The MOPA Airport offers superior connectivity to North Goa and its neighboring areas. This reduces the travel time for tourists and residents. On the other hand, the Dabolim Airport serves South Goa but faces operational time restrictions due to naval activities.
Potential for development:
The areas around MOPA Airport are witnessing a rapid development of infrastructure. This opens up new investment opportunities for real estate owners. On the other hand, areas around Dabolim are more established. The scope of large-scale projects is limited here.
Property value appreciation:
Currently, property value in North Goa is increasing, with the MOPA Airport coming up in recent years. In some places, real estate values are increasing by as much as 30% annually. The property market in South Goa remains stable, with a slower rate of growth.
Which Area Is Better For Real Estate Investment?
Both MOPA International Airport and Dabolim Airport have specific influences on the real estate developments in the respective regions. If you are looking for high growth potential with rapid property value appreciation, it’s wise to invest in North Goa close to the MOPA Airport. On the other hand, if you are looking for stable returns, you can invest in the established markets close to the Dabolim Airport in South Goa. Therefore, both these places have a great investment potential. Based on your preferences, you can buy these properties.
Ultimately, the choice depends on your investment goals and risk appetite. Explore the new properties in different localities in Goa and benefit from the property value appreciation.