Where is it?

Goa is an Indian state located on the west coast of India on the Arabian Sea and is 594 kms from Mumbai city.

What's so special about it?

Goa is India's smallest state in terms of area and the fourth smallest in terms of population. It is worldrenowned for its excellent beaches and a popular holiday destinations among European travellers. Goa has earned the nickname "India for beginners" as the cultural differences between Europe and India are less pronounced than other regions of the country.

Best kept secrets:

"Goa's reputation as a party destination - known as the new Ibiza for winter - has raised its profile as a great year-round resort.

However, it is in the quieter areas of the country that the property market is really taking off and the older generation are proving the most earnest buyers. Goa's laidback lifestyle, affordable prices and excellent climate makes it a popular choice for retirees. Many have been holidaying in Goa for years and see buying property out there as the next obvious step, " says Escapes2. com sales manager Andrea Hill.

Who lives here?

In 2004, Goa was the setting for the Matt Damon movie The Bourne Supremacy and Gregory Peck, Roger Moore, David Niven and Patrick MacNee visited the area while filming there in the 1980s. Goa is a popular film set for Bollywood films and was visited by Brad Pitt and Angelina Jolie.

What's the property market like?

"Goa has become very popular as one of the safest investment destinations for real estate, as the people of Goa are literate and can freely communicate in the English language, " believes Porus Adi Doctor of Lifestyle Homes Goa. Up to 5,000 units of property have been sold to foreign buyers since the Foreign Exchange Management Act of 1999 came into force, easing foreign ownership. The majority of buyers have been British but Russians have begun to take an interest in the area.

"Goa has become a destination of choice in recent years. Over the next five years I expect property prices in Goa to rise by at least 75% and in certain developments I predict that this growth will be even higher, " says Bob Kainth managing director of Blue Beach Holiday Homes who are selling in Goa.

The only downside to the property rush is the potential longterm impact of the demographic shift in the state, with more foreigners moving in. Over 50% of prime coastal properties are now owned by foreigners.

How do you go about buying property here?

Good local sources include the English-language newspaper the Herald, Goa's oldest newspaper, or the Navhind Times. Buying in Goa is not easy and is not for everyone. Since the Foreign Exchange Management Act (FEMA) of 1999 came into force things have got easier.

This act covers the legalities relating to the purchase, sale and resale of real estate in Goa to non-resident individuals and foreigners. It states that non-residents cannot buy real estate in Goa until they have been resident for 182 days in any given financial year.

The next best thing is to enter into a legal agreement to buy, commonly known as an agreement of sale/construction. Then when you want to move into the property the previous owner signs the rights to the property over to you and you then own the property on a longterm lease until you have fulfilled the 182 days residency.

Some people keep this lease going and renew it every five years. This is a common method to get around the FEMA laws but make sure you use a reputable solicitor.

Where are the best places to buy?

Nearly 50% of Goans live in the urban areas. Panaji is the state's capital; however it is only the third-biggest city after Vasco, the largest, and the historic city of Margao. Tourism is generally focused on the coastal areas of Goa and many foreigners have bought along the coastal strip, referred to as the Gold Coast of India.

Of the beaches, MandremArambol in the north is upand-coming, while Calangute-Baga is the most commercially developed and populated.

What's the rental market like?

Acron, one of Goa's leading property developers, report that while rental returns can never be guaranteed they have found that on average homeowners have earned approximately Euro6,000 a year from a wellfurnished two-bed home.

What's the resell market like?

Instead of resell, a possible route to extract income from property is to offer a longterm lease to another foreigner wishing to live in Goa immediately but who does not have residency or is not of Indian extraction.

This lease is then renewed each five years and can be charged at market prices.

What types of property are available?

Porus Adi Doctor of Lifestyle Homes Goa reports that "independent villas, which have garden space surrounding the house, with a lot of greenery, " are the ones that are most popular, easiest to rent and most available.

Average property prices?

Agents Escape2. com report that in 2005 the average price of property was around Euro60,000, however you can still get properties for half that from a lot of agents.

Tax breaks with Ireland?

There is a bi-annual property tax and there is also a capital-gains tax if you do not reinvest the money within six months. Ireland has a double taxation agreement with India, however any gains should be reported to the Irish Revenue.

FAST FACTS

Getting there: flights go direct from London
Area: 3,702sq km
Population: 1.4 million
Currency: India Rupees (1.00 INR = Euro0.017)
Weather: temperatures range from on average between 25� and 30�C
Transport: Goa's only airport is in Dabolim, just outside Vasco. An important note is that it is illegal to enter on a scheduled flight and out on a charter flight, and vice versa. It is 10 hours on the Konkan Railway to Mumbai and there is also a bus service to the major cities. Public transport is mainly run by private companies, but not very efficiently.

Alternatives are rickshaws and motorcycle taxis.

Going out: Goa is a party place known as the winter Ibiza. One must-see party stop is Club Cubana, like the Playboy Mansion this large house on the hill has a massive pool, four bars, dance floor and four poster beds scattered around. For an entry fee the bar is free all night. The local liquor is Fenny, which is a potent drink made from cashewnuts and coconuts.

Eating out: Rice and fish curry is the staple Goan diet. There are many beach shacks selling food and you will "nd a lot of Portuguese in"uences in the food, such as prawn balchao and Kingfish in garlic.

Original Goan dishes include Vindaloo and Xacuti, which you can get in many Indian restaurants in Ireland.

Shopping: Margao has a large closed market, however Vasco is Goa's largest city where all the more commercial shopping centres are.

Goa USEFUL CONTACTS
� Indian Embassy in Dublin 01-4970483; indembassy@eircom. net
� Irish Embassy in India 0091-11 2462 6733; www. irelandinindia. com
� Goan Government www. goagovt. nic. in
� Goan Department of Information & Publicity www. goainformation. org
� Goa Tourism Board www. goatourism. org
� The Economist (India) www. economist. com/countries/India/
� Association of Indian Professionals in Ireland www. irishindians. com
� The Global Property Guide www. globalpropertyguide. com
� Federation of Overseas Property Developers, Agents and Consultants 0044-870 3501223; www. fopdac. com � Association of International Property Professionals 0044-20 7409 7061; www. aipp. org. uk
� Property Lawyers Abroad Network www. plani. net
� The Navhind Times www. navhindtimes. com