Gulf NRIs are investing less in Kerala property
Owing to the tough job market in the Gulf, Kerala’s property market seems to be hitting an all-time low. Despite being the only Indian state with the highest foreign remittances, the real estate has taken a direct hit. The devastating floods in Kerala last year have had an adverse impact on the economy of Kerala. Coupling that with job fears and steep taxes, expatriates put off their decisions to buy houses and properties.
In 2018, Kerala’s property market performed the worst among the southern Indian states. For some, the existing GST regime also proved to be a major setback, as the GST rates are soaring high, which in turn is posing troubles for real estate agents to sell properties or houses to expats.
According to studies, one of the major challenges that the real estate market faces is that it is still largely unorganized, and is being served by smaller players with humble projects. A leg-up is needed for the scale of development to gain momentum. Overall, it is a question to wonder, whether the real estate players will step up their games or will they depend on Gulf remittances to have people looking for houses again.