A research report from Jones Lang LaSalle (trading as JLL) reveals Kerala is on the rise and is set for rapid economic expansion. Much of this growth is attributed from workers in Gulf nations including UAE and Saudi Arabia, which both account for 60% of total expats from Kerala.
Remittance constitutes more than one-third (or 36%) of Kerala’s net state domestic product. JLL also found:
- 60% of India’s expat workers are located in UAE and Saudi Arabia
- 36% of Kerala’s net state domestic product comes from expat workers in Gulf nations
- More than 55% of families in Kerala (with at least 1 expat worker) can afford luxury or large homes
- 5% live in poor or dilapidated housing (kutcha homes)
Source: https://www.jll.co.in/en/trends-and-insights/research/unravelling-kerala-real-estate
Kerala is a sub-tropical state located in India’s southwestern coast along 600km of the Arabian Sea. The special relationship between the UAE and Kerala has enabled strong socio economic prosperity since the boom of the Gulf nation last century. Per-capita income in the state is wealthier than the national average (x 1.5-1.6).
The report from JLL focuses on Kerala’s main economic cities of Kochi, Trivandrum and Thrissur which account for 35% of state GDP. It highlights strong economic growth in industries such as tourism/hotels, education/universities, retail and luxury residential:
- 3 cities account for 60% of Kerala’s tourists and for 45% of hotel stock in Kerala
- 70% of residential stock in Trivandrum and Kochi is sold while Thrissur is 75.8% sold
- 46% of Kerala’s university students are located in these cities
For more information, please reference the Unravelling Kerala Real Estate: A study on Kochi, Trivandrum and Thrissur report from JLL: https://www.jll.co.in/en/trends-and-insights/research/unravelling-kerala-real-estate
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