The recent labour reforms in Saudi Arabia came as a blow out of the blue for most of the Keralities working in the country. The legal increase in employment quota for Saudi nationals forced many Keralities return to the state with faded hopes about their future, thus creating a huge impact on Kerala’s overall economy. This has also led to a huge apprehension in real estate Kerala, about the steady decrease in NRI investment in Kerala real estate, and the all on a sudden rise in the amount of return of expatriates. But according to the experts in real estate Kerala, this immediate return of Keralite workers from Saudi Arabia may not create a significant impact in the real estate sector of the state, as NRIs no longer have the monopoly in Kerala real estate.
The present scenario may not create a notable the real estate sector in Kerala, as many of those big-budget real estate projects are mostly built in the urban centres that are monopolized by the wealthy upper middle class. The home buyers in cities like Kochi and Trivandrum mostly come under these higher income groups or those well earning NRIs who may not be easily affected by the recent changes in labour laws. Hence the real estate sector would face problems only if they lose their jobs one fine day. But, the semi-urban and rural areas will be impacted by this sudden change, and builders in those areas may lose some of their potential NRI buyers.
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