Investors looking for overseas property investment outside the EU following Brexit have been encouraged to consider the booming economy of India, and in particular the city of Kochi.
When considering the next property hot-spot various criteria have to be in place, and Kochi has them already there or on their way, meaning that demand for housing is likely to grow.
Firstly the city has been included by the government’s Ministry of Urban Development as one of the top ‘Smart Cities’ meaning that large investment in infrastructure will be made. This in itself has spurred property developers to already aquire land in the area.
Secondly the new international airport terminal will be commissioned this year to handle an extra 4,000 passengers per hour when it opens and bring with it new retail, commercial and residential developments with it.
Likewise the Metro rail system is already under construction, and once completed next year will connect Kochi to many other areas. The metro stations influence up to a kilometre around them and land prices around the rail corridors have already incresed by 10-15 per cent with further price growth expected as construction continues.
Kochi also has the largest global hub terminal port in India making it the main gateway to Southern India and bringing with it strong commercial growth.
Last, but certainly not least, Kochi is known for its heritage and has a large and growing tourism industry. Annual tourism is equal to four times the actual population. Currently 14 per cent are foreign tourists, an increase of 6 per cent year on year, and that is certainly expected to increase further with the new infrastructure and transport links coming online.
The main objective is for the city to become a main tourist hub, and that would be good news for property investors in the area.
All of these factors coming together mean that Kochi is growing and strong sustainable growth will be assured in the property market, with property developers already launching both commercial and residential developments in the city
It may be time to look east for your next property investment, and Kochi ticks all the investment boxes.
Always take professional advice when purchasing property abroad.