Real estate in Bangladesh is thriving at the moment. With recent economic development, the property market in the country is performing exceedingly well. It might be just the right time to invest in an apartment. Among the various factors behind property price, location plays a major role. Because other facilities such as area accessibility, infrastructure, safety, and security depend on location the most. If you are planning to purchase apartments in Dhaka anytime soon, then it is imperative to get a highlight of the current market prices. Let’s take a look at how apartment price in Dhaka is performing in popular areas of the capital.
At present, Mirpur is one of the most affordable apartment locations in Dhaka city. The ongoing metro rail construction project is an indicator of development in the area. Once the project is completed, demand for accomodation is likely to increase and in turn, apartment prices are expected to rise as well. Therefore, if you are looking for a steep price gain, investment in Mirpur can be a good decision.
Currently, average apartment size in Mirpur is about 1,525 sq.ft and that will cost around BDT 1,10,50,000. That means, per sq.ft price of a flat in Mirpur stands at approximately BDT 7,245. Compared to other popular residential areas, this is quite affordable for any medium-size apartment seekers in Dhaka city.
An almost similar locality to Mirpur is Mohammadpur. Most properties in these two areas show a common pattern as they come with the standard two bedrooms and a living/dining space. Hence they attract the same category of buyers. However, being adjacent to the Dhanmondi area gives Mohammadpur an edge and a slight premium on apartment prices. Yet, demand for Mohammadpur is also on the rise.
The average apartment size in Mohammadpur at present is approximately 1,410 sq.ft. Apartment prices in the area are BDT 1,38,00,000 on an average. However, you can also find apartments for as low as BDT 28,00,000 for an 825 sq.ft apartment in Mohammadpur area.
The next popular home location for Dhaka denizens is Bashundhara R/A. Since this area is almost self-sufficient in terms of facilities, people find Bashundhara really convenient. Plus, the locality itself is going through a development phase as it is not complete yet. That is why the current market price doesn’t reflect the intrinsic value of properties in this location, which should be higher than the ongoing price.
On average, a 1,929 sq.ft. apartment costs around BDT 2,51,50,000. That means the per sq.ft price of a flat in Bashundhara is approximately BDT 13,000 at present. But there can be a high deviation among the highest and the lowest prices of the properties as not all locations in Bashundhara have a similar price tag. The developed blocks such as block A/B/C/D certainly have higher property pricing than blocks I/J/L.
The next location on our list for apartment price in Dhaka is Dhanmondi, an all-time favorite place for a home in the capital. Dhanmondi is commonly popular for an elegant living and that’s why the average home in the area is about 1,700 sq.ft. where you can easily find 3 large bedrooms for your family. An apartment of this size in a decent location is currently priced at BDT 3,20,00,000. That means, per sq.ft. apartment price in Dhanmondi is about BDT 18,680 approximately.
As the Dhanmondi area is popular among youngsters, it opens up several business opportunities, mainly for restaurants. Therefore, a ripple effect is also present in other areas of business including transportation, super shops and so on. Combinedly, such trend is also present on the property prices due to the high demand. In the future, it is likely to grow even more as some corporate offices are also expected to branch out to the area in the coming years.
Among the premium residential segments of Dhaka city, Banani is undoubtedly a popular name. For many years, Banani has been a top choice for a home among the upper middle and upper-class people of the society. Today, it holds the same trend but the number of people who can afford to live in such an elegant neighborhood has increased significantly.
In terms of price range, Banani and Dhanmondi are quite similar these days. The average size of an apartment in the location is about 2,000 sq.ft. which comes at a BDT 32,300,000 price tag. Therefore, compared to Dhanmondi, the average price per sq.ft in Banani is about BDT 16,150 which is around BDT 2,500 cheaper. But, such deviations are temporary and can fluctuate frequently.
The most expensive location for a property in Dhaka city is none other than Gulshan. The new commercial hub of Dhaka holds the most luxurious properties costing as much as BDT 12,00,00,000. In contrast, the lowest price of an apartment in Gulshan is BDT 1,50,00,000 which is also more expensive than it is in most locations in Dhaka. On an average, you would find 3,000 sq.ft. properties in Gulshan area for ultimate luxury and comfort.
Now that you have an idea of the apartment price in Dhaka city, fix up your mind about the location. Also, don’t forget to share your opinion about these price deviations with us in the comments section below. For any property related assistance, kindly reach out to us.