Whether you’re looking to settle down, invest in a fruitful rental opportunity or own a vacation home, a solid knowledge of the ever-changing global property markets is essential.
Most prominent residential markets across the world are now going from strength to strength with prices outperforming projections over the past few years. When the Covid-19 hit, it sent people heading for the countryside longing for space and seclusion with privacy being the key driving force behind property sales. But as the scenario has changed, people are now coming back to the cosmopolitan hubs and the current price points are reflecting this very fact.
But there are some areas in the world where property prices remained the same – for example, Monaco, the most expensive city in the world to buy property, did not witness any massive fluctuation owing to its abundance of wealthy residents. But in comparison to the most prominent property markets where does Dhaka’s property market stand in terms of flat price?
Find out below a comparative analysis of flat prices in Dhaka vs. the world’s most prominent property markets.
Let’s begin with one of the more expensive options on the global scale: Monaco. Monaco has been regarded as being the most extravagant playground for global elites for a long time. It houses more millionaires per square kilometer than any other city in the world. The ultra-exclusive lifestyle afforded by owning property in Monaco is a major contributor to the cost of buying in this coveted destination.
Another major contributing factor behind Monaco’s expensive real estate is its size. Spanning only 2 square kilometers, it is the world’s smallest city-state second only to the Vatican. So when it comes to flat prices in Dhaka vs the world’s most prominent property markets, if you want to buy a property in Monaco, it will cost you $7,625.89 on average per sft for a flat. In contrast, if you want to buy a flat in Baridhara, the most expensive area in Dhaka, it will cost you only on average per sft for a flat. In other words, Monaco’s property price is 2,380% greater than Dhaka’s most expensive area.
Hong Kong, Asia
Despite a sluggish price growth, Numbeo has reported that Hong Kong remains one of the most expensive residential property markets in the world, with an average sft price of $2,978.45. However, markets in China and Hong Kong are likely to see a continued decline due to the uncertain political environment and continued border restrictions.
The density of population is a key factor that makes Hong Kong so expensive, with over 7.5m people living in under 1,113.69 square kilometers. Also, the available properties are scarce despite high demand due to their limited green space.
In comparison, the average sft price for a flat in Dhaka is only $72.12 which is way lower than any other city on the list. That is to say, the average per sft cost for a flat in Hong Kong is 4030% greater than in Dhaka.
New York, USA
Talking about flat prices in Dhaka vs the world’s most prominent property markets, there are several factors contributing to the cost of property in New York, most notably the lack of space. With virtually every bit of ground accounted for, the only way to build in the city that never sleeps is up. That is the reason why air space is highly sought after. Being one of the best planned cities in the world, experts also pointed toward rising domestic wealth, border reopenings, and city migration as key driving factors for high property prices in New York.
On the other hand, Bangladesh remained one of the fastest-growing real estate markets in the world, although not quite at the same level as New York. With an average per sft price of $1,431.06, an 800 sft apartment will cost you $1,144,848 whereas in Gulshan, one of the most prominent neighborhoods in Dhaka, a similar-sized apartment will cost you only $181,024.
This article compares the property markets of Monaco, Hong Kong, and New York with Dhaka to find out how much it costs to buy a property in each of the most prominent markets. Hope this gives you an overview of the real estate market and how it compares to Bangladesh.
*All the information used in the article is based on the data from Numbeo and Bproperty database.