The housing market in Dhaka And Chattogram is not only different but also very interesting, to say the least. There are multiple reasons as to why it is so different but one of the most interesting reasons has to be the demographics. This is simply because it changes with time. People buying or investing in real estate 15 years ago didn’t have to follow the similar trend that we follow today. Also, different areas pursue different views and trends when it comes to real estate. Chattogram and Dhaka, for example, are two of the largest cities in Bangladesh but the demographic is different in respect to lifestyle, income, needs, views, and beliefs. And these factors actively impact the real estate market in any area.
In the following, we will take a closer look at the real estate scenario of Chattogram and Dhaka in 20-21 and analyze their housing market. This will give you an idea of the current real estate trend and help you tackle some of the most basic yet very important issues when it comes to investment.
Type of property sold the most in Dhaka vs Chattogram
There is no doubt that the overall demand for property in Dhaka far outstrips the properties in Dhaka. For the last decades, the expansion of Dhaka has been greatly triggered by aggressive urbanization and globalization. As a result, although the rate of purchasing new property has gone up in Dhaka, it is not enough to meet the demand. However, that begs the question: what type of property sold the most in 20-21 in Dhaka?
Nearly 70% of the properties sold in 2020 have 3 beds according to the Bproperty database, while it is about 78% in 2021 so far. Meaning the tendency for big 3-bedroom houses is increasing and by the looks of it, the trend will stay the same for this year as well.
However, the scenario is quite different Chattogram. In 2020 where nearly all the houses sold were 3-bedroom houses, in 2021, the trend of going for large houses has dropped by 20%. So far, 80% of the houses that were sold in 2021 were 3-bedroom houses. This may be because of the demographic shift or maybe partly because of people’s tendency to shift to more affordable housing options following the post-covid situation.
Top location for property sale in Dhaka vs Chattogram
Now if we look at the real estate market from a location-wise-sale point of view, both Dhaka and Chattogram will show you a similar result. In 2020, Bashundhara, Mirpur, and Badda were 3 of the top areas of Dhaka with the most apartment sales. Together they yielded 38% of the total sales in Dhaka. Considering the recent trend, this is to be expected. Because for the last couple of years, these areas have been drawing the attention of the largest group of people (mostly middle-class to upper-middle-class) for their affordable real estate options.
But in 2021, Bashundhara, Mirpur, and Dhanmondi became the most sought-after areas of the city. Together they contributed 34% of the total apartment sale according to the Bproperty database.
When it comes to Chattogram, the result was somewhat expected and similar to Dhaka. South Agrabad, Colonel Hat, and Khulshi are widely considered some of the most popular areas of Chattogram where the popularity of Katalganj is on the rise. In 2020, South Agrabad, Colonel Hat, and Khulshi were responsible for 66% of the total property sale. But in 2021, Katalgonj replaced Khulshi and together with South Agrabad and Colonel Hat, they contributed 79% of the total sale of Chattogram.
Top location for property rent in Dhaka vs Chattogram
Talking about the housing market in Dhaka and Chattogram, the rental property market is one of the most important sectors to be taken into consideration. Also, a closer look at the top areas with the highest demand for rental property will reveal the latest trend. That being said, in 2020, Bashundhara, Uttara, and Mohammadpur were the most popular areas of Dhaka. But in 2021, 72% of the people city dwellers have chosen Bashundhara, Uttara, and Gulshan to be their next destination for rent so far.
When it comes to Chattogram, Khulshi, Bagmoniram Ward, and Bakaila were the most popular areas for renting properties. And in 2021, Bagmoniram and Khulsi have been experiencing upward growth in terms of renting properties.
Real estate is one of the few sectors that have the ability to change the entire fabric of a country’s economy. A significant portion of some of the largest economies in the world including Canada, Singapore, India, and China come from the real estate sector. As for Bangladesh, the real estate sector was booming and would not take any longer to have fully matured. But the scenario is changing, for example, in 2019, the real estate market contributed BDT 1.415 trillion or 7.8% of the country’s gross domestic product (GDP), according to a survey of the Bangladesh Bureau of Statistics(BBS).
Furthermore, with the enactment of new regulations including the single-digit interest rates for all types of loans (except credit card) and real estate investment without any inquiry, people have gotten more opportunities to invest in real estate recently.
Now if you consider the housing market in Dhaka and Chattogram with all these recent trends and fads, the future is looking bright for Bangladesh’s real estate.