Common Misconceptions About The Real Estate Market in Bangladesh

The Real Estate market in Bangladesh has evolved and introduced many positive changes over the years. Bangladesh government has imposed several rules on construction and safety. Developer companies now compete toe to toe to attract more clients and gain a higher market share. The current market we are familiar with does not resemble its past. However, a few real estate misconceptions still prevail among people. For hopeful buyers and investors, the property market opens a new prospect for business opportunities and growth. Nevertheless, misconceptions can lead to a fatal consequence. Thus everyone should be aware of the current market scenario. Listed below are some common myths about real estate and why these common misconceptions about properties in Bangladesh are wrong.

Common Real Estate Misconceptions you need to know

Location Is All That Matters

A prime concern for most buyers and real estate developers has been the location of the property. The common real estate misconception is, securing a property in a great neighbourhood will avail you with better amenities. While an area plays a vital role in purchasing or developing an estate, people tend to overlook other major factors contributing to the price of a property. Supply and demand always affect the price. Therefore, as a buyer or tenant, you should think from your perspective rather than that of the market’s. Moreover, for investors, apart from ROIs (Return on Investment) and NPVs (Net Present Value), pre-investment research like SWOT and PESTEL could go a long way to understanding whether and how much location affects the property.

Market Type: Brick & Mortar

If you still believe real estate businesses mean people in grey suits, clients rushing in, and out of fancy offices and people wandering road by road looking for their dream property, you are in for a surprise. Bangladesh is entering into a digital era, where people don’t expect to waste time, and businesses move more swiftly. For instance, Bangladesh now has real estate portals like Bproperty.com that serve clients with their every need within a few clicks, removing the opportunity of having any real estate misconceptions. From providing sufficient details about an estate to matching custom property requirements, Bproperty serves almost everything via their main storefront; the website.

Property transactions are practically the same throughout the world and go through a few formal procedures. Regardless of whether a property was bought online or not,  it is highly unlikely that a client would invest their life’s savings without going through the details of the matter. Additionally, several matters like transferring ownership and the processing of a few legal documents require the presence of buyers and sellers. Thus, to supplement Bangladesh’s real estate market, Bproperty launched a walk-in centre, the Bproperty Marketplace in Banani, to provide better service to clients.

Rent Is A Waste of Money

To purchase or rent is subjective, to be honest. While renting property might incur a hefty expense, it also saves many nights of stress. For example, if you purchase a flat in Dhaka, it means a hit to finances in the form of maintenance expenses, security expenses, holding taxes and what not. Renting an apartment provides an exemption from all these headaches. Of course, it is entirely about need. However, the fact remains that renting is still a great choice for many. Furthermore, for people who are as of yet struggling to realise their dream home, rent is the best alternative.

The Real Estate Market Is Not Secured

One of the most common real estate misconceptions in Bangladesh is that there is no investment security. Some still believe that the market has not recovered from the impact of the numerous political incidents that had taken place in 2011. However, since 2012, the real estate sector has started to make a comeback. Now, factors like economic growth, purchasing power, and urbanization are mostly positive and are further improving; incurring a higher real estate growth rate. Side by side, industries like tourism contributes to the growth of real estate and vice versa. This creates a strong economic base and generates even more revenue. The real estate sector is making significant progress and in turn, is making the real estate market more secure.

All Real Estate Agents Are The Same

Although the concept of a real estate agency is not fully established in Bangladesh, some online portals work as intermediaries to speed up transactions. Some portals provide listings of where a property is and its price, while a site like Bproperty.com offers a full range of services including legal advice. Bproperty is the number one real estate portal which offers a one-stop solution for all property requirements. From verifying buyers, sellers, and the property itself, Bproperty offers legal and financial services that set them apart. Hence, when you choose an agent, make sure you are satisfied with the choice.

There are ups and downs in the real estate market just like any other industry. Find the right information and relieve yourself of common real estate misconceptions. Your dream home and the potential of your business may depend on it.