The concept of the property market in our country emerged during the 1970s. Over time, Bangladesh real estate has become a core interest for many though a few misconceptions about real estate still prevail in our country. But like most economies in the world, the Bangladesh real estate market plays a vital role in the advancement of the country. After agriculture and the garments industry, it is one of the largest employment-generating sectors so far. Not only that, due to real estate, many industries like those of construction materials, electronic products, ceramics, sanitary wares, and consumer durables are thriving.
The property market we see today has come a long way. Regardless of whether you are a buyer or a seller, it is imperative to stay updated with the current scenario of the Bangladesh real estate market to make better-informed decisions. Let’s take a look at some of the highlights of the market.
Sector Growth
After a significant downturn in 2014, the property market in Bangladesh has finally started to come back and gain a good pace. Among the main reasons the market is performing exceedingly well is the current economic and political condition of the country.
Bangladesh is one of the fastest growing economies in the world. Studies reveal that it will continue to be so approximately till 2030. Last year, we achieved a record economic growth of 7.28 percent over the previous fiscal year despite downturns in some sectors.
The real estate sector, on the other hand, was aligned with the growth. According to the Real Estate & Housing Association of Bangladesh (REHAB), the market grew approximately 5-7 percent, covering the losses of the previous years. Based on the current political stability and the bearish trend of the stock market, realtors are hopeful for upcoming years as well. So, if you are planning to buy an apartment in Dhaka, this might be just the right time.
Property Agents
Finding a suitable property is not an easy task, and neither is meeting a prospective buyer. The Bangladesh real estate market has advanced a lot. However, it still doesn’t have a proper structure. To bring stability to the market in such a condition, property agents can be of great help.
In our country, the concept of agency is still relatively new. With the help of the right agent, you can easily find your dream property or connect with an authentic buyer. It will save your time, money and energy! With the right property agent, you can avail a one stop solution for all your property needs. Therefore, choose your agent wisely before engaging in a property transaction.
Expansion of Dhaka
How long can Dhaka sustain the continuous growth of its population? Since most of the development in Bangladesh is concentrated around the capital, Dhaka experiences a massive influx of people every year. The more people that come in, the more shelter that is needed.
To cope with this demand, the Bangladesh government is planning to expand the capital with special attention to the east. Massive infrastructural development is in progress in East Dhaka. There are plans to create a self-sustaining city with almost all necessary amenities. If this expansion project is executed correctly, it will decentralize Dhaka and lessen the pressure on the capital to a great extent.
Popularity of Condominium Apartments
Even though developers are yet to concentrate on condominium apartments fully, it is already becoming popular among new apartment buyers. This is mainly because condominiums offer several facilities for a great deal. Plus, such community living comes with additional perks as well. For example, living in a condominium, residents usually don’t worry about maintenance of the property. For a certain amount of service charge, the apartment committee takes care of the estate on their behalf.
Additionally, the integration of amenities, like 24/7 security, basement parking, swimming pools or jogging tracks, makes them relatively affordable to their buyers. Hence, condominiums like Rightway Airport Plaza are slowly becoming more popular among the next generation of buyers.
Shift in Property Demand
Even a few decades back, property needs in our country were very different. Space was abundant, families were larger, and traffic was bearable. However, things have now become much more complicated. Land prices have shot up due to scarcity, families have become much smaller, and traffic conditions have worsened over the years. Adequate space in the city with essential amenities is what people look for these days. Since Dhaka has a broad base of the middle-class population, apartments have become the only choice for many. Therefore, many plots and one storied building are being handed over to developers to construct multi-storied apartment buildings and cope with this demand.
What is your opinion on the shift of Bangladesh real estate market? Let us know in the comments section below. We would be glad to hear from you too!
