The benefits of investing in real estate are numerous. With well-chosen assets, investors can enjoy stable cash flow, excellent returns, and tax advantages, all the while granting the investor diversified options and possibilities to leverage on real estate to build wealth. Just like the rest of the world, the real estate market of Bangladesh has also grown immensely in the last decade. However, contrary to popular belief, the capital of the country isn’t the only attraction for investors anymore. The city of ports Chattogram, is just as in demand as Dhaka when it comes to real estate investment.
So are you skeptical about your investment in Chattogram real estate? In today’s blog we are discussing the reasons you should invest in Chattogram real estate.
Ongoing Development
In the last decade, Chattogram has witnessed some incredible developments. From economic zones to sea port to elevated expressways, the growth of the city has been the topic of discussion for a while now. One of the more noticeable developments is the Mirsarai Economic Zone. The Mirsarai Economic Zone is an industrial economic zone currently under development in Mirsarai Upazila, Chittagong, on the bank of Sandwip channel. It is being developed on an area of 30,000 acres and is governed by Bangladesh Economic Zones. Completion of these economic zones will generate more employment opportunities, help in export-import business, thus opening up a huge demand for real estate needs.
With the soon to be inaugurated elevated expressway, traveling in and outside of Chattogram will be easier than ever. Chittagong Elevated Expressway is Bangladesh’s second elevated expressway project, which will connect the Shah Amanat airport to Lalkhan Bazaar. As a result of these, housing facilities in the neighbourhoods around the airport will increase and investing in these areas will be a smart investment decision.
The residential areas of Chattogram have developed tremendously in the last decade. Areas like Nasirabad attract a lot of real estate investors. Nasirabad is one of Chattogram’s more affluent neighborhoods. The location of this area makes it one of the most happening areas of the city. With well-built roads surrounding the area, Nasirabad has no shortage of social benefits and services, including amenities and facilities. Built following all the rules and regulations of BNBC, It is compared to some of the well structured residential areas of Dhaka.
Job & Business Opportunities
Chattogram is also the Commercial Capital City of Bangladesh. With the largest seaport in the country, Chattogram is the main hub for almost all of Bangladesh’s imports and exports, and generates a huge amount of revenue each year, attracting many investors internationally. On the other hand, job opportunities are also growing with each day. From the government offices to MNCs, the Chattogram job market is now booming with job opportunities. With international and local companies like Unilever, Novartis LTD, BAT, Bkash etc. expanding their business, you will find all the competitive job opportunities in Chattogram too. As the job market of Chattogram is expanding, so is the need for housing facilities. Many people will move to Chattogram for job or business purposes. To cater to these people’s housing needs, investing in residential or commercial spaces in Chattogram can be beneficial to the investor.
Easier Commute
With the inauguration of the ongoing Karnaphuli tunnel, the connectivity and accessibility to other cities of the country is expected to grow remarkably. Another project, ‘Chittagong City Outer Ring Road’ has recently been inaugurated. The Chattogram Development Authority (CDA) took the initiative to build an ‘outer ring road cum embankment’ to reduce traffic congestion in the metropolis and facilitate the movement of goods vehicles from the Chattogram port. This will help make the commute from Chattogram to other cities easier and faster. With cities now being interconnected through easier commute, the possibility of people choosing Chattogram as their home is much higher. Investors who will leverage on this opportunity and invest and take advantage of the situation will get a good value for their investment as an easier commute means people will be more interested in moving to Chattogram for residential purposes.
Growing Real Estate Demand
Real estate demand is on the rise. And in a city like Chattogram, the demand for real estate has also increased noticeably. With all the infrastructural development within the city, there are proven records of increasing investment in the real estate sector of the city. According to recent data collected by Bproperty, the housing demand in Chattogram has increased to almost 33% from January 2021 to June 2021. Locations like Khulsi, Lal Khan Bazaar were the top choices for investors. With an average asking price of 4,914 (as of July’21) tk per sft investing in Chattogram is still a sound financial decision compared to Dhaka.
Competitive Price Growth
Investing in real estate, in general, is considered to be a smart investment decision. And when you invest in a fast developing city like Chattogram, the possibilities are endless. Following the real estate growth of Chattogram in recent times, the price growth of properties has been significant. Reports have shown that, since January of this year, the property prices in Dhaka have increased up to 39.81% per sft. Similarly, in Chattogram the property prices have increased up to 23.72% per sq. ft. since January this year. These reports are a clear indication that property prices in Chattogram are increasing just as rapidly as Dhaka. Investing in affluent areas of Chattogram like Khulshi, Muradpur, South Khulshi can provide you with a positive return on investment as according to recent data, from January to June this year, the average asking price of properties in these areas have almost doubled.
Investing in real estate is a big financial decision. Before investing in any real estate project, it is better to evaluate the future prospects of the city. Keeping in mind the recent developments in Chattogram, the growing real estate demand and competitive price growth, planning to invest in Chattogram real estate can turn out to be a smart investment decision.
