Reading time: 2 minutes, Category: Property Trends
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The Bangladesh property market is a confusing and often volatile marketplace. What is the current state of play in the country? Find out insights about the Bangladesh’s property sector in this article published by the BestBari team.
When it comes to BD property, it is fair to say that the market is one of the most volatile in the region. Bangladeshi property prices can fluctuate significantly, to the point where what once seemed an easy sale becomes an expensive headache. As a real estate company in Bangladesh, we focus on ensuring that we understand the BD property market as it is today.
Whether you have a flat for sale in Dhaka or are considering buying property, you want to understand the market conditions. Is it the right time to buy (or sell)? What do you need to know?
The BD property sector: at a glance
Without a doubt, this is an exciting time for the BD property industry. It is growing all the time, with Bangladesh enjoying increased urbanisation. Indeed, around 40% of the nation’s population now live within urban environments, and with a growth of around 3% per year, this is only expected to increase.
In the capital, for example, it is easy to find the kind of flat sale Dhaka buyers are interested in. Why? Because in Dhaka alone, we have more than 60,000 apartments being developed. The growth of Dhaka is almost unprecedented in this part of the world, and this means that there is an increasingly high demand for plots of land and flat units. This introduces both domestic and foreign property investors.
The Bangladesh property sector is represented by REHAB or the Real Estate and Housing Association of Bangladesh. This has been the case since the early 1990s when the major real estate firms in the country joined together to form REHAB and redevelop the entire real estate industry. This was a crucial part of the transformation of Bangladesh’s economy.
Today, the Bangladesh real estate industry is one of the most important to the national economy. Indeed, it counts for over 10% of the nation’s GDP. Over two million Bangladeshis work within the real estate industry and its related partners. From labourers and engineering staff to administrators and realtors, the construction and property industry is one of the most important parts of our economy.
This has become a crucial part of the country’s growth, though part of this also comes from the addition of tax changes that encourage Bangladeshi citizens to invest in property. With reduced tax costs, individuals are more likely to make an investment where in the past, it might have been too taxing.
Property trends in BD
Some interesting trends are emerging within the country, as well. Some of these trends when it comes to BD property sales include, but are not limited to:
- A rise in trust for companies that carry out their property sales online – virtual property fairs are becoming as common as an in-person trip around the property
- Growth in the number of steel structures sold in urban environments around the country. This is due to both their simplicity and resilience to earthquake damage
- Concrete blocks are becoming a requirement by 2025 in all Bangladesh construction projects, with a move away from red bricks, which were so commonplace for many years
- An increasing demand for the number of smaller properties, such as studio apartments, as many individuals choose to live within a smaller living space that is easier to control
The use of vacant and under-utilised land, turning old pieces of Bangladesh into modern construction projects that can provide residential living spaces and commercial opportunities
Many trends are becoming increasingly popular across the country’s growing property sector. Given the importance of real estate and construction to the economy, this can only be a good thing. The current state of the BD property sector is proof of the nation’s growth.
BestBari is the trusted real estate company in Bangladesh with access to many high-quality flats for sale in Dhaka. Contact us to find how we can best assist you to buy or sell property in Bangladesh.