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The landscape of Bangladesh’s real estate market is undergoing a transformative shift, with the role women increasingly making their mark as key players in the BD property sector. This increase in women’s participation in the real estate sector, is not just redefining the dynamics of the industry, but is also contributing to more positive socio-economic changes for Bangladesh.
This blog is presented to you by BestBari and delves deep into the evolving role of women in Bangladesh’s real estate, exploring the factors driving this change, the challenges women face, the impact of their participation, and strategies to foster a more inclusive real estate sector.
Unveiling the New Era in Real Estate
The real estate sector, a cornerstone of Bangladesh’s economic development, has traditionally been male dominated. However, the tide is turning and for a good reason.
Given the significant rise in the median income, gradual improvement in gender equity and more opportunities for females receiving opportunities for secondary and tertiary education in Bangladesh, the role of women is a significant factor for the country’s economic growth as well as Bangladesh’s real estate sector.
For example, an increasing number of women are stepping into roles as investors, developers, and professionals, driven by a combination of economic empowerment, societal changes, and policy reforms.
Economic and Cultural Empowerment
Bangladesh has made significant strides in gender equality and women’s economic empowerment. Initiatives by various governmental and non-governmental organizations, such as the Bangladesh Women Chamber of Commerce and Industry (BWCCI), have been crucial in providing women with the tools, resources, and support needed to venture into investment arenas like real estate.
Enhanced educational opportunities and changing societal attitudes have empowered women to break traditional barriers. Urban centres like Dhaka are witnessing a remarkable increase in women making significant investment decisions in real estate, challenging and reshaping the traditional gender roles within the sector.
Challenges Women Face in the BD Property Sector
Despite the progress, women investors and professionals in Bangladesh’s real estate encounter several barriers, from navigating a traditionally male-dominated field to accessing essential resources.
1. Access to Capital: Securing financing remains a formidable challenge for many women investors. Biases and traditional mindsets within financial institutions can limit women’s access to loans and investment opportunities, hindering their ability to engage fully in real estate ventures.
2. Networking and Industry Access: The real estate industry heavily relies on networks, connections, and insider knowledge, often within circles traditionally dominated by men. This can create significant barriers for women, limiting their access to opportunities and essential industry insights.
3. Gender Misperceptions and Stereotypes: Persistent stereotypes regarding women’s roles and capabilities in investment and business can deter their participation in the real estate sector. Overcoming these cultural and societal hurdles is crucial for creating a more inclusive, fair and equitable real estate industry and profession in Bangladesh for all genders.
The Impact of Women’s Increasing Involvement
The rise of women in the real estate sector is not just changing the composition of investors and professionals but is also influencing the market’s direction and ethos.
1. Market Diversification and Innovation
Women bring diverse perspectives to the table, often prioritizing community development, sustainability, and family-oriented features in real estate projects. This diversity fosters innovation and leads to the development of more inclusive and holistic projects that cater to a broader demographic.
2. Economic and Socio-cultural Ripple Effects
Women’s participation in real estate contributes to their economic empowerment, providing them with significant assets and investment returns. This empowerment extends beyond individual gains, enhancing family well-being and fostering community development, thereby contributing to the broader economic stability and growth of Bangladesh.
3. Fostering an Inclusive Real Estate Sector
To leverage the full potential of women’s participation in real estate and address the challenges they face, a multifaceted approach involving policy reforms, educational initiatives, and industry-wide changes is required.
4. Enhancing Access to Finance and Resources
Policies and initiatives aimed at improving women’s access to finance, similar to those introduced by the Bangladesh Bank’s SME and Special Programmes Department, can have a transformative impact. Financial products and services tailored for women in real estate could bridge existing gaps, enabling more women to invest in and develop real estate projects.
5. Building Knowledge and Capacity
Educational programs focused on real estate investment, development, and management, specifically designed for women, can equip them with the necessary skills and knowledge. Industry associations like the Real Estate & Housing Association of Bangladesh (REHAB) could play a significant role in offering such specialized training and mentorship programs.
6. Creating Networks and Advocacy Platforms
Establishing robust networks and platforms for women in the real estate sector can facilitate knowledge exchange, mentorship, and collaboration. Advocating for gender inclusivity and recognizing the contributions of women in the sector are essential for challenging stereotypes and fostering an environment where women can thrive.
Conclusion
The increasing involvement of women in Bangladesh’s real estate sector marks a significant stride towards more inclusive economic participation and gender equity. While the journey is fraught with challenges, the potential benefits—ranging from market diversification and innovation to broader socio-economic development—are immense.
As efforts to support and empower women in real estate gain momentum, the sector stands on the brink of a more dynamic, inclusive, and sustainable future. This evolution not only bodes well for the growth of the real estate sector but also for the socio-economic advancement and gender equality in Bangladesh, paving the way for a more equitable, innovative and prosperous society.
On behalf of BestBari, we welcome better gender equality, not only for Bangladesh’s real estate sector, but for all industries around the globe. One of BestBari’s core cultural values is promoting and embracing workplace diversity in order to lead by example and foster an inclusive, safe and productive working environment.
BestBari is the premium real estate company of Bangladesh. If you would like to access the most exclusive BD properties and premium flat sales for in Dhaka, then contact us to book a complimentary consultation with our team of trusted property specialists.
