Welcome to BestBari’s article in relation to the Top Trends in the Bangladesh Real Estate Market, produced by our team of property specialists to help future and existing potential home buyers and investors research and monitor the real estate market to help them find a perfect flat for sale in Bangladesh.
Dhaka is one of the fast-growing cities in the South Asia sub-continent and the prices and demand for flat sales in Dhaka are increasing frequently given the city’s significant population growth and increase in the rising level of income. Buying a flat in Dhaka is likely to be one of your biggest purchases in your life so it’s essential to know what are the top factors that influence Dhaka flat prices.
Buying a flat in Dhaka can also be a challenging and daunting experience, especially as the competition to find a good-quality flats in Dhaka is getting more fierce and high-quality property listings are becoming scarcer in supply. According to the research done by the Real Estate and Housing Association of Bangladesh (REHAB), approximately 10,000 flats were sold in 2021 after the COVID-19 aftermath and was a significant increase from 8,500-9,000 per year since 2018.
Price Trends in the Bangladesh Property Sector
Bangladesh’s property sector is booming one of the fastest-growing sectors in the country. Even with the global pandemic, prices of flat sales in Dhaka surged due to the significant increase in buyer demand for new homes.
The demand for flat for sale in Dhaka is due mostly to the country’s urban population growth, rising median income per capital and the support from government initiatives, such as tax incentives and the development of residential and commercial zones for the Dhaka’s booming real estate sector.
However, prices of flat sales in Dhaka, especially the price of new flats have also increased due to inflation and the rising cost of materials. Dhaka flat prices increased by approximate 10% in 2021 due to the price increase of steel and cement given supply chain issues and lockdowns in China.
For example, steel and cement prices increased 34% and 10% respectively in the last 12-months. Given that cement and steel are major components of property construction, Dhaka flat prices also followed suit and increased along with construction material. Another catalyst to this has been rising popularity of steel structures in major urban areas like Dhaka city, where prefabricated steel structure can better withstand earthquakes better and also more efficient to use for construction.
Other Trends in the Bangladesh Property Sector
It’s not all about prices in terms of trends in Bangladesh’s property sector. There has been significant increase in the demand for small sized studio apartments, measuring approximately 600-700 square feet. Smaller studio apartment young people and small families because of the price affordability (especially in Dhaka) and they require only one large room to comfortably live in.
Last but not least, BestBari has seen a significant push by the Government to go more green in order to protect the environment from climate change. For example, the Minister of Environment, Forests and Climate Change, Md. Shahab Uddin announced that the production and use of hollow bricks and blocks will gradually be made mandatory by 2025 in order to minimise air pollution in Bangladesh.
Hollow bricks have several holes in them and its less harmful to produce than traditional red bricks. Red brick manufacturing leads to significant air pollution, smog and carbon emissions that contribute to global warming. Not only do hollow bricks lead to a cleaner environment for Bangladesh, but they are also more fire resistant and safer than traditional red bricks.
On behalf of BestBari , we hope you found Top Trends in the Real Estate Bangladesh Market useful to finding your ideal flat for sale in Bangladesh. At BestBari, we believe it’s important to constantly research and monitor the Bangladesh property market and be aware of price trends. If you are interested to learn more about market conditions, please read our article on What Influences Apartment Prices in Dhaka.
If you enjoyed this guide please visit our News and Articles page, including our article Why Invest Real Estate in Bangladesh. BestBari has a wide access to a trusted network of high-quality real-estate relationship managers and property developers who can help you purchase your dream property in Dhaka. Click this link to be connected to one of our trusted property consultants free of charge.
We wish you the very best and hope you find your perfect flat for sale in Dhaka!