Currently the real estate sector is in a very precarious position given the difficult period it went through last year. The pace of slow and steady growth was hampered by the political unrest which happened in the month of January, slowing down the whole economic engine of the nation.
However, in an emerging and dynamic nation like Bangladesh, all it takes is one good month for the sentiment to change drastically. Recently held successful REHAB (Real Estate & Housing Association of Bangladesh) Fair 2015 is a sign of a turnaround in the real estate market.
Lamudi Bangladesh has been working closely with all its partners in the real estate sector to produce quarterly reports on the state of the market. As part of our last quarterly report we reported on real estate prices for the convenience of property buyers and sellers as well.
The apartment purchase and rent price are still highest in Dhaka (Avg. Price Buy – 7,784,588 BDT) whereas Chittagong stands in the second place. Cox’s bazar pricing also noticeable as it is increasing fast (Avg. Price Buy – 2,500,000 BDT) for its tourism value. Sale price did not change in last quarter but for low sale rate, rent price increased marginally. Average rental price in Dhaka was 39,360 BDT pcm and going as low as 16,728 BDT pcm for Narayangenj Sadar, a town outside Dhaka.
The trend of owning an individual house is still alien in Bangladesh. Only few expats, high officials and celebrities considers living in houses which are mainly situated in Dhaka city with average price being 27,552,000 BDT.
Dhaka also leads the chart for the demand and price for commercial spaces. No matter where a business is located in the country, they would like to have an office in Dhaka city. Commercial spaces average for 17,286,912 BDT (buy) and 747,840 BDT pcm (rent), which are high compared to the current business climate. But for the next quarter, assumption is that the price will stabilise as many new commercial buildings are under completion.
In Bangladesh, people compare land to a golden goose that keeps giving, the more someone holds on to it, the more its value increases. From real estate developers to individual buyers, from Dhaka to any part of the country, demand for land is always high. Land price in Dhaka at an average price of 14,760,000 BDT was the highest in the country with Chittagong in second place. Limited availability of land in Dhaka causes the high prices to extend into the suburbs of Dhaka, for instance in Narayangenj Sadar and Savar demand and price is also high at 3,542,400 BDT and 2,952,000 BDT respectively. The price was unchanged in last quarter and expected to be remaining same or increase in the next quarter.
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 32 countries in Asia, the Middle East, Africa and Latin America, with more than 900,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online