2021 saw the rise of the Bangladesh real estate industry after facing a severely bumpy road in 2020. With the ongoing pandemic the price of ongoing construction materials meteorically rose, and since many people faced financial issues, there was a drastic blow in the sale of new apartments. Without proper funding many developers could not complete their projects on time. It was a dark period for the industry, but there were several blessings that helped turn the tables. The government introduced several changes that facilitated property purchase and sale, and technology allowed people to buy, sell, and even rent properties online. This makes 2022 the perfect year to invest in a new home!
Wind of Change
How did buying a home become so favorable now? To understand this, you must realize that with multiple lockdowns many people were unable to jump into property transactions. As soon as lockdown periods ended, there was an unprecedented rush to buy homes. Perhaps it was the fear of death or future uncertainties felt by consumers that caused them to think that owning a property is not so bad after all. Having a place you could call your own is all that you really want! The government reduced registration fees and lowered interest rates on home loans. Using undisclosed money to invest in property has been highly encouraged. This makes buying a home this new year very favorable.
Shifting Towards Affordable Homes
It is true that some developers were stuck in a limbo with construction during the lockdowns, but now that things are better, construction works are going on in full swing. It was during those isolated periods that many people opted to buy homes from private owners or construct homes on whatever amount of land they have. Most developers require favorable locations and around 7 katha or more land to work, but due to land scarcity in Dhaka, some even lower their requirements to 5 katha of land. As a result, buying from non-developers or using construction management firms to build homes proved to be more affordable for prospective homeowners. These trends are here to stay in 2022, so investing now is a wise choice!
Less is More
People facing financial losses have sold lands and apartments at much lower prices, allowing others to quickly grab this opportunity. There was a higher demand in buying homes priced at less than 1 crore taka, but an even greater demand in buying apartments priced at less than 50 lakh taka, regardless of whether the apartments are privately owned or constructed by developers. Since developers were at a construction-pause phase, now they are racing to deliver homes to their customers next year. 2022 will see a great influx of new and ready apartments in Dhaka and Chattogram. With the launch of the Metro Rail all set next year, chances are that the urban population will show a major shift towards Uttara and Mirpur. Not only do these areas boast of affordable homes, but also of new gated communities. This means that at reasonable prices, customers are getting a decently sized home along with plenty of features such as gyms, swimming pools, community halls, co-working spaces, etc. all under one premise. If you believe that less is more, buying a home in gated communities is the right choice.
Areas to Look Out For
If you have made the decision to buy a home this new year, you could start with some research! We have found that the most affordable areas in Dhaka to buy apartments are Demra, Uttarkhan, Shyampur, Dakshinkhan, Mohammadpur, and Mirpur. Areas that are rapidly developing and witnessed a substantial jump in housing prices in a short time are Rampura, Aftabnagar, Badda, Malibag, Jatrabari, Niketan, Bashundhara, Purbachal Marine City, and Khilkhet. Dhanmondi, Gulshan, Banani, and Baridhara DOHS continue to be the hotspots of luxury apartments.
Did this blog help you make your decision? Let us know! We are only a click away. Visit www.btibrokeragebd.com to buy your dream home, or call 16604. You can even text us via Whatsapp: +8801755662414
