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Expatriate Bangladeshis are scattered across the world in search of changing their future.
Real estate is one of our most important concern, because real estate sector is the growth centre for the development of an economy and it is one of the most attractive sectors to invest now in Bangladesh. In fact, Rapid urbanization has become an acute problem for the country. The rate of urbanization is estimated to be 5-6% annually for Bangladesh.
About 25% of Bangladeshis are now living in urban areas and 34% will be living by 2015 & 50% by 2025. There is acute shortage of housing supply in all urban areas and it�s increasing with current demand of 600,000 to 800,000 units all over the country. And particularly in Dhaka this demand is estimated at 60,000 units of real estate apartments combined with 200,000 units of replacement plus backlogs. Dhaka is currently growing very fast compared to other. Besides, Only 8000-9000 apartments are built per year where at least 1,00,000 apartments are needed.
In other words, being one of the densely populated nations in the world, Bangladesh has been experiencing severe inadequacy of housing shortage for its citizens. The private sector housing real estate developers have contributed a small proportion in the national housing demand and supply gap for the last more than twenty years. Despite inadequate policy preparations, these real estate developers have been successfully making business although the middle and low income households are still untapped. With the larger proportion of people living in this income group, the private housing real estate sector has a huge scope to grow in this country. The positive notion is supported by many key indicators such as increasing house rent, inadequate and costly land, and easier financing availability and more.
Reasons for development of the Industry
Scarcity of open space in the important areas of the city
- Hazards of purchasing land
- Hazards of construction of building
- Rapid increase in population of Dhaka
- Decrease in the rate of bank interest
- Price of land and apartments is increasing day by day
- Rent of the apartments is comparatively higher than the rent of privately constructed flats
- Open Market Economy
- Remittance of foreign currency is very easy Security
- Fiscal-Financial incentives such as the decrease in the rate of bank interest.