Real estate industry in Bangladesh
Bangladesh is one of the developing countries in Asia. The real estate industry in Bangladesh has seen a remarkable transformation, reflecting the country's shifting population, economic growth, and consumer preferences. The industry has had a huge impact on Dhaka's metropolitan landscape.
Bangladesh's real estate sector remains a compelling tale in the country's economic development, with a promising future and constant innovation. In this blog post, we will discuss the transformation of the Real estate industry in Bangladesh.
Historical significance | Real estate industry in Bangladesh
When the real estate industry initially began to emerge in Dhaka, Bangladesh in the 1970s, there were very few registered companies. Real estate has evolved from ancient settlements to modern metropolises, reflecting the aspirations and problems of a growing population. By the late 1980s, it became popular among all classes of society.
The demand for housing is increasing day by day. In addition to homes, real estate offers high profit margins and contains significant infrastructure, company setup, and model towns. The historical evolution shows commitment, creativity, and passion for creating spaces that reflect people's aspirations.
Exploring Real estate industries impact on the national economy
Real estate industries play an important role in the economy of Bangladesh. The real estate market in Bangladesh, especially in Dhaka, contributes a substantial 7.96% to the country's GDP. This impact extends to various fields, including steel, cement, brick, and other building supplies.
Housing demand promotes new sectors, bolstering the entire economy. Real estate industries, ranked third among the country's crucial industries, trailing only agriculture and the RMG sector, support other sectors, strengthening the economy as a whole.
Changing face of Real estate in Bangladesh
Dhaka and Chattogram dominate Bangladesh's real estate market, with businesses primarily centered in these cities. Both banks and non-banking financial institutions have made huge investments in this sector, leading to remarkable levels of demand for housing finance.
Notably, families in the lower middle class are highly selecting compact flats ranging from 850 to 1000 square feet. Despite all the limitations, Dhaka's real estate industries offers tremendous growth possibilities.
Current trends in Bangladesh's Real estate industry
The current situation of the Bangladesh real estate industry shows an ever-shifting condition affected by changing consumer tastes, market demands, and economic variables. These developments offer a range of facilities such as recreational areas, fitness centers, and 24/7 security services, and so on.
Here's an overview of some prominent trends:
- Affordable housing
- Rise of mixed-use developments
- Sustainable and green buildings
- Digitalization and prop-tech integration
- Infrastructure development
- Adoption of steel structure buildings
- Studio apartments and compact living
- Resilience amidst challenges
Final remark
The real estate industry in Bangladesh is a dynamic and lively sector that has a significant impact on the country's urban landscape and economic trajectory. With an emphasis on affordability, sustainability, and innovation, the industry is well-positioned to meet future challenges and opportunities, contributing to Bangladesh's economic growth and development.
Assure Group is at the top of Bangladesh's real estate industry, dedicated to delivering excellence on every project. Assure Group continues to redefine the standards of excellence in Bangladesh's real estate business by focusing on quality, ethics, and client happiness.
