In light of rising prices of construction materials, do you think secondhand properties will be in demand again?
The price hike of construction raw materials is no secret now, not even to the layman.
Everyone knows prices in the new property market will be at extreme points.
Even those who invested before the rise are now being affected by it.
Turning to the secondhand market is really the smartest choice for people.
Secondhand properties are a blessing that few are yet to realize, but people are coming around to the idea.
In terms of secondary property transactions, how successful has Bproperty been in terms of market penetration?
We have been working non-stop to ensure real estate investors have all the information they need to make fruitful decisions.
We have put in a lot of effort behind the secondary market.
Before Bproperty, there was close to no accessible information on the secondhand market, let alone in a consolidated manner.
Today, Bproperty is seeing great success in the secondary market in terms of interest and transactions.
We receive over 35,000 queries on the secondhand market every month covering questions of availability, value, and investment opportunity.
Many of these queries lead into transactions - we are currently averaging about 100 secondhand property transactions a month and this average appears to be on an upward trend.
We are getting more and more direct requests to be referred to secondhand properties rather than brand new properties because more people now know about the increased and increasing prices of new properties.
Choosing to set up the secondary market seems to have been the right move for us and for the country.
The demand for the segment has always existed, yes, but with a now more structured approach, we are seeing transactions take place at a rate much higher than even we expected.
What can you tell us about Bproperty's new venture into interior services? How does it work?
Bproperty Interior is set on providing new and old property owners a way to modify their spaces to their needs and desires.
This can be to supplement comfort, flow, productivity, brand image, or sales.
We believe in keeping up-to-date with all sorts of trends in order to consult our clients with what would be best for them in the case that they are unsure of what they want.
Currently, Bproperty is offering multiple services according to their needs.
Our multiple packages allow for clients from all categories to come to us - whether they are in need of simple touch-ups or a complete makeover.
Bproperty Interior thus offers decorative services, renovation services, and even electrical and plumbing services to supplement the requirements of the design agreed upon.
What are the crucial elements in selecting the right property?
There are a multitude of things to consider.
Firstly, it is important to see how the space is segmented; whether it is suitable to the usage plans you or a future buyer may have.
In general, space management, natural light, and ventilation are key features for a home.
It is nearly the same for commercial properties, but here you have to also ensure the property is capable of withstanding any renovations you may need in order to set your brand in place.
Apart from the features of the space itself, supplementing features add great value.
For a residence, facilities such as community halls, swimming pools, play areas, etc are great.
Commercial properties may instead prioritize kitchen facilities, large conference facilities, and multiple elevator functions.
As for location, though everyone wants a transportation friendly and close-to-amenities space, residential and commercial properties requirements generally vary in one aspect - visibility and footfall.
Whereas a person looking for a place to live will want the property to be quiet and private, a commercial property seeker will most likely want someplace clearly visible to potential clients and customers.
Development of the area will also affect both quality of life and improve the value of the property in the long run.
So the only thing left to ask is if the property is meant for personal use or as an investment tool, to which everything mentioned above is important.
The only impact that question has is where you put your priority when looking at the aspects.
One more crucial element needed to consider when buying a property but often we ignore that is legal viability of the property, trustworthiness of the sellers.
Will home prices go down anytime soon? What do you think?
That is highly unlikely.
We always say real estate is the only win-win investment scenario.
Property values always increase in the long run, and that is great news for anyone buying in the now.
Considering how raw material prices have increased, and why so, we cannot really expect them to ever go back to where they were.
For example, a price comparison of 2020 and 2022 from our own data gives us an idea of how prices are changing in recent times.
In Dhanmondi, average price of property was Tk9,207 per sft in 2020 becoming Tk11,979 per sft in 2022 - a 30% rise over the period.
Similar cases can be seen in other locations as well, though not as drastic as 30%.
Rampura saw a 21% rise, whereas Mirpur and Gulshan saw nearly 9% growth.
At the very most, if prices of raw materials go down at all, it will probably be a small amount and the immediate prices of new properties may drop.
However, this will be by a very small percentage, one that may not even be significant to affect purchasing decisions.
So it is definitely a great thing that we have established the secondary market as a viable alternative place to go for property seekers who prefer a little more certainty in their investment decisions.
Considering this market segment is unaffected by the price of raw materials, the only price changes have to do with area development and government regulations which are more transparent and easy to prepare for.
With Bproperty enjoying the lion's share of the country's property tech industry, how is it benefitting its users, i.e - people who are working and cannot assess properties physically?
We pride ourselves on making life convenient for property enthusiasts.
Providing or seeking property, we have systems in place to make processes seemingly effortless for our patrons.
Property seekers can sit in the comforts of their seat and look at thousands of properties meeting their requirements; analyzing them through information, images, videos, and virtual tours.
Only once convinced that a property holds the potential they are looking for do they have to make a request for physical interaction.
It is even easier for landlords and sellers - head over to the Bproperty website, select ‘Add Property’ from the top navigation bar, and wait.
After a small communication confirms your request, various teams will come to you to collect information that will help us market your property to the world - free of cost.
Bproperty ensures near effortless access to our services where we make every process as “automated” as possible.
Do you think house rent figures are accurate in Dhaka, as per their locations? - Valuation?
Unlike property prices, apartment rent is more stable and tends to be independent of the influence of external forces.
Like clockwork, rent increases every year by landlords, and that change in rate normally ranges between Tk500 to Tk1,000.
Rarely does it increase more than that. However, the rapid infrastructural development of an area may contribute to increasing monthly rents, albeit, not at a sharp pace.
In general, the average rent in Uttara is higher than what you would expect it to be.
The average rent for a 3-bedroom home in Uttara ranges between Tk30,000 and Tk35,000 and can be even more than that – which is on par with Bashundhara R/A.
Uttara is on the radar of a lot of people and those who have offices in the area prefer to live there as well.
And that demand is what drives up the rent in Uttara more than the facilities offered in actuality.
On the other hand, areas such as Banasree and Aftab Nagar, which are very conveniently located, offer more affordable rent.
The rent of similar sized 3-bedroom apartments can range between Tk20,000 and Tk25,000.
The same type of rent disparity can be found all over the capital, at least from a locational perspective.
Some of the areas have inflated rents – areas such as Malibagh and Niketan – while up and coming areas can offer good deals for renting.
And there is no fixed policy that can be followed for rental valuations.