Over 56% dwellers in Dhaka and Chittagong cities cannot afford to buy flats, finds a survey.
Lamudi.com.bd, an online marketplace of houses, conducted the study on 1,200 flat buyers or renters and 300 real estate firms both of the cities of the country.
The survey findings were revealed yesterday at “Lamudi Real Estate Summit 2014,” organised jointly by Lamudi and Cityscape, a real estate company.
The summit was to discuss how real estate has changed over last one year in the emerging markets like Bangladesh and look 2015.
The survey showed those who have affordability purchase flats for different reasons. Most of them buy to be socially secured. Their percentage is 73.
There were 8.1% respondents who buy flats only because they can afford it while 13.5% answered they bought flats as they had financial supports from family or friends. There were 5.4% who purchased for other reasons.
Property market of Bangladesh contributes 15% to GDP, Lamudi said.
In the survey, 45% participants showed positive attitude to the Bangladesh property market, 45% were neutral and 10% expressed concerns for future.
The report said 9.4% would not buy flats despite affordability as they are concerned about fraudulence, 12.5% are decided not to buy for no cited reason and 21% have other different reasons to avoid buying.
In the survey, 72% respondents said they regularly browse internet to buy or rent a house while 18% do that infrequently and 10% rarely.
Security matters come first in choosing flats to buy or rent, then proximity to family and friends, local environment and climate, lifestyle and cultural matters.
“We are working here together to grow the sector. 70% growth (in the sector) is expected from in emerging market,” said Rajesh Grover, co-founder and managing director of Lamudi Bangladesh.
He said outlook of Bangladesh’s real estate sector is positive as the country experiences a rapid urbanisation.
Rajesh laid emphasis on knowledge on the future of real estate in the emerging markets. “We need to have knowledge about not only current but future clients also.”
Aftab Mahmud Khurshid, chief marketing officer of Super Star Group, said: “In a broader sense the property sector in Bangladesh needs positive brand image, nurturing the corporate culture and property management services for non-resident Bangladeshis (NRBs).”
Challenges for customers of real estate sector are credibility, mis-selling and misrepresentation, which need to be addressed properly, he said.
He urged the developers to provide best services to the customers and make a brand value through introduction of after-sale services for customers.
Abu Sayeed M Ahmed, president of Institute of Architect Bangladesh, emphasised the need to transform Dhaka into an environment-friendly city. “We still have opportunity to do that.”
