Here’s what experts forecast 2019 will look like for the real estate sector!
Real Estate betting big on 2019
Source: The Daily Star
Date: 16 Jan 2019
The article highlights the prospects of the real estate industry in this year. REHAB President Alamgir Shamsul Alamin commented that due to political stability after the election period, apartment sale is likely to increase and the real estate market may grow by 9% as a result of government extending loan opportunity to the government employees at a reduced interest rate. Dr. Toufiq M Seraj – Managing Director of Sheltech opined the same and stated this year the growth of real estate sector will be more than that of the last few years. Meanwhile DBH Managing Director and Chief Executive Q M Shariful Ala cited increased interest rate in last year to be responsible for a slow real estate market. The average interest rate rose from 8.5% to 11% in a year as a result of liquidity crisis. He pointed out that even though some real estate companies might have had a successful year, the sector as a whole did not grow. In addition, Arif Khan – Chief Executive and Managing Director of IDLC Finance commented that the real estate market has been reviving since 2014. According to sources, the industry delivers on average 10,000-12,000 units of apartment per year.
Home loan facilities need to be increased for flat buyers
Source: Prothom Alo
Date: 22 January 2019
The article features an interview with REHAB President Alamgir Shamsul Alamin on the occasion of Berger online real estate fair organized by Prothom Alo. In the interview he commented on current real estate market conditions and ways to boost the real estate sector. Regarding the effect of election on real estate market, he spoke positively as the political condition has remained stable. He added that customer’s apprehension to invest in real estate during election period is nothing out of the ordinary. However, real estate developer companies that are reputed and trustworthy face no disruption in sales irrespective of the socioeconomic conditions.
Commenting on current apartment prices, he agreed that the price is beyond the reach of middle-income people and to make the price affordable, there needs to be changes in policy, development of satellite city outside Dhaka, increased home loan facility with lower interest rate and long term installment facility. Currently demand of housing is greatest in Dhaka, as a result 98% of real estate developer companies operate in Dhaka and only 2% have operations outside Dhaka.
When asked about how REHAB handles customer complaints regarding delayed handover, Mr. Alamgir Shamsul Alamin replied that REHAB gives utmost priority to customer complaints and they have a separate cell that deals with such complaints and the issue is resolved with the establishment of a committee where both the parties are called to present their side of the story. He also added that REHAB cannot take action against companies that are not enlisted under their organization. He urged customers to buy a flat only after researching the company thoroughly and recommended media to check RAJUK approval of a project before publishing any advertisement as people tend to trust what they see in newspapers like Prothom Alo.
Online real estate fair kicks off
Source: Prothom Alo
Date: 23 January 2019
The article features a week long online real estate fair which is the first of its kind in the country. The fair was organized by Prothom Alo and it offered home buyers the chance to view detailed property information online and connect through live chat support available from 10 am to 10 pm. The fair with the theme “Search for your home from your home” was sponsored by Berger. 45 leading real estate companies in the country took part in the fair and showcased projects from different parts of Bangladesh including Dhaka, Chattogram, Cumilla and Bogura. 7000 flats, 3.5 lac katha land and 15 lac sqft of commercial space were up for sale in the fair. In the inauguration ceremony Berger Head of Projects Sales Md. Hasanuzzaman spoke highly of the initiative by Prothom Alo to arrange a virtual housing fair in the country and hoped that in the coming days this will become a trend that will help in the growth of the real estate sector. REHAB Vice President Liakat Ali Bhuiyan, Prothom Alo Editor Motiur Rahman as well as other realtors attended the program.
Buyers’ interest in buying homes increasing
Source: Prothom Alo
Date: 24 January 2019
The article features an interview with Dr. Toufiq M Seraj – Managing Director of Sheltech. In the interview with Prothom Alo he shared his insights on current real estate market, government role in supporting real estate sector, future prospects of real estate, decentralization and so on.
When speaking of the existing real estate market condition, Dr. Toufiq expressed a positive outlook as the socioeconomic conditions are quite good as a result of which home buyers are showing interest in purchasing apartments. Commenting on government role in strengthening the real estate industry, he said that although the real estate sector is a major contributor to country’s GDP, it is often deprived of the benefits of an industry as even after demanding specialized bank and special funds for housing loans, government has not taken any initiative. He recommended lowering of VAT, taxes and home loan interest rate to boost the real estate sector as reducing these costs will reduce financial burden on the customer.
Speaking on lack of customer’s trust in the sector, Dr. Toufiq commented that when buying an apartment customers need to focus on more than just the price and consider company history, product quality and so on. There is also a need in the industry to acknowledge the industry professionals so that other companies can be motivated to give quality product and service.
Referring to urbanization, he stated that proper infrastructure needs to be developed in areas outside Dhaka. This will reduce the overpopulation in Dhaka city, fulfill housing demand of many as well as help in growth of real estate sector.
Bproperty.com acquires Lamudi in Bangladesh
Source: Dhaka Tribune
Date: 8 Jan 2019
The article features the acquisition of Lamudi in Bangladesh by bproperty- an online real estate portal in Bangladesh. The news came from a press conference at Hotel Sonargaon in the capital city where Bproperty’s CEO Mark Nosworthy made the announcement. As per the deal the present services of Lamudi offered to its consumers will come to an end and real estate developers and consumers will be served through bproperty.com. Mr. Mark commented on the need for an independent real estate company with the objective to ensure a secure real estate transaction. He further added that with this service real estate consumers will have confidence in the industry and this will propel the real estate industry forward. Recently the online portal has introduced a number of new features like adding virtual tour of properties so that customers can view properties easily and make the right choice.