Dhaka, Bangladesh (BBN) – The land price increased by 25 times and the apartment price ten times in the last one and half decade making Dhaka’s real estate most costly in the region after Mumbai and Delhi, realtors said on Sunday.
The steady price hike of real estate in the backdrop of high demand has turned in the Bangladesh’s capital one of the costly cities in South Asia, Real Estate and Housing Association Bangladesh President Tanveerul Haque said.
“Price of apartments in Indian capital New Delhi and populous Mumbai are higher than apartment in Dhaka,” Mr. Haque was quoted by the New Age, a local newspaper, as saying, adding that the price in the Indian cities would be 40 percent higher.
The existing selling price of per square feet apartment in Gulshan and Banini, two most city posh areas, is BDT 14,000 to BDT 15,000.
The price was, however, was only BDT 1,400 to BDT 1,500 for per square feet in those areas in early 1990s, market operators said.
They also said the lowest price of per square feet apartment is around BDT 4,000 in less demanded area like Mirpur and Mohammadpur. “Land price in Dhaka increased by 25 times in last 15 years pushing up the cost of real estate.”
In recent years, 7000 apartments are sold out annually by more than 200 real estate companies. Expatriate Bangladeshis, bankers, garment manufacturers, former bureaucratese and politicians are the main clients.