The real estate market has always been booming in Bangladesh. Naturally, one could safely assume that it will continue to be so, in the near future as well. Unfortunately, the year 2020 has not been so kind to the entire world, subsequently affecting the Bangladeshi market as well. With the year 2021 at our doorstep, we need to consider the current situation as indicators of its future prospects. When we do consider it, the market might not continue being so appealing in the future.
COVID-19 has affected the household income of every family, both locally and overseas. With businesses shutting down with the lockdowns, people have been seeing an increase in the already troubling rates of unemployment in our country. If history is any indicator, such situations generally affect the market prices negatively, causing a deflation. Which is exactly what happened to our country as well: loss of jobs lead to a lower purchasing power. Sellers, in turn, are now stuck with properties without any buyers. And to sell their properties, they are having to resort to lowering their prices further, fueling the deflation even further.
According to the Daily Tribune, the prices for the properties are expected to drop even further by 5-10% in the year 2021. However, the studies also show that there still is a shortage of real estate in Bangladesh, especially Dhaka, increasing their market potential. Even so, with people being unable to afford them, the prices continue to decrease. Experts suggest that in the long run, people will not cease to buy flats or lands in Bangladesh. Most residents in the country still want to own land and other properties.
While this may come as bad news for the Real Estate brokers and related businesses, it comes as a blessing in disguise for those who have enough money and reason for purchasing a property at this time. For the businesses like courier services and computer hardware, the owners may cash in on their increased business during the lock-down and spend their well-earned fortune behind real estate at a reduced price. Same applies for the middle-class families who have saved up for their own “Bangladeshi Dream” but haven’t quite got there; they can now afford to buy properties at a much lower price.
So, if you are among one of the lucky ones to still have a well-paying job, or a flourishing business or someone with good savings, the year 2021 could be your big break. Your dream of owning your own home might just be at your doorstep without you realizing it. You may choose to save up some more and wait out a little longer for the prices to drop even further, or you may choose to not risk it and opt to buy one while the pickings are good. Regardless, 2021 seems to be a good year for those who are in the market to purchase an apartment or land. The brand new year could be a real game changer.