An expanding middle class and ever-increasing urban population has driven the real estate market to new heights. In fact, the concept of real estate model communities, modern infrastructure, elaborate commercial setups, and smart lifestyles. The progress set the stage for new trends in real estate that are here to stay in 2023. According to REHAB, the real estate industry and affiliated markets combined contribute 12% to the country’s GDP. Several real estate companies are adhering to these trends to make a bigger mark in the country’s economy.
Rise of Studio Apartments
Studio apartments may be small and nuclear, but they are the next big thing in real estate. According to The Daily Star, investors and first-time buyers find studio apartments quite profitable because small spaces tend to get rented out fastest. In a city where there is a sky high demand for affordable housing against a staggering population density and inflation, it only makes sense for middle-class people to live in smaller homes such as studio apartments. That is where all the craze comes from. Studio apartments typically have one bedroom, a compact living room, a kitchenette, a dining room, and small bathrooms. These apartments can be anywhere between 250 sft to 800 sft, and are ideal for senior citizens, couples, single working men & women, temporary workers, expats, etc.
Increased use of Eco-friendly Building Materials
Ever since the Government has made the use of concrete hollow blocks mandatory in construction, their use became quickly popular among several small to large real estate companies and construction firms, in a bid to control air pollution. Not only does their use reduce air pollution, they are also affordable, sustainable, and create durable structures in the long run. Concrete hollow blocks also encouraged these entities to pursue other eco-friendly building products such as pavement tiles, unipavers, and concrete solid bricks.
Prefabricated Steel Structures Getting Popular
Another trend that real estate experts vouch for are prefabricated steel structures. Just as the name suggests, a prefabricated steel structure is a building made of steel that has been engineered in a factory, but assembled on site. Sections of the building are made in a factory, and then combined together at the site. This kind of flexibility in construction carries huge potential in a country with shifting urban dynamics. This type of construction is largely popular in other countries, but it is also gaining traction in Bangladesh’s commercial scene. Warehouses, metro stations, and industrial units are keen to use prefabricated steel structures for several benefits, including lower costs, low maintenance, lower time to assemble a building, the eco-friendliness of the whole process, etc. Since the steel structures are made prior to assembly, the quality of the steel is controlled and assured in a factory.
The Need of Digital Real Estate Solutions
Although there have been quite a few popular online real estate platforms working in the past decade, ever since the Covid-19 pandemic happened, the need to avail real estate solutions online escalated to a whole new level. Because of the limited restrictions in movement, buying, selling, and renting properties physically became very difficult. Non-residential Bangladeshis abroad also had little scope to manage their properties from afar. Therefore, renowned real estate agencies and companies such as bti Brokerage came up with digital platforms that offer complete real estate solutions. Basically, this means that one entity is able to provide full real estate support, including buying, selling, management, design, construction, and even landscaping, all from the convenience of the internet. Therefore, a customer can be anywhere in the world and own, build, and manage properties easily. Digital platforms have become a boon to the real estate market and it will only get bigger in 2023 as more companies provide these services.
The economic progress of Bangladesh has brought good fortune to the real estate sector and associated industries. As a result, real estate companies monitoring trends have noticed an upward momentum in affordable housing as well as sustainable solutions. More and more investors and homeowners alike now seek digital real estate solutions to their property-related problems.