Is this a good time to sell your property in Bangladesh fast? Will you get a good price for it? That depends on who you talk to. According to the Economist Intelligence Unit’s Liveability Survey, which assesses the quality of living in locations around the world, Dhaka, the capital of Bangladesh is the least liveable city in the world.
This survey does not include cities such as Kabul or Baghdad, which are war zones, but cities where people would want to move to, and where hundreds of millions buy and sell property.
According to the report, “Conflict is responsible for many of the lowest scores. This is not only because stability indicators have the highest single scores, but also because factors defining stability spread to have an adverse effect on other categories. For example, the threat of armed conflict will not just cause disruption in its own right, it will also damage infrastructure, overburden hospitals, and undermine the availability of goods, services and recreational activities.”
So, countries such as Bangladesh, and other countries in Asia and Africa rank the lowest in the survey because of reasons such as crime, terrorism and civil insurgency.
Bangladesh is a heavily populated country. Dhaka is an overburdened metropolis with 13 million people packed into a relatively small landlocked area. While there is no threat of military conflict here, the fact is the healthcare facilities are sub-par, the roads are clogged with traffic, the air is thick with pollution and the living conditions are atrocious, if we are being honest.
Still, there is hope if you are looking to buy property in Bangladesh online. A recent study by the Real Estate and Housing Association of Bangladesh said that home prices and land prices here, especially in the city of Dhaka, have been rising fast since 2000.
The report says, “A good amount of undocumented money has been utilised in acquiring land, apartments, buildings, shops etc. in past few years.” You can buy a house in the prime localities such as Baridhara at $3,700 per sq. metre.
A real estate developer based in Dhaka, Kazi Inam Ahmed, says in an interview with the Financial Times, “If you brought a property in Dhanmondi [one of the most affluent residential areas in Dhaka] for 6.45m taka [$83,000] in 2005, that would have increased five or six times by now.”
There are serious problems as urban planner Nurul Islam who works for the Dhaka-based Centre for Urban Studies research institute says: “In four decades, Dhaka has, on average, grown close to 5 per cent a year. In a property where one family would have lived in 10 years ago, we now we have 40.”
Bangladesh has been placed in the next 11 category after Bric nations by Goldman Sachs. It is one of the fastest growing emerging economies in the world. So there is certainly lot of hope here, and there are many foreign investors who are looking to buy property here from the long term perspective.