Safety and security drive house-hunters’ decisions about where to live, with these factors trumping other concerns such as location and affordability, according to a new report on Bangladesh’s property market.
The findings are contained in research from global property website Lamudi, which today released its first annual report on real estate in the emerging markets. The report, Real Estate in the Emerging Markets, provides a comprehensive overview of the property sector in 16 emerging countries, including Bangladesh.
The report is based on a series of online surveys conducted with house-hunters and real estate agents in each country, as well as onsite data from Lamudi’s global network of websites. The research examines the habits of online property-seekers, while offering insights into the future of the property sector based on interviews and surveys with local property experts.
The customer survey examined house-hunting habits among buyers and renters. Safety
emerged as the most important factor for those who are looking for a new home. The location of the property ranks second, while affordability and cost constraints come third. Factors such as lifestyle and cultural options rate poorly among property seekers.
The second survey, targeting real estate agents, revealed the extent to which the property
market has moved online. Nearly three-quarters of brokers surveyed said the Internet is now often used in the house-hunting process, while 27 percent said it was sometimes used. The vast majority of agents surveyed (97 percent) said the Internet would become more popular with house-hunters over the next decade.
Lamudi’s Global Co-Founder, Kian Moini, said: “The primary conclusion that we have drawn from our research is that the future for Bangladesh’s property sector is extremely bright. Over the coming decade, as property prices rise with Dhaka city, new growth areas are expected to emerge. We are expecting to see areas such as Uttara, Dhaka’s biggest satellite town, become increasingly popular with those looking to buy or rent a house.”
Each country covered in the report offers an in-depth interview with key figures from the local property industry. For Bangladesh, Liakat Ali Bhuiyan, vice president of the Real Estate and Housing Association of Bangladesh (REHAB), was interviewed.
Discussing the future of the local property market, Mr Bhuiyan nominated Dhaka and Chittagong as the top investment opportunities in the country. “These are the cities that have multiple advantages such as roads, flyovers, train services and more. These cities are also important for commercial purposes, and the middle class is growing fast in both of these cities.”
The 16 countries covered in the report are: Indonesia, the Philippines, Myanmar, Bangladesh, Pakistan, Sri Lanka, Jordan, Saudi Arabia, Nigeria, Kenya, Tanzania, Morocco, Ghana, Ivory Coast, Mexico and Colombia.
For the whole report visit Lamudi report
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 28 countries in Asia, the Middle East, Africa and Latin America, with more than 700,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.