- অন্যান্ন পাতা
- বিজ্ঞান ও প্রযুক্তি
Bangladesh is the fourth fastest growing economy is South Asia and aspires to a middle income country by 2021, the 50th year of its independence. Bangladesh has performed impressively in economic terms, hitting 6 percent growth in gross domestic product (GDP) over the last few years. The country’s 150 million population, the majority of which are below the age of 35, offer great potential for future growth and development.
The beginning of 2015 saw periods of political strife resulting in blockades which increased the price of building materials. The political turmoil, high inflation and an unfavourable investment climate has caused the projected GDP growth rate to fall by one percent to 5.6 percent in 2015. However, growth of 6.3 percent is possible if inflation is kept down, foreign direct investment (FDI) picks up and the political situation stabilises.
Recent years have not brought any substantial reform in the real estate sector, with the result that the sector remains sluggish. Real estate contributes seven percent to the country’s GDP and employs 3.5 million people either directly or indirectly. The high interest rates and customer pessimism have resulted in 20,000 unsold apartment. Developers have been forced to reduce prices by 11 percent and land prices by 14.2 percent to entice customers. Dhaka remains the most expensive place to buy or rent property, with Chittagong a far second.
Commercial property prices have remained high this year, but prices should stabilise by the end of the year when several projects are due for completion. The pessimism is also reflected in the level of FDI, which is down 4.7 percent in 2015. The government has taken some steps to boost real estate sales and unlock the funds sitting idle in banks. The value-added tax on small flats has been halved and the home loan ceiling has been increased. However, major structural reform is required to revive the industry.
It is a good time to invest in e-commerce in Bangladesh. Internet penetration is 47.4 million and increasing at a rate of 12 percent. There are over 250 e-commerce websites and 2800 Facebook pages selling products and services. The growth of e-commerce in Bangladesh is around 10 percent which, though lower than some neighbouring countries, shows potential in the long run. It is important to note that 70 percent of internet traffic comes from mobile devices.
Especially impressive is the large sums of money transferred through mobile banking. A total of $1.4 billion was transferred in February 2015 and upwards of $44 million is transacted every day using mobile devices. This shows the long term potential of Bangladesh with regards to the adoption of mobile technology and e-commerce.
The same trend is reflected by the customers on Lamudi. In a recent survey, 96 percent of respondents think online platforms are a good resource for finding real estate, of which 39 percent use only the Internet to search for property. Online portals have also proved popular among non-resident Bangladeshis (NRBs); one-third of visitors on Lamudi are from overseas, with the majority coming from the USA.
Meanwhile, the tourist destination of Cox’s Bazar and the port city of Chittagong, with half the purchase rates of Dhaka, are emerging as popular alternatives for real estate investment. There is also a growing impetus towards sustainable and green buildings. Many developers are now adopting green designs to differentiate themselves from competitors.
In this report, the above features will be examined in more detail, with predictions made for what 2016 holds for the real estate sector in Bangladesh. The future of property market remains bright, especially considering the country’s young demographics and the pace at which e-commerce is being adopted. Developers are now turning to online marketing and branding measures to differentiate themselves and attract a more digital-oriented clientele.