Regional News

Bangladesh: Online property portals promise digitizing real estate will make it hassle-free

By Editor 0 Comments NEWS, Regional News

With a population of 166+ million and an area approximately 147,000 km², real estate is a significant concern for Bangladesh. The urban growth rate per annum has been 3.25% (1)— the result of both population growth and rural-urban migration—also adds "fuel to the fire".

As the population becomes denser in the cities, providing shelter and housing facilities for all is increasingly challenging.

The real estate industry in Bangladesh, now in its fourth decade, emerged after the liberation war. The industry comprises mainly of formal private participants (corporate developers) and informal participants (individual developers).

Real Estate and Housing Association of Bangladesh (REHAB), a trade organization for real estate developers, currently accounts for 1073 active member-companies.

The real estate sector experienced a series of ups and downs in the last few decades. In the period following 2004, the sector entertained many new entrepreneurs and organizations and received a huge supply of investments. But inadequate infrastructure and the socio-political scenario made the industry take a downturn in 2006.

It went through another growth spurt when a new government was formed in 2009. But the boost was short-lived and much less powerful than the previous one. The industry is seeing plummeting investment since then.

Against such a backdrop, a few digital startups, popularly known as Real Estate Tech startups, are trying to bring a change to the scene. Addressing the issues that are slowing down the industry’s growth, these companies are easing the process of doing business both for property developers and people who are seeking to buy or rent housing.

One such initiative is bproperty who are trying to bring change. Addressing the issues that are slowing down the industry’s growth, these companies are easing the process of doing business both for property developers and people who are seeking to buy housing.

Read more here.

 

References
1. Islam, N., 2012. Urbanization and Urban Governance in Bangladesh. Annual Global Development Conference on “Urbanization & Development: Delving Deeper into the Nexus”. Budapest.

 

 

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