Dhaka Real Estate Market 2024: Price Trends vs 2021

Dhaka's real estate market has seen a significant surge in prices over the past year, with some areas experiencing a 20% increase in just the last 6 months.

This trend matters now because it has major implications for buyers, sellers, and renters in the city. The 2021 boom cycle was marked by rapid price appreciation, with areas like Gulshan and Banani seeing prices rise by as much as 30% in a single year. As the market continues to evolve, understanding the similarities and differences between the current market and the 2021 boom cycle is crucial for making informed decisions.

In Dhaka, areas like Dhanmondi and Uttara are experiencing significant growth, with new developments and infrastructure projects sprouting up along roads like Mirpur Road and Pragati Sarani. Organisations like the Bangladesh Housing and Building Research Institute and the Real Estate and Housing Association of Bangladesh are working to promote sustainable and affordable housing options in the city. The Dhaka North City Corporation has also launched initiatives like the Dhaka North City Corporation Housing Project, which aims to provide affordable housing to low-income families.

According to data from the Bangladesh Bank, the average price of a square foot of residential property in Dhaka has risen from 8,500 taka in 2021 to 12,000 taka in 2026. This represents a 41% increase in just 5 years. In terms of specific numbers, a 1,000 square foot apartment in Gulshan that would have cost around 80 lakh taka in 2021 is now priced at around 1.2 crore taka. Similarly, a 2,000 square foot plot of land in Uttara that would have cost around 1.5 crore taka in 2021 is now priced at around 2.5 crore taka.

Market Outlook

So what happens next? Experts predict that the market will continue to grow, albeit at a slower pace than in 2021. The key to success will be finding the right balance between supply and demand, as well as promoting affordable and sustainable housing options. For buyers and renters, it's essential to do your research and work with reputable agents and developers to find the best options. The Bangladesh government has also announced plans to launch new initiatives like the Housing and Public Works Ministry's Affordable Housing Program, which aims to provide subsidies to low-income families and promote affordable housing development.

As the market continues to evolve, it's crucial to stay informed and adapt to changing trends and conditions. By understanding the similarities and differences between the current market and the 2021 boom cycle, buyers, sellers, and renters can make informed decisions and navigate the complex and dynamic world of Dhaka's real estate market. Whether you're looking to buy, sell, or rent, it's essential to stay up-to-date on the latest market trends and developments, from the streets of Old Dhaka to the high-rises of Bashundhara.