Photo: Bonik Barta An advertisement for a 2430-square-foot apartment in
Gulshan-1, Dhaka, has been posted on the property trading website Bproperty.com.
Multiple photographs have been attached to the ad. The seller describes the
apartment as 'aesthetic' and has set the price at BDT 43 million. However, a
few days after the ad was published, no interested parties contacted the
seller.
Several days ago, a luxurious 4483 square foot apartment
was advertised for sale on the Bproperty website, located in Gulshan-2, with a
price tag of BDT 89 million. However, the seller has not found any interested
buyers for this property. The website features 50 advertisements for various
commercial properties, including flats, apartments, residential plots, and
shops. However, there has not been much response from buyers. Officials
attribute this situation to the current political and economic conditions,
stating that transactions have decreased by 40-50 percent.
Bikroy.com is an online platform for buying and selling
new and used goods and properties. Since August 11, the company's website has
featured advertisements for 96 flats and apartments in the Gulshan area.
However, Sell.com officials have stated that the current market conditions have
led to significant struggles in the country's property market.
Real estate professionals indicate that many sellers
prefer not to advertise their properties on websites or in the media. Instead,
they feel more comfortable selling their assets discreetly through various
channels. Recently, there has been an increase in the number of such sellers in
Gulshan. A few months ago, finding properties in this upscale area was nearly
impossible, even with a substantial budget.
According to sources, many property owners in Gulshan,
including flats, apartments, residential and commercial plots, and shops, are
influential individuals such as government officials, politicians, and
businesspeople who have benefited under the Awami League government. Many of
them are currently hiding following the government’s downfall and trying to
sell their properties through various channels. As a result, there are now more
sellers than buyers in upscale areas like Gulshan. This trend is not limited to
Gulshan; areas known for their exclusivity, such as Banani, Dhanmondi, and
Baridhara, are also experiencing a downturn in the property market.
With the increase in sellers compared to buyers, the
trading volume on Bproperty's website has reportedly decreased by up to 50
percent. The company's general manager, Khan Tanzeel Ahmed, told Bonik Barta,
'Sales depenBd on many factors. The location of the property, amenities, and
environment all attract buyers. However, in the current economic situation,
property trading on our platform has decreased by at least 40 to 50 percent.'
Gulshan has always been a top choice for the affluent and
influential in the country regarding residential settlement. It is one of the
few areas in the capital that has been developed in a planned manner. As a
diplomatic enclave, the security measures here are significantly better than in
other parts of the capital. The availability of numerous civic amenities is
also much higher. The presence of wealthy residents, prestigious educational
institutions, and state-of-the-art hospitals has established Gulshan as the
most elite area in the country.
The prices of flats and land in Gulshan are several times
higher than in other areas of Dhaka. In places like Kalabagan, Shantinagar, and
Shyamoli, the price per square foot for flats ranges from BDT 7000 to 10,000,
whereas in Gulshan, it costs BDT 15,000 to 20,000 or even more. In some cases,
the prices for flats or apartments in these areas have surpassed those of
luxury apartments in elite neighborhoods in London, Dubai, and New York. The
cost of land in Gulshan is also high. Currently, each katha of land is sold for
BDT 20 to 30 million, and in some cases, even higher, according to real estate
professionals.
According to Eshita Sharmin, CEO of Bikroy.com, everyone
in the current property market struggles to find buyers. She told Bonik Barta,
“The number of property customers is relatively low. Everyone is struggling.
However, the property market has faced challenges since the beginning of the
year. Although it was expected to improve, the political situation right after
Eid has led to a lack of response in the market.”
She further mentioned that there has been a good response
for relatively smaller projects, stating, “There is a positive response to
properties with comparatively lower prices from developers. The prices of
second-hand properties are always somewhat lower, and we also receive a lot of
interest from those on our site. However, overall, the market is currently
down, and the current property prices are beyond the purchasing power of the
middle class.”
According to sources, many government officials,
politicians, and influential individuals purchased properties in Gulshan using
illegally acquired funds during the previous Awami League government. Following
the events of August 5, most of them went into hiding, and many were arrested
by law enforcement agencies. Those benefiting from the Awami League are now
attempting to sell their properties, contributing to the increase in the number
of sellers in Gulshan.
According to Md. Alinur Rahman, CEO of Rupayan Housing Estate Limited, said the property has become a source of distress for many. He told Bonik Barta, “The number of buyers has significantly decreased. Even those with the purchasing power consider whether buying property will lead to further complications. There has been a major disruption in people’s quality of life. Recent changes have altered lifestyles. Everyone is thinking about survival first, then property.”
