Dhaka is one of the fast-growing cities in Asia and the demand for accommodation is increasing day by day, making apartments in Dhaka more expensive. Buying an apartment in Dhaka is likely to be one of your biggest purchases in your life and therefore it’s important to know what are the top factors that influence property prices. In this BestBari article, we discuss the three most significant contributing factors that influence property values in Dhaka.
As the old saying goes, it’s all about location, location, location! Location is the most significant factor that influences the property prices in Dhaka. The location and demographics of the neighbourhood plays a very important role in determining the desirability and price of a property.
For example, properties that are in close proximity to good schools, shopping centres, cafes and restaurants tend to attract more buyers as have higher demand, which then drives up the prices. The status of the suburb and demographics of the local population plays an important part, for example are there mostly professionals, expatriates and retirees living there.
Some factors can actually have a negative influence on property prices such as close proximity to power plants, homeless shelters and bars. In addition, consider the accessibility to transport and commuter link to offices for essential for daily living and travelling to work.
Also, take note of the trend of the average apartment price when researching your ideal location when purchasing a flat in Dhaka. For example you may have noticed that property prices in areas close to the metro rail in Dhaka city have been appreciating in value due to the convenient commuter network to commercial hubs in Dhaka.
Condition, features and style
The overall condition, features and styling of a property plays an important role in determining its appeal and value. Certain styles of homes can get better prices that others, which is why the styling and presentation is very important. Please read BestBari’s article on Top Tips for Interior Design in Bangladesh to get ideas on how to best design the interior of your property.
Not every property is created the same, and the conditions may different substantially among different properties in Dhaka, which then influences the prices. The features and amenities of a property are important since they affect the overall lifestyle and appeal to live in a certain property. For example, does the property have lifts, easy car parking, on-staff security, concierge and access to gym and pool?
At BestBari, we have a access to a trusted network of high-quality real-estate brokers and property developers who can help you purchase your dream property in Dhaka for a discounted price within your budget. Click this link to be connected to one of our trusted property consultants free of charge.
When buying a property in Dhaka, consider the condition of the property. For example, avoid properties with water leakage, insect infestation and dampening in the walls. It is suggested to contact a specialist to inspect the condition of the home before purchasing it. Please contact us if you would like to be connected to with an independent specialist to assess the condition of a property.
Economic and market conditions
Although economic and market conditions are outside your control, they do significantly impact the demand and prices of apartments in Dhaka. If there is higher economic growth in a certain areas, there becomes more businesses, jobs, income and therefore the desirability to live in that area, which then increase the demand and prices for homes.
With the current economic growth rate, the property market in Dhaka is likely to do well in the near future. If you are interested to learn more about the economic and market conditions in relation properties in Dhaka, please read BestBari’s article on Why Invest in Bangladesh Property?
The interest rate is also an important factor that directly affects property prices since a lot of home buyers have home loans. Low interest rates mean it’s easier for property buyers to borrow, which increases the demand and prices for property. However, higher interest rates make it more difficult to borrow, which lowers demand and property prices.
All of these three major factors significantly impact the value of Dhaka apartment prices. On behalf of BestBari, we hope you have found this article useful to understand the major contributing factors that impact property prices in Dhaka. Please visit our News and Reviews page for more useful articles like Easy ways increase the value of your Dhaka flat.
We wish you the best and hope you find your dream flat for sale in Dhaka.