Dhaka currently offers some of the best places to live in the country. Buying a flat in this vibrant city is an exciting prospect for many. With many career opportunities, a growing economy, and a thriving real estate market, people around the country are moving to this city for better life and opportunities. This is why property prices are changing now and then, and understanding the flat prices in Dhaka can be a complex task, especially for people new to the real estate market. In this ultimate guide, we will break down the key aspects to help you better understand the flat prices in Dhaka. Understanding these key aspects will help you to understand the dynamic real estate market and make an informed decision on your investment.
Location
The property’s location is the most crucial factor influencing flat prices in Dhaka. Dhaka has lots of residential neighborhoods to offer. Among them, each neighborhood offers unique features and advantages. Some of the city’s prime locations, such as Gulshan, Baridhara, Bashundhara, Banani, and other locations usually offer high-priced properties. These locations are near commercial hubs, educational institutions, hospitals, recreational facilities, and more. Some of these locations are also close to international embassies, which ensures an extra layer of security for the residents. So, paying extra for the properties means paying for the location’s amenities. On the other hand, flats in developing areas are usually more affordable because the location lacks in one way or another. Purchasing a flat in a developing area with high future potential can be lucrative for investors since the flat price may increase over time.
Property Size and Configuration
The size and configuration of the flat significantly impact its price. Flats with larger floor areas generally have higher prices compared to smaller units. Additionally, the layout and design of the home also play a role. Apartments with modern amenities, well-thought-out floor plans, and efficient space utilization tend to be more sought after and command premium prices. Another factor considered for the flat prices is the size of the apartment. Apartments larger in size and with more bedrooms and living space increase the price of the flat. If you need lots of space, you can always go for a smaller flat for a lesser price.
Property Condition and Age
With age, the property loses its condition slowly. So when you move into an old flat, you will find the property’s condition not up to the mark. As a result, some renovation might be required after you move in. This is why older properties are more affordable. On the other hand, newer properties are built by modern developers with modern amenities and high-quality materials. So, you don’t need to spend after interior renovations or repairs when you move in. You are getting a brand new blank canvas, which you can decorate and customize without renovating and repairing costs. For this reason, expect higher prices for the new flats in Dhaka.
Developer Reputation
Flat prices in Dhaka also fluctuates based on the developer of the property. In the real estate industry of Bangladesh, many reputed developers provide high-quality materials with well-designed homes and modern amenities. Furthermore, these developers also develop the property in prime locations, designed by top-notch architects, increasing the flats’ prices. However, the assurance of better construction, legal compliance, and reliable after-sale service is worth the extra money. So, if you are looking for a premium real estate experience and have a financial backup, looking for an apartment constructed by a reputed developer in the country is a wise decision.
Amenities and Facilities
Different types of flat offers different type of amenities and facilities. These amenities and facilities are mostly a part of the building rather than your apartment. For example, a modern building developed in a prime location by a modern developer includes a swimming pool, gym, party zone, 24/7 surveillance, lifts, and so many more for the residents. The price of these amenities comes with the flat. Flats that offer these types of amenities are always higher in price. You can always compromise some of the amenities to save some budget.
Future Growth
Considering the opportunities and lifestyle this city provides, almost every flat in Dhaka has future growth in terms of price. The price automatically goes up for properties in a location that has the potential to become the next big thing. The reason of price hike is because, from future sales, you could gain a much larger amount than the price you paid for. Investors might find it lucrative to pay more because of future growth. So, be financially ready to offer some extra when going for flats that has potential value appreciation.
Government Policies and Regulations
Government policies and regulations significantly impact the flat prices in Dhaka. A change in policies such as tax might affect property demand, ultimately affecting the price. Changes in zone regulations and development policies influence property values as well. It is suggested that you stay informed about these policy changes to make an informed decision while purchasing a flat in Dhaka.
Apart from these factors, some other factors also affect the flat prices in Dhaka. But once you understand these basics, you will be able to understand the other aspects influencing apartment prices. It would be best to do thorough research to get an overall idea. You can also seek professional expertise to ensure that the flat you purchase is of the right price. Remember, staying informed is always better than investing mindlessly in your big purchase.
Frequently Asked Questions (FAQ)
How can I avoid overpaying for a flat in Dhaka?
To avoid overpaying for a flat in Dhaka, perform market research and seek professional advice. Negotiate with the seller or developer to reach a fair price based on the market.
How can I assess the future growth prospects of a neighborhood before buying a flat?
Look for upcoming infrastructure, transport projects, and potential for commercial growth of the location.
Is there room for negotiation on flat prices in Dhaka?
Definitely. Based on the current market, you can ask for a better price if you feel that the flat is overpriced.
Which areas in Dhaka are considered prime locations and command higher flat prices?
Areas with security, amenities, and necessary facilities are considered prime locations. Check the 5 best locations to buy apartments in Dhaka.
Is investing in a flat with a potential future appreciation or an established neighborhood better?
It depends on your investment goal. If you want stability, you should go for an established neighborhood. And, if you want to take risks and get higher returns, investing in an area with growth may get you a higher return in the long run.