Category: Buying Guide

Investment Opportunities in Commercial Real Estate

With ongoing fluctuations in the stock market, people are exploring alternative investment avenues. Commercial real estate, in contrast to stocks, offers potential tax benefits and serves as a safeguard against inflation and market instability.

Commercial real estate can be a tempting investment option, offering potentially higher returns than residential properties like apartments or single-family homes. However, these advantages come with increased risks and complexities, as well as benefits.

What Constitutes as a ‘Commercial Real Estate’?

Commercial real estate goes beyond your local shops and offices. It encompasses properties leased for business purposes, from warehouses to medical centers.

Investors in this sector acquire or develop these spaces to generate income by leasing them to businesses, not individual tenants like in residential real estate. The potential even extends to undeveloped land primed for future commercial ventures.

There are five main categories within commercial real estate, each with its own characteristics:

  1. Office Spaces

The most prevalent type of commercial real estate is office space, encompassing single-tenant offices to towering skyscrapers, categorized into Class A, B, or C.

Class A properties are typically newly constructed or extensively renovated buildings in prime locations with top-notch amenities, managed by professional real estate firms.

Class B properties are often older, requiring some investment for upkeep, yet remain attractive to investors due to their manageable maintenance needs.

Class C properties offer redevelopment potential, often situated in less desirable areas with outdated infrastructure, requiring substantial investment to improve.

  1. Retail Stores

Retail buildings, ranging from strip malls to banks, cater to urban areas, varying in size from 5,000 to 350,000 square feet.

  1. Industrial

Industrial properties, including warehouses and manufacturing sites, cater to manufacturing industries, offering specific features like height specifications and docking availability, often appealing to investors.

  1. Multifamily

Multifamily properties encompass apartment complexes and high-rise condos, considered commercial if having more than four units. They serve as a stepping stone for residential investors venturing into larger multifamily properties, with turnover rates influenced by shorter lease terms.

  1. Special Purpose

Designed for specific uses, special purpose properties like car washes and schools are challenging to repurpose. Common within leisure and tourism industries are hotels, airports, sports stadiums, and amusement parks.

Diversification and Dual Income Streams of Investing in a Commercial Real Estate

  1. Hedge Against Market Volatility: Unlike stocks that can plummet with the market, commercial properties tend to hold their value. This diversification strengthens your portfolio, adding stability during economic downturns.
  2. Income & Appreciation Potential: You can unlock two income sources. Cash flow distributions of 5-15% (or more) annually provide short-term gains. Over the long term, the property itself is likely to appreciate in value, offering additional returns when you sell.
  3. Potentially Hands-Off Investment: Many investors choose to be limited partners in a syndication or fund. This lets a professional handle the day-to-day management, allowing you to be a more passive investor. However, thorough due diligence on the sponsor and the deal is still crucial.

Invest Smartly

Beyond Direct Ownership

While directly owning commercial property offers potential benefits, it also requires significant capital and hands-on management.  This is where Commercial Real Estate ETFs (Exchange-Traded Funds) come in.

Understanding ETFs:

Think of an ETF as a basket of investments that trades like a single stock.  These baskets can hold a variety of assets, including stocks of companies that own and operate commercial properties. Like index funds and mutual funds, ETFs offer diversification and affordability.

Commercial Real Estate ETFs Explained:

These ETFs allow you to invest in the commercial real estate market without directly buying and managing properties.  They provide exposure to a variety of commercial sectors like office buildings, warehouses, and retail spaces.  This diversification helps spread risk and potentially smooths out returns.

Commercial Property Mutual Funds: Diversification Without the Hands-On Hassle

Commercial property mutual funds offer another route to invest in this market, providing several advantages, such as:

  1. Liquidity and Affordability: Like ETFs, they’re generally liquid and come with lower fees compared to direct ownership.
  2. Diversification: Choose funds specializing in commercial properties to avoid a mix of residential and commercial holdings. Research top performers with strong portfolios in this area.
  3. Reduced Management Burden: Unlike residential properties with frequent tenant turnover, commercial leases are typically longer (5-10+ years) and often structured as “triple net,” placing responsibility for taxes, insurance, and maintenance on the tenant.

Residential vs. Commercial Investment

  • Management Intensity: Residential properties require more hands-on management due to shorter leases and higher tenant turnover.
  • Lease Structure: Commercial leases are more complex but often longer-term, with “triple net” leases reducing the owner’s financial burden.
  • Investor Appeal: Residential real estate attracts some investors with its perceived simplicity, while commercial real estate’s potential for higher returns draws others who are comfortable navigating its complexities.

 

Commercial Property REITs: Invest Like a Pro Without the Hassle

Commercial Property REITs (Real Estate Investment Trusts) offer another way to invest in this market, similar to mutual funds but with a key advantage:

Targeted Investment: REITs specialize in specific property types (office, retail, etc.) or geographic regions. Choose one aligned with your investment goals.

Publicly Traded REITs: Focus on publicly traded REITs for greater liquidity, transparency, and lower costs.

Understanding the REIT’s Strategy: Evaluate the REIT’s business plan to ensure it aligns with your investment horizon (long-term vs. short-term).

Choosing the Winning REIT

There are several factors to consider when selecting a REIT:

  1. i) Management Strength: Research the management team’s experience and track record, especially during past downturns. Newer REITs with limited history might be riskier.
  2. ii) Diversification vs. Specialization: Decide if you prefer a REIT focused on a specific property type (potentially offering deeper expertise) or one diversified across sectors/geographies for risk mitigation.

iii) Dividend Track Record: Analyze the REIT’s current dividend yield and historical growth. Compare this to other investment options.

Beyond Funds and REITs: Direct Investment in Commercial Property Companies

While mutual funds and REITs offer access to commercial real estate, a lesser-known option exists – investing directly in companies that acquire and manage commercial properties.

This approach allows for greater control over your investment. You can choose a company specializing in a specific property type (warehouses, office buildings) that aligns with your goals.

  1. Limited Liquidity: Unlike publicly traded options, these investments may be less liquid, meaning it might be harder to sell your shares quickly.
  2. Higher Investment Minimums: The minimum investment might be higher compared to mutual funds or REITs.
  3. Thorough Due Diligence: Meticulous research is crucial. Evaluate the company’s management, track record, and the specific properties they own.

Peer-to-Peer Lending: A High-Risk, High-Reward Option in Commercial Real Estate

Loaning money directly to real estate investors through platforms like Patch of Land and Zeus Crowdfunding offers a unique entry point into this market.

Advantages:

  1. i) Potentially High Returns: P2P loans often come with higher interest rates than traditional investment options as borrowers may have limited access to other funding sources.
  2. ii) Short-Term Investments: Many P2P loans are short-term, offering quicker access to your capital compared to long-term holdings.

Disadvantages:

  1. i) Elevated Default Risk: Borrowers turning to P2P platforms might be facing challenges securing traditional funding, potentially indicating project risks. As a lender, you may be lower in the repayment line, meaning you could lose your investment if the borrower defaults.
  2. ii) Platform Novelty: These online platforms are relatively new, and investors are entrusting a significant role to the platform itself in structuring the transaction.

While P2P lending can be tempting due to potentially high returns, it carries significant risks.  Meticulous research on the platform, borrower, and specific project is crucial before investing.

Benefits and Drawbacks of Investing in Commercial Real Estate

Pros:

  1. Steady Returns: Commercial real estate investments typically yield regular rental income, providing investors with consistent returns over time.
  2. Passive Income Opportunities: These investments can be relatively passive, especially when managed by professional property management firms or included in investment funds.
  3. Capital Appreciation: Beyond rental income, commercial properties often appreciate in value, offering dual avenues for returns on investment.
  4. Leverage: Utilizing loans to finance investments can amplify potential returns, although it also increases associated risks.

Cons:

  1. High Initial Costs: Acquiring commercial properties often demands significant upfront capital, necessitating collaboration with partners or reliance on debt financing.
  2. Market Volatility: Commercial real estate values can fluctuate due to economic shifts, leading to challenges like high vacancy rates, such as those currently affecting office buildings.
  3. Property Management Challenges: Effective property management is crucial for success, requiring skills in overseeing property maintenance and tenant relationships or hiring reputable management companies to handle these responsibilities.

Frequently Asked Questions (FAQs)

What type of commercial real estate makes the most money?

The properties that tend to yield the highest returns on investment are usually those with multiple tenants. These include multifamily housing, accommodations (hotels or resorts), offices, self-storage facilities, and mixed-use buildings.

What commercial property has the highest ROI?

Triple net properties stand out as excellent investments in commercial real estate. They’re a high-return anomaly because they typically consist of single tenant spaces with long-term leases.

What is a commercial return on investment?

Return on investment (ROI) pertains to the net income generated, or anticipated, from a commercial property once all operating, financing, and maintenance expenses have been deducted.

How to Navigate the Real Estate Market as a First-Time Homebuyer

Real estate remains an evergreen industry, experiencing perpetual demand and continual growth worldwide. The dynamic landscape of buying and selling homes and lands revolves around real estate agents, the consummate experts of the market.

Consider this: whether you’re in Bangladesh seeking a new home or embarking on a land development project, selecting the right real estate agent is key. You want someone who not only aligns with your needs but also offers tailored options and strategic plans to fulfill your objectives of buying a home the proper way.

However, for first-time buyers, navigating the complex world of real estate may be intimidating. Uncertainty frequently obscures awareness of what one genuinely requires amidst the market’s various options. As a result, this blog acts as a guide, providing you with the information you need to properly prepare before taking the plunge into homeownership.

Pointers for First-Time Homebuyers

Let’s get you settled in the process of buying a home for the first time in Bangladesh. As well as the things you need to take under consideration for solid planning.

Know you budget

Before getting involved with a real estate agent, you should assess your financial situation. Examine your income, assets, and costs carefully to determine how much you can realistically invest towards a house purchase.

You could use the online mortgage calculators to estimate your monthly mortgage payment, including taxes and insurance. Therefore, when you set a realistic budget it would help you to avoid financial stress and ensure a smooth home-buying process, as a first-time homebuyer.

Set aside the down payment & closing charges

After you’ve determined your budget, you may focus on saving for a down payment and closing charges. When you apply for loans in banks, you are frequently asked for a down payment ranging from 3% to 20% of the home’s price.

Also, remember to set aside cash for closing charges, which normally vary between 2% and 5% of the purchase price. Begin your funds early and look into local government programmes as well or may aid possibilities to help with your down payment.

Consider Mortgage Pre-Approval

If you’re thinking about applying for a mortgage, being pre-approved is an important first step. It allows you to determine your affordable price range and communicates your commitment to possible sellers. 

You could contact banks to compare interest rates, loan terms, and closing expenses. Once you’ve decided which bank best fits your preferences, gather the required papers, such as pay stubs, tax returns, and bank statements, to begin the pre-approval process.

Get yourself a real estate agent

Hiring the services of a seasoned real estate agent, such as Mir Real Estate, may greatly ease the home-buying process, especially for individuals who are new to the process.

A qualified realtor can provide detailed advice, provide vital market information, aid in discovering appropriate properties, and represent your interests throughout negotiations. To discover the proper agent, get references, do interviews, and choose someone who understands your individual needs and goals.

Consider Property Location and Amenities:

Once you’ve gotten advice from a real estate agent, it’s time to look into property options. 

i) Consider the location’s convenience and closeness to other major areas of the city, or important facilities such as schools, retail centres, hospitals, and much more..

ii) Evaluate the neighborhood’s safety, future development plans, and overall livable situation to completely know if they are compatible with your lifestyle, as you may decide on establishing for a longer period of time.

Begin searching for your new home

Now that you’ve defined your budget, hired the services of a real estate agent, and determined your preferences – it’s time to begin your search for the ideal home.

You could begin by looking through listings on different online platforms and real estate websites.

Also, you may surf around different neighbourhoods of your liking and can attend open houses to learn about different neighbourhoods, its home types, and amenities firsthand. 

Take notes, ask about any aspects you’re interested in, and visualise yourself living in each possible house:

i) Pay particular attention regarding their appearance and general condition. 

ii) Evaluate factors like layout, room sizes, natural lighting, and any necessary repairs or modifications.

iii) Consider how well each home fits your interests, lifestyle, and future objectives in order to make educated judgements during your search.

Finalize an offer, negotiate, and conduct due diligence

After you’ve found your perfect house and decided it’s where you’ll reside, work with your real estate agent to create a persuasive offer. 

However, you must consider previous sales, market trends, and any necessary contingencies, including inspections or financing. Your agent will next propose your offer and negotiate conditions with the land owners expectations or if the real estate company is directly selling an apartment then they might give an offer.

Following the decision to approve of your offer, it becomes essential to do due diligence to authenticate your investment. Engage a professional home inspector to fully evaluate the property for structural, electrical, and plumbing concerns.

In addition, review important paperwork such as the seller’s disclosures, title reports, and homeowner association laws. If any problems arise during this step, use talks with the seller to rectify the repairs or obtain appropriate credits.

Seal the deal

Congratulations, after the following steps you’ll find yourself near to the closing stage –  now, it’s important to finalise your financial plans. 

i) Examine the closing disclosure

ii) Scheduling a final tour of the property

iii) Getting the payment ready for down payment and closing fees.

However, make sure you take the time to thoroughly review all paperwork, ensuring that the contents are compatible with your agreement. It’s a big investment, if you feel like there’s a doubt in your mind, you can back out before finalizing the deals.

Also, you may consider hiring a real estate attorney to help you negotiate the closing process for more peace of mind and legal clarity. Since, they have past experience and expert opinions that can assist you navigate any legal complexities and ensure a flawless transaction from start to end.

After Closing Checklist

Obtain Homeowners Insurance:

  • Compare quotes from multiple companies to discover the finest coverage at an affordable price.
  • Make sure you have evidence of insurance ready before the closing date, as needed by your insurance company.

Move-in and Settle:

  • To make the relocation process go more smoothly, coordinate with movers or ask friends and family for assistance.
  • Transfer utilities and change your address with the appropriate authorities.

Maintain and Protect Your Investment:

  • Perform fundamental house maintenance duties on a regular basis, such as replacing faulty wiring, dusting your home and keeping it clean, and whatever there’s needed to keep the condition top-notch.
  • Create an emergency fund to cover unforeseen repairs or maintenance costs.

Conclusion

Home is more than just a physical area; it is where you may unwind from the day’s concerns, make lasting memories with loved ones, and simply enjoy being.

This is why investing carefully in your home is essential. It’s more than just having property; it’s about creating a refuge that improves your life. By following the processes and recommendations given in this blog, you may discover the magic of choosing your ideal house.

Mir Real Estate prioritises openness and collaboration. We understand the importance of finding the right home for you –  contact us now to make your first home really unforgettable.

The Evolution of Co-living Spaces: Redefining Urban Living

In this blog, we will explore how living in cities is changing with co-living spaces. Winston Churchill once said, “We shape our buildings, and afterward, they shape us.” 

This blog looks at how co-living places are changing cities, focusing on things like being together, being green, and using cool technology. Come along as we take a closer look at how city living is evolving with these new types of homes!

Evolution of Urban Living through Co-living Spaces

The evolution of co-living spaces reflects a dynamic response to the challenges and opportunities presented by urban living. From social connections and technology integration to sustainability and flexibility, co-living continues redefining how we experience and interact with our urban environments. The journey of co-living is an ongoing exploration, promising a future where community-centric, sustainable, and technologically advanced living spaces are integral to the urban landscape.

1. The Rise of Co-living Spaces

Co-living spaces have emerged as a transformative solution to the challenges of urban living. These spaces prioritize community, shared resources, and efficient use of space. The concept has gained momentum globally, addressing the evolving needs of a diverse urban population.

2. Social Connections and Affordability

One of the primary advantages of co-living is its ability to enhance social connections. Residents experience a more fulfilling urban lifestyle by fostering a sense of community. Additionally, co-living spaces often offer a more affordable alternative to traditional housing, making city living accessible to a broader demographic.

3. Technology Integration in Co-living

The evolution of co-living spaces is intricately linked with technological advancements. Smart home integration plays a pivotal role, providing residents with enhanced security, efficient energy management, and seamless community engagement. From app-controlled door locks to shared space reservation systems, technology is integral to the modern co-living experience.

4. Sustainability in Co-living

As environmental consciousness grows, co-living spaces have embraced sustainability. These communities prioritize resource efficiency, incorporating eco-friendly practices in construction and daily operations. This commitment to sustainability aligns with the desire of urban dwellers to reduce their carbon footprint and live in harmony with the environment.

5. Challenges in Co-living Environments

While co-living brings numerous benefits, it also faces challenges. Balancing the need for privacy within communal living setups remains a key consideration. Managing diverse communities with varying lifestyles and expectations poses another challenge. Additionally, navigating regulatory frameworks in different urban areas can be complex for co-living operators.

6. Flexibility in Design

The modern era witnessed a shift towards more flexible and adaptable co-living designs. Spaces are designed to accommodate changing needs, allowing for easy reconfiguration to meet the preferences of residents. This flexibility ensures that co-living spaces remain relevant and appealing to a dynamic urban demographic.

7. Wellness Amenities

Recognizing the importance of well-being, co-living spaces now integrate wellness amenities. From fitness centers to meditation rooms, these spaces prioritize the physical and mental health of residents. Creating environments that promote a healthy lifestyle contributes to the overall appeal of co-living as a modern urban living solution.

8. Hybrid Workspaces

With the rise of remote work, co-living spaces are adapting to the changing nature of work. Many now incorporate co-working spaces within their premises, providing residents with a convenient and collaborative work environment. This hybrid approach reflects the evolving work patterns in urban areas.

9. Community Engagement and Events

Co-living spaces actively foster community engagement through organized events and activities. These initiatives aim to strengthen the social fabric of the community, encouraging residents to connect and build meaningful relationships. From workshops to communal dinners, these events contribute to the vibrant atmosphere of co-living.

10. The Future of Co-living

As urbanization continues, co-living is expected to play an increasingly vital role in shaping the urban landscape. The future holds the promise of even more innovative designs, sustainable practices, and technology-driven solutions. Co-living is not just a trend but a significant evolution in the way we approach urban living, emphasizing community, sustainability, and adaptability.

Co-living Spaces Worldwide: A Snapshot

This snapshot provides an overview of co-living spaces across different cities, showcasing the diverse rental costs, community amenities, sustainability initiatives, and technology integration prevalent in each urban landscape –

City Average Monthly Rent Community Amenities Sustainability Initiatives Technology Integration
New York $2,500 Shared Workspaces, Events Recycling Programs Smart Home Systems
London £1,800 Fitness Centers, Socials Green Building Standards App-Controlled Access
Tokyo ¥150,000 Co-working Spaces, Workshops Solar Energy Integration High-speed Wi-Fi
Berlin €1,200 Community Gardens, Classes Waste Reduction Initiatives IoT Devices for Energy Efficiency
Singapore SGD 3,000 Rooftop Events, Wellness Eco-friendly Architecture Voice-Activated Systems

Note: Figures and features are indicative and subject to change. Data reflects a general overview of co-living trends in various cities.

Conclusion

In wrapping up, we see how co-living spaces are like a breath of fresh air in city living. Mir Real Estate Ltd. stands out as a key player, bringing these modern living solutions to reality. With community, eco-friendliness, and smart tech, they’re shaping urban life positively. The journey through co-living has shown us that our cities can be more than just buildings; they can be vibrant communities. As Mir Real Estate Ltd. continues to innovate, we look forward to a future where urban living is not just convenient but also filled with connection and a sense of belonging.

For more information, feel free to reach us at info@mirrealestate.com or visit our website.

Frequently Asked Questions (FAQs)

1. What are the key benefits of co-living spaces in urban areas?

Enhances social connections, affordability, and shared amenities.

2. How has technology influenced the evolution of co-living spaces?

Smart integration for security, community engagement, and efficient management.

3. Are co-living spaces a sustainable solution for urban living?

Yes, it fosters resource efficiency, reduced carbon footprint, and community sustainability.

4. What challenges do co-living spaces face in urban environments?

Balancing privacy, managing diverse communities, and regulatory hurdles.

5. How is the concept of co-living evolving in the modern era?

Incorporating flexible designs, wellness amenities, and hybrid workspaces.

 

Green Living: Building Sustainable Communities in Real Estate

In an era where environmental consciousness is becoming increasingly pivotal, the real estate industry is undergoing a significant transformation towards sustainability. The concept of green living has evolved beyond individual households to encompass entire communities. This blog explores the key aspects of building sustainable communities in real estate, emphasizing eco-friendly practices, energy efficiency, and the integration of modern technologies.

The Shift Towards Sustainable Real Estate

Eco-Friendly Construction Practices

Real estate developers are now prioritizing eco-friendly construction practices. This includes the use of sustainable materials, energy-efficient designs, and innovative construction techniques. By incorporating these elements, developers aim to minimize the environmental impact of construction activities.

Energy-Efficient Designs and Technologies

Sustainable communities often incorporate energy-efficient designs and technologies to reduce overall energy consumption. This may involve the installation of solar panels, smart home systems, and energy-efficient appliances. The goal is to create living spaces that not only minimize environmental impact but also lead to cost savings for residents.

Green Spaces and Eco-Friendly Amenities

The inclusion of green spaces within communities contributes to a healthier environment. Developers are integrating parks, community gardens, and other green amenities to enhance the overall well-being of residents. These spaces not only promote physical activity but also serve as carbon sinks, contributing to improved air quality.

Benefits of Sustainable Living

Improved Quality of Life

Living in a sustainable community translates to an improved quality of life. Residents can enjoy better air quality, reduced noise pollution, and a greater connection to nature. The overall design of these communities promotes a sense of well-being, fostering a healthier and more vibrant lifestyle.

Financial Incentives for Homeowners

Homeowners in sustainable communities often benefit from financial incentives. This includes reduced energy costs, tax incentives for eco-friendly practices, and increased property values. The financial rewards create a positive feedback loop, encouraging more individuals to adopt sustainable living practices.

Community Engagement and Collaboration

Sustainable communities thrive on community engagement and collaboration. Residents actively participate in eco-friendly initiatives such as recycling programs, energy conservation campaigns, and community gardening. This collaborative approach strengthens the sense of community and shared responsibility for the environment.

The Role of Smart Technologies

Smart Technologies for Sustainable Living

Smart technologies play a crucial role in creating sustainable real estate communities. These technologies optimize energy usage, monitor waste management systems, and enhance transportation efficiency. The integration of smart systems ensures that the community operates with maximum efficiency, minimizing its ecological footprint.

Digital Infrastructure and Connectivity

Apart from energy-related technologies, digital infrastructure and connectivity are integral components of sustainable communities. High-speed internet, smart home systems, and digital communication platforms contribute to a connected and technologically advanced living experience.

Mir Real Estate Spotlight: Pioneering Sustainable Development 

About Mir Real Estate

With a mission dating back to 2006, Mir Real Estate is a trailblazer in the realm of sustainable development. Rooted in the principles of Mir Akhter Hossain Limited, the company focuses on delivering high-quality, eco-conscious spaces. Their commitment to personalized relationships, fewer projects for enhanced engagement, and adherence to global construction standards sets them apart.

Sustainable Initiatives

Mir Real Estate incorporates cutting-edge sustainable practices, emphasizing energy-efficient designs, eco-friendly materials, and innovative technologies. By aligning with Mir Akhter Hossain Limited’s construction excellence, they consistently surpass industry benchmarks.

Notable Projects

Explore Mir Real Estate’s notable projects that epitomize green living. From energy-efficient residences to thoughtfully designed green spaces, each project exemplifies their dedication to building communities that prioritize environmental well-being.

  1. Sohela’s Mir Cresendo

Project Status: Ongoing

Location: Baridhara

  1. Mir Jahan-E-Nur

Project Status: Ongoing

Location: South Kafrul

  1. Mir Ar-Rahma

Project Status: Ongoing

Location: Gulshan

Conclusion

In conclusion, the drive towards sustainable communities demands a collective commitment from developers, residents, and visionary companies. Mir Real Estate, with its inception in 2006, exemplifies this commitment by prioritizing quality, personalized relationships, and a focused project approach. As a subsidiary of Mir Akhter Hossain Limited, a leader in construction, Mir Real Estate integrates global standards and forward-thinking techniques. In this era of green living, Mir Real Estate emerges as a beacon, showcasing that sustainable development is not just a goal but a journey marked by innovation, reliability, and a steadfast dedication to building a greener, more resilient future for all.

Frequently Asked Questions (FAQs)

1. How can real estate developers incorporate sustainable practices in community construction?

Real estate developers can integrate eco-friendly materials, energy-efficient designs, and green spaces to enhance sustainability in community construction.

2. What are the key benefits of living in a sustainable community?

Sustainable communities offer residents improved air quality, reduced energy costs, and a higher quality of life with access to eco-friendly amenities and green technologies.

3. How can homeowners contribute to making their communities more environmentally friendly?

Homeowners can adopt eco-friendly practices such as recycling, energy conservation, and community gardening to actively contribute to building a more sustainable living environment.

4. Are there financial incentives for investing in sustainable real estate?

Yes, investors can often benefit from tax incentives, lower operating costs, and increased property values when investing in sustainable real estate projects.

5. What role do smart technologies play in creating sustainable real estate communities?

Smart technologies contribute to sustainability by optimizing energy usage, waste management, and transportation, creating more efficient and eco-friendly living spaces.

Navigating the Legal Aspects of Property Transactions in Bangladesh

With the development of more real estate in Bangladesh, the country is experiencing a surge in foreign investment. This industry is the largest employer and a significant contributor to economic growth. However, as the saying goes, disputes tend to arise where there is interest, and this also applies to the real estate sector. In addition to the increase in property transactions, complex financial arrangements are leading to disputes.

So one must consider various factors, including legal implications, especially when transferring ownership. Navigating the legal aspects of property transactions isn’t as straightforward as it seems. It involves a lot of legal jargon that might fly over your head. This article aims to educate you on the legal aspects of property transactions in Bangladesh. 

Unraveling the Legal Maze of Property Transactions in Bangladesh

In Bangladesh, property law is a crucial field of law that deals with land-related disputes and property transactions. Individuals can protect their property rights by following the relevant land laws. To understand one’s rights better, it is essential to comprehend the legal aspects of Bangladeshi property law. This article covers the Transfer of Property Act of 1882, modes of transportation, and the land registration process, shedding light on the legal aspects of real estate transactions in Bangladesh.

The Legal Acts of Property Transactions in Bangladesh

The Transfer of Property Act 1882 is responsible for governing property transfers and transactions in Bangladesh. The act defines “transfer of property” as the process by which an individual transfers property to themselves, one or more living individuals, or to themselves and one or more living individuals in the future. The term “to transfer property” refers to the execution of this process. In this act, “living person” encompasses businesses, associations, and groups of people.

According to the Transfer of Property Act, the property falls into two main categories:

Immovable Property: Although it does not define this term, the Transfer of Property Act provides an in-depth explanation of the immovable property. The law stipulates in Section 3 that immovable property excludes grass, crops in growth, and standing trees.

Movable Property: The definition of “movable property” in the Movable Property Act is extremely ambiguous and falls short of defining the phrase “immovable property” in a suitable sense.

Modes of Transfer Property: A seller should be guided the right way to navigate through the processes of selling a land, as there are four main methods through which property can be transferred: sale, lease, exchange, and gift. Additionally, inheritance and mortgages are also common ways of transferring property.

Sale: When ownership of a property is exchanged for payment, it is considered a sale. However, a sale cannot be completed without a price agreed upon by both the buyer and seller. A contract for sale is created when the decision to sell and buy is made, but it does not transfer ownership. Instead, it establishes a personal responsibility between the two parties. To ensure the transfer of ownership, the contract must be registered with the appropriate Sub Registry Office. It’s important to note that the ownership of a property cannot be transferred through a contract unless it is written and registered in accordance with the Registration Act of 1908.

Lease: A property lease is an agreement where the right to use a property is transferred for a specified period or indefinitely in exchange for payment or other valuable assets. It is outlined in Section 105 of the Act. The lease agreement involves two parties: the lessor (also known as the transferor) and the lessee (also referred to as the transferee). The price, in the case of a lease, is known as the premium. Rent, on the other hand, refers to any payment made in exchange for a service within the context of a lease.

When an agreement does not explicitly state the length of a lease for agricultural and manufacturing purposes, it is considered a year-to-year lease that can be terminated by either party with a six-month notice. For all other purposes, the lease is month-to-month, and either party can end it with a fifteen-day notice. (Sec.106)

To lease a property for one year or more, only a registered document can be used. For leases shorter than one year, the agreement can be made orally at the time of surrendering possession or through a registered instrument. (Sec.107)

There are eight ways in which lease determination can occur. These include-

  • The passage of time,
  • The occurrence of a specific event, 
  • The cessation of the lessor’s interest in the property,  
  • The interests of the lessor and lessee becoming vested in one person in the same right,
  • Express surrender,  
  • Inferred surrender,
  • Forfeiture, which happens when the lessor violates an express requirement, 
  • After the expiration of any party’s notification to end the leasing agreement.

Exchange: In an exchange, two parties come to an agreement to swap ownership of their possessions with each other in return for cash or both items. This is explained in Section 118 of the Act. The item being exchanged doesn’t have to be immovable. The rules and procedures that apply to sales also apply to exchange transactions.

Gift: A gift is when someone voluntarily and without compensation transfers a specific movable item to another person, known as the donee, who accepts it on their own behalf or someone else’s. This type of transfer is defined in Section 122 of the Act. The parties involved are the donor, who is the person making the gift, and the donee, who is the person accepting it. The gift must be accepted while the donor is still alive, otherwise, it is considered invalid.

Mortgage: Section 58(a) of the Act defines a mortgage as a transfer of interest in a real estate property to guarantee loan repayment. In this transaction, the transferor is called the mortgagor, while the transferee is referred to as the mortgagee. The mortgage money is the principal and interest payments secured in this agreement, and the legal document used to finalize the deal is called the mortgage deed. To complete the mortgage, three things are required: the transfer of interest in a specified immovable property, and a debt-securing purpose.

If the sum assured in a mortgage is 100 or more, all forms of mortgage, except for the one by deposit of title deeds, must be made through a registered instrument. Even if the amount is less than one hundred, a simple mortgage can only be affected by registered documents. When registration is required, it must be in writing, signed by the mortgagor, and registered according to the rules of the Registration Act. Additionally, it must be certified by at least two competent parties. The six types of mortgages are Simple Mortgage, Mortgage by Conditional Sale, Usufructuary Mortgage, English Mortgage, Mortgage by deposit of title deeds, and Anomalous Mortgage.

Inheritance: In Bangladesh, the rules of inheritance are determined by one’s religion. If the deceased person was a follower of Islam, their estate will be divided according to Islamic inheritance law. If they follow Hinduism or Buddhism, their property will be divided in accordance with Hindu law. However, the Succession Act of 1925 mainly applies to those who do not practice any of these religions.

Even if the deceased person was residing in another country at the time of their death, their immovable property in Bangladesh will still be subject to the country’s inheritance laws.

Land Registration Process

To complete the ownership transfer process, you are required to follow these steps:

  1. Verify the Record of Rights obtained from the Ministry of Land’s Land Office.
  2. Conduct a property mutation.
  3. Obtain an RS mutation inspection.
  4. Visit the sub-registry office to collect the Non-Encumbrance Certificate (NEC).
  5. Create the transfer deed and pay the necessary stamp tax.
  6. Pay the required taxes, fees, and VAT at a specified bank.
  7. Submit registration requests at the sub-registry office.
  8. Inform the Land Revenue Office about the ownership change.

It is important to know the essential terms and adhere to these steps to successfully transfer the property’s ownership.

If you’re looking for help with a real estate transaction, Mir Real Estate can provide expert guidance. They are highly skilled professionals in the field who can assist you with your real estate deals.

Summary

Being able to own property provides us with security and a way to support ourselves, which is crucial for our economic and social well-being. However, deciding to purchase land can be challenging. This article explores the legal aspects of property transactions in Bangladesh.

The article covers the Transfer of Property Act of 1882 and transfer methods like sale, lease, gift, exchange, mortgage, and inheritance. After purchasing land, the buyer or their representative must register the land under the new owner’s name. The initial stage of the legal process is significant. Despite its apparent complexity, Bangladesh’s land registration system is straightforward once you are familiar with it.

Frequently Asked Questions (FAQs)

  • What is the Transfer of Property Act 1882 in Bangladesh? 

This act governs all real estate transactions in the country. It defines “transfer of property” as the act of giving property to oneself, one or more living individuals, or oneself and one or more living individuals in the future.

  • What are the modes of transferring property?

There are four primary ways to transfer property: sale, lease, exchange, and gift. Inheritance and mortgages are also common methods. 

 

  • What are the two main types of property? 

Property can be classified into two categories: immovable and mobile.

  • How is property transferred in terms of inheritance?

In Bangladesh, inheritance laws are determined by an individual’s faith. Nevertheless, the Succession Act of 1925 mainly impacts individuals who do not have a religious affiliation.

  • What is the transfer of property by sale?

When property ownership is transferred in exchange for money, it is considered a sale. However, in order for the transaction to proceed, both the buyer and seller must agree on a price.

 

Commercial Property Investment in Bangladesh: Key Considerations

The real estate market in Bangladesh has seen significant growth in the past few years. This can be attributed to factors such as increased urbanization, higher incomes, and a growing middle class. According to statistics from the Bangladesh Bureau of Statistics, the real estate sector’s contribution to the gross domestic product (GDP) for the fiscal year 2022-23 was 7.93%. This marks a significant increase from previous years and highlights the sector’s growing significance in the economy. Therefore, investing in real estate is a smart decision, especially now.

Purchasing commercial property has the potential to be an excellent investment. But buying a commercial property can be challenging due to the number of factors that must be taken into account, including the yield’s appropriateness in comparison to the larger market, the property’s location, the existence of a current tenant, and the conditions of that lease. Therefore, you must first learn about the important factors to take into account while investing in commercial property in Bangladesh.  

Smart Investing: Key Considerations for Commercial Property in Bangladesh

When buying a commercial property, you should be asking the right questions and considering several factors, especially in Bangladesh. Investing in commercial real estate is different from residential properties and can be challenging to sell during a recession. It is crucial to understand how commercial property investing works in this area. This article delves into essential considerations for investing in commercial real estate in Bangladesh.

Commercial property refers to any real estate used for business purposes, such as structures, plots of land, or rental homes that generate revenue. It can be a lucrative investment choice for many! To ensure it’s worthwhile, you need to consider the following factors-

Identify the Purpose

The initial step is to determine the investor’s motivation for purchasing commercial real estate. You must first understand what you want from your purchase and what your purpose is because commercial property is a financial asset. The investor’s property search criteria become clear and defined if they are aware of what they hope to achieve with the acquisition. When acquiring a property, you should consider the following: 

  • What kind of location do you need?
  • What is the state of your finances in terms of cash, credit, and ability to make a down payment?
  • What is your tolerance for risk?
  • What kind of time and work are you prepared to put into the house?
  • Are you ready to invest in or make a purchase of this property?

Study the Market

Whatever kind of investment decision you decide on will be influenced by the goal of your investment, therefore, be familiar with the essential real estate terms.  There are many different kinds of commercial real estate in Bangladesh to think about, and at least one of them will match your risk tolerance. Offices, shared workplaces, contiguous office space, industrial buildings, warehouses, and manufacturing plants are a few of these. Retail locations, malls, and huge white goods merchants are another. Your personal objective will determine the kind of property you select. It’s important that you talk about this with your real estate agent to assist you narrow down your choices for appropriate commercial properties.

Make a Budget

Even before beginning the process of preparing to purchase, commercial space financial management must be secured. This establishes the financial parameters and shows if the undertaking can be successfully completed. It is not ideal for an investor to discover themselves in financial difficulty after having found a desirable piece of property. This holds true for any kind of commercial real estate purchase. Setting a budget provision for the purchase price, transaction costs, government taxes, stamp duty, maintenance/upkeep, and any other period charges is crucial for an investor. A list of these costs will make it easier to use the elimination method to make sure you are just choosing from the kinds of commercial properties that are within your price range.

Surprise Cost

Surprise expenditures are a major factor you must also take into account. 

  • Will the property’s operation and upkeep be more expensive now than they were under the prior owners or tenants?
  • How old is the structure, and do you need to make room for new machinery and plants? 
  • Exist any potential site contamination that could require expensive treatment or disposal? 

Before purchasing a house, consider these potential expenses and include them in the purchase price. In the unlikely event that you find the perfect property, it’s a good idea to set aside some cash for these unforeseen expenses. 

Location and Positioning

Finding a location with a lot of foot traffic and street attention might be crucial for your possible tenants’ needs when dealing with property. To ascertain whether or not a region has a higher earning opportunity and higher demand, research must be done into the local market sector. The proximity of this location to the target market and potential tenants is usually the deciding factor. 

Your study should not end here; any possible business investment should take into account the following aspects that may affect the property’s location and value. Additional crucial elements to take into account are location, neighborhood, and suburb access, demographics and the general population, competition, accessibility to public transport, and suitable parking. The variables will differ based on the needs of the commercial property.

Local Zoning and Region

To gain a better understanding of the kinds of commercial properties that are permitted, it is crucial to be aware of the local zoning rules, laws, and regulations of the various regions in Dhaka. You cannot simply choose to purchase a commercial property and assume that leasing it to a manufacturing tenant will allow you to comply with local zoning restrictions. Making the process of choosing investments harder than it has to be is unnecessary. Instead of going through interminable red tape to obtain the required approvals, move ahead if the property you want does not comply with local zoning regulations. Additionally, you should visit the website of the local government, consult with property developers and commercial banks, and look into potential future developments that could affect your potential investment property.

Find Potential Property

Investors now need to choose the ideal property in their target market after taking the preliminary steps. Now it will be much simpler to choose a good property that fits your budget and will provide the needed ROI. Investors will discover properties during this search that may typically appear to be a decent investment. However, it is not the best course of action if it does not fulfil the investor’s initial purpose for purchasing.

History and the Current State of the Property

Always conduct research to learn about the asset’s past performance and that of nearby comparable properties when thinking about buying a commercial asset. Analyze the capital growth performance and yield; while previous performance is not necessarily a reliable predictor of future results, it does provide a useful idea of the value of a region and a particular asset class. Investors should consider the previous prices of the property, contrast them with current prices, and gauge the rate of value growth to assess capital growth performance. It’s also advisable to take into account outside variables that could affect how well the property performs, such as zoning regulations, economic fluctuations, and infrastructure growth.

To really grasp the condition of the property before making an offer, you must physically inspect it. Commercial property in decent condition will inevitably attract more potential renters. As a result, you must also take into consideration the property’s existing condition. 

Modification Restrictions

Most jurisdictions will have rules and legislation that place limitations on modifying a property’s exterior or interior. The regulations are also relevant to your possible tenant, so it’s important to be well-versed in them and to have specific needs. 

The management details are often available from your property manager, and they are outlined in the annexure section of the tenancy contract, but if you’re unsure, you should conduct your own research or hire a conveyancer or commercial property specialist from Mir Real Estate for proper advice.

Review Financing Terms and Agreements

A business property requires extensive financing. An expert in finance or a business broker will be needed for this process. This is done to guarantee that the funds are distributed in accordance with a reasonable serviceability evaluation. By doing this, you can ensure that your ability to pay back the loan in light of the revenue and ongoing costs of the business property is practically assured. Due to the greater degree of risk associated with this type of property, interest rates for commercial properties are higher and loan-to-value percentages are significantly lower. Therefore, you must have your financial affairs in order with your business tax returns, creditor reports, and income statements before requesting funding. 

Obligations, Limitations, and Lawsuits

Before making an offer on a property, it is essential to ensure that there are no liens or title restrictions. Examples of potential issues include contractual violations, partner conflicts, environmental actions, shareholder conflicts, and class lawsuits. Mir Real Estate can guide you through this complex process. Identifying and addressing these issues can help you avoid complications and potentially negotiate a better price for the property.

Commercial Lease Terms

When purchasing a property, a solid commercial lease term is crucial. The agreed lease must be significant enough to render the purchase economically feasible and should be long enough to generate a significant return on investment. As there is more risk involved, shorter lease durations are frequently more expensive. Higher eviction rates could increase repurposing expenses, the chance of missing rent payments, and tension between you and the property manager. The objective is to guarantee that you may make an anticipated income over a longer period of time, albeit at a more reduced rental yield. Additionally, a strong renewal procedure will guarantee the tenant may keep the space for another period when the lease expires. Additionally, it’s crucial to make sure the lease is updated regularly.

Investing in a commercial property is a significant undertaking that should be approached with caution. To minimize risks and maximize returns, it’s important to follow a methodical approach. As an investor, conducting thorough research and examining all relevant factors is crucial. With the right strategy, you can make a profitable investment without taking on excessive risk. If you need assistance in this process, Mir Real Estate is a great option to consider.

Summary

When purchasing commercial spaces as an investment, the goal is to maximize the Return on Investment (ROI). This process differs from traditional real estate purchases as it requires a meticulous and methodical approach, with thorough research being essential. Before an investor can purchase a business space, they must investigate the acquisition process and the asset’s potential. The entire procedure requires comprehensive planning, including an assessment of risk factors, legal asset protection, traffic conditions in the area, property upgrades and maintenance, and more.

When looking to acquire commercial property, it’s important to define your goals and determine what you want from the investment. Researching the market and creating a budget that takes into account unexpected expenses is crucial. Additionally, assessing the location and considering local zoning laws is necessary. Once a potential property is identified, it’s important to investigate its current condition and history, as well as any potential restrictions, funding agreements, liabilities, limitations, and legal issues. Finally, you can draft a lease and make the investment. If you are looking for expert advice on commercial property investment, Mir Real Estate is a great option for you to consider. Their experience in property acquisition makes them a reliable resource for guidance.

 

Frequently Asked Questions (FAQs)

  • What sets Commercial and Residential Real Estate apart?

Residential real estate is utilized solely for personal living spaces. Any property employed for commercial purposes is called commercial real estate. Hospitals, manufacturing facilities, storage facilities, retail establishments, office buildings, and other business establishment locations are examples of commercial real estate.

  • Is Commercial Real Estate a smart investment?

Commercial real estate may produce outstanding profits and sizable regular cash flows, and returns held steady during the economic crises of the previous ten years. 

  • What are the primary Real Estate categories?

The basic types of real estate include residential, commercial, industrial, and land. 

  • What are the drawbacks of commercial property?

Most people who wish to invest in commercial real estate are put off by rules and restrictions. Taxes, purchasing mechanisms, and maintenance duties for commercial buildings are hidden in layers of legal jargon and can be hard to grasp without obtaining or hiring professional knowledge.

  • How many people work in the real estate business?

This industry employs over 2 million people directly or indirectly. 

 

Best Ready Apartment for Sale in Dhaka: Ready to Move Projects of Mir Real Estate 

Mir Real Estate’s reputation as one of the best real estate companies has been earned not only by its successful projects but also by its superior customer service. Priority number one for Mir has always been service quality, not quantity. Keeping this in mind, Mir Real Estate offers individualized services and top-tier consultancy to its clients. If you’re looking to invest in the real estate market or purchase your dream home, Mir Real Estate has fantastic options for you. This article is dedicated to serving as a guide for all the completed and ready-to-handover projects of Mir Real Estate Ltd., organized according to their locations, to aid you in choosing your dream home and making the process a hassle-free one.

Ready apartment for sale in Dhanmondi 

Dhanmondi is the dream location for anyone who wants to own a home in a sophisticated place within a somewhat lower-than-luxurious budget. The roads and streets of Dhanmondi are well-built and the neighborhood is peaceful. This area is also famous for its availability of shops, restaurants, entertainment, and famous educational institutions. Many top-notch restaurants in Dhaka, ranging from low-budget to luxurious, are all situated in Dhanmondi. The entertainment facilities including the cinema hall, shopping centers, Dhanmondi lakeside water activities, etc. are also abundant. Many famous educational institutions including schools, colleges, universities, etc. are situated here too. Dhanmondi also serves as the place for good quality healthcare facilities too, including many renowned hospitals like Medinova, Bangladesh eye hospital, etc. being situated here. In brief, Dhanmondi has all the facilities for a decent and peaceful place to offer to anyone who is interested to settle down here.

Mir M.R. Memento

An elegant project of Mir Real Estate, Mir M.R. Memento reflects the architectural sophistication and grandeur in its every nook and corner. This marvelous infrastructure is located in Dhanmondi, one of the best places in Dhaka for calm as well as a cultured environment.

Built on 9 Katha land in this serene neighborhood, Mir M.R. Memento stands high in its quality and impressive architecture as well as grand interior features. The entire building comprises 10 floors including the ground floor and in total 18 units. All the units are divided into two types: type-A which covers 1350 square feet area and type B which covers 2185 square feet area. The unique features of this project are a central water purifier, setup of a solar panel for energy supply in the driveway, lobby, stairs, and external area of the building, built-in kitchen cabinets for utensils, rooftop gardening, and bbq pit, play area for children, etc. In brief, all the amenities for a safe and sound lifestyle are provided in this project. This beautiful project is completed and handed over within the expected timeline and has been serving as a testament to top-notch service by Mir Real Estate.

Mir Noor Square

Mir Noor Square is a combinedly residential and commercial project of Mir Real Estate. The infrastructure is located at Satmosjid Road in Dhanmondi. Constructed on 9 Katha land, the building is east-facing overlooking the Dhanmondi lake. The south of the building has a view of the exuberant foliage of Pilkhana. Comprising 13 floors excluding the ground floor and a semi-basement, the building has 17 units in total. Among the units, 10 of them are residential units and another 7 are commercial units. Residential units are approximately 1866-3606 square feet in size and commercial ones are 948-3054 square feet in range. The building is designed in such a way that the residential and commercial portions of the building are separated completely. One side is not even noticeable from another as both sides have separate entrances, lobbies, elevator areas, and parking spaces. The striking features of this elegant infrastructure are its marvelous exterior which is a blend of glass and aluminum panels, its magnificent entrance made of marbled surface, exposure to sufficient sunlight and air from all sides, modern fire extinguishing services, etc. This magnificent project of Mir Real Estate is remarkable in every feature and a signature infrastructure of Mir’s dedication to its services. 

Mir Premiere

Mir Premiere is another residential project of Mir Real Estate located in Dhanmondi. The location of this housing complex is near Satmosjid road, Mirpur road, and within walking distance from Dhanmondi lake. A significant number of shopping complexes and educational institutions are in close proximity to this complex. The locality is serene and calm as expected from a home in Dhanmondi. The residential building is built on 6.75 Katha and comprises of total six floors. There are in total 15 units of three types in this building complex according to their designs. Type-A, B, and C – all three units are 1884 square feet in size. The salient features of this infrastructure are sufficient ventilation, a grand entrance with an apartment logo and lampposts, spacious stairways, a reception at the entrance of the building, tight security, etc. The project has been handed over within the due date of the contract.  The grandeur and elegance in architecture with the combination of aesthetics and comfort have succeeded to present Mir Premiere as one of the finest projects of Mir Real Estate. 

Ready apartment for sale in Banani 

Banani can be considered one of the most elegant spaces to live in Dhaka. The location of Banani serves a significant number of advantages to its dwellers over other parts of the city. The streets of Banani are remarkable along with the facilities of 24/7 security and public transport. The abundance of restaurants, hotels, educational institutions, shopping centers, etc. has made the lifestyle of Banani dwellers a top-notch and easier one. Among all the luxurious residential complexes situated all over Banani, Mir Real Estate has some finest projects here that reflect the magnificence of Mir’s services.

Mir Tarun Nikunja

Located in a quiet neighborhood in Banani, Mir Tarun Nikunja, a project of the ‘Pinnacle Series’,  is constructed to combine the beauty and serenity of a home in one structure. The architectural grandeur speaks for the aesthetics itself and the interior of the apartments reflects the peacefulness that everyone wants in a home. Facilities of good shopping centers, educational institutions, hospitals, etc. are all in close proximity in this location of Banani.  Being a project of the Pinnacle series, this housing project provides all the pinnacle features that can be available in a housing complex. Remarkable features and amenities of Tarun Nikunja include high-security service by CCTV surveillance, solar panels for energy production, built-in cabinets and hoods in the kitchen, children’s play area, a gymnasium with top quality equipment, central water purifier system, rooftop gardening ar bbq pit, multipurpose hall room, etc. This north-facing and 11-storeyed building with a semi-basement is built on 13 Katha land and comprises 20 units in total. Type-A units are 2600 square feet in size and type-B units are 2690 square feet. This grand project was handed over within the time mentioned in the contracts and has served as a pinnacle of infrastructure among all Mir Real Estate projects. 

Mir Bhuiyan Manor

Mir Bhuiyan Manor is a grand project of Mir Real Estate situated in Banani. A minute’s walk from Banani lake, the location of this building is near many diplomatic quarters, renowned universities, colleges, etc. The apartment complex is constructed to contain all the amenities and features of an aesthetic as well as a serene home.  This six-storeyed building that comprises ten units is built on 6.75 Katha land. Type-A units are 1842 square feet and type-B units are 1873 square feet in size. The principal features of this apartment complex are perfect space management with sufficient ventilation, options for cabinet shutters in the kitchen, a grand lobby with elegant marble/granite concierge, personalized mailboxes and register dock for visitors, a modern elevator according to Korean standards, large living and dining areas, etc. The project has been handed over within the due date which was November 2009 and has stood high for the last decade as a testament to Mir’s avant-garde creations. 

Ready apartment for sale in Uttara

Uttara is located at the north end of Dhaka with remarkable amenities for a lavish lifestyle. Even though this area is far from almost all the prime centers of the city, Uttara itself has all the facilities, even more than all other parts of Dhaka. Neat and clean streets with the availability of public transport, renowned educational institutions with top-grade education systems, posh restaurants and hotels, shopping centers, hospitals, and all other facilities necessary for a standard lifestyle are available here. Headquarters of many diplomatic and corporate companies and agencies are also located here. Mir Real Estate has targeted this coveted location of Dhaka and constructed some of the grand projects here in Uttara. 

Mir Arab

Mir Arab, a lucrative project located in Uttara, has all the amenities for a serene home to offer. Built on 5.2 katha land, this west-facing building has 11 units in total within 10 floors and a ground floor. Type-A units are 880 square feet and type-B units are 1805 square feet in size. The salient features of this apartment complex include a spacious parking area, a grand lobby along with reception, a separate electrical mechanic room, wide living rooms, etc. The project was completed within the expected time of the contract and was handed over when it was due.

Mir Fiori Siraj

Mir Fiori Siraj is another Uttara-based project of Mir Real Estate. The location of building is a minute’s walk away from Uttara lake and near all the luxurious shopping centers and high-profile educational institutions. Surrounded by lush greeneries and serene neighborhoods, this location is perfect for a beautiful and calm home. The east-facing apartment complex is built on 5 Katha land and comprises total of 10 units within six floors including the ground floor. Type-A & B, both types of units are 1430 square feet in size and differ in their interior features. The main amenities that these building offers are a security checkpoint at the entrance, a sufficient ventilation system, a spacious lobby, international standard elevators, aesthetic balconies, large living and dining spaces, etc. The project was completed nearly a decade ago and still stands high as a remarkable work of Mir Real Estate. 

Mir Maqsed

Mir Maqsed is a remarkable project of Mir Real Estate located in sector 11, Uttara. The plan of this apartment complex was a combination of simplicity and elegance. Constructed on 3 Katha land, this south-facing building is seven-storeyed comprising six units. Each unit is approximately 1420 square feet in size. Salient features of this infrastructure include a spacious parking area on the ground floor, large living and dining spaces, international standard elevators and electric commodities, etc. Mir Maqsed was completed and handed over within due time as all other Mir projects, earning customers’ trust always. 

Mir Jahangir Heights

Mir Jahangir Heights is situated in a tranquil neighborhood in sector 12, Uttara. All the facilities, both interior and exterior, are provided here which may be exactly what you are looking for in your dream home. This east-facing building is constructed on 5 Katha land and is a nine-storeyed building including the ground floor. Eight units of 1865 square feet are on each floor. The amenities offered by this project include granite tiles finishing in the kitchen, mosquito-proofing net with aluminum doors, fancy light fittings in all the rooms, a bathtub in the master bathroom, etc. This project was a remarkable one and was completed within the expected timeline. 

Ready apartment for sale in Mohammadpur 

Mohammadpur is one of the ancient parts of the capital city, Dhaka, and has remained glorious with its heritage and architectural grandeur. The perks of living in Mohammadpur are many, among them, few are worth mentioning. The wide streets with public transport facilities, the location of many renowned educational institutions of Dhaka city, several large shopping centers, famous restaurants along with a wide range of options of street foods, and many more. Mohammadpur’s residential area has everything to offer for a decent, tranquil, and luxurious lifestyle. Mir Real Estate Ltd. has one of its remarkable projects here in this coveted location. 

Mir Tiara

Mir Tiara is located at Humayun Road, Mohammadpur, a famous location with a calm neighborhood. The east-facing building was built on 4 Katha lands. The entire complex is nine-storeyed with eight apartments on each floor excluding the ground floor. Each apartment unit is 1500 square feet in size. The advantages of only one flat on each floor are that there will be no hassle of clumsy doorways and door opening problems. The architectural grandeur of this apartment complex is reflected in each design of its units consisting of broader spaces, enough for sufficient ventilation with remarkable interior features. The most striking feature is that 20.7% of the total square feet areas of each unit is left open for the dwellers for the opportunity to place plants and greeneries in front of the doorways which is both essential and also fulfills aesthetic purposes. All other amenities for a safe and sound home are also provided such as wide parking space, granite kitchen tiles finishing, top-notch electrical materials, high-quality building materials, a spacious living room, etc. The project was handed over last year when it was completed in March 2021. 

Ready apartment for sale in Shyamoli

Shyamoli is a serene place for residential apartment complexes and has all the amenities for a standard lifestyle to offer. Located in one of the prime commercial locations of Dhaka, Shyamoli has top-quality transport facilities, educational institutions, shopping complexes, recreational centers, places to eat, etc. This area is one of the coveted targets of urban planners for building remarkable apartments in the calm neighborhood of this residential area. Mir also did not miss the opportunity to build a home full of elegance combined with simplicity here in the tranquillity of Shyamoli. 

Mir Sonhos

Mir Sonhos was constructed on 10 Katha land in Shyamoli and comprises 20 units in total 5 floors excluding the ground floor. Type-A units are 1386 square feet, type-B units are 1335 square feet, type-C units are 1340 square feet and type-D units are 1293 square feet in size. The most remarkable features these apartments provide are the elegant entrance, large lobby, international standard elevators, personalized mailboxes, weatherproof paint on the exterior, living and dining spaces large enough for hosting parties, etc. The rooftop of this apartment complex itself has distinct features to offer such as a multipurpose hall, seating arrangement, separate washroom, machinery room, and laundry drying facilities. The tranquillity of the neighborhood, the salient features of the complex, and affordability have attracted potential investors in every way possible and this project was handed over within the timeline mentioned in the contract.

Ready apartment for sale in Lalmatia

Lalmatia is one of the most coveted places for buying a home in Dhaka city of its unique qualities. Lalmatia serves all the purposes of a decent neighborhood with a sophisticated environment. Many cultural activity centers, bookshops, famous educational institutions, super shops, shopping centers, entertainment facilities, and everything for a lavish lifestyle are situated here. For a neighborhood with the calmness of home, Lalmatia has been the best option for owning a home within a budget lower than luxurious flat purchasing. 

Mir Amena’s Heritage

Mir Amena’s Heritage is located in the serenity of Lalmatia in block D, plot 9/6. Built on 11.08 Katha land, this south-facing building complex comprises 9 floors along with a ground floor and a semi-basement. A total of 26 units are constructed according to efficient architectural planning. Three types of units according to their size are available here. Type-A units are 1610 square feet, type-B units are 1630 square feet, and type-C units are 1620 square feet in size. The building facilitates a prayer hall, a large community hall, and avant-garde interior and exterior design with flawless floor planning. The parking area is spacious and has 26 parking spots on the semi-basement and ground floor. A large playground is located just opposite the building which can fulfill the need for a play area for children. The rooftop has gardening facilities along with seating arrangements. All the electrical appliances are top quality and the finishing of the granite tiles in every room is remarkable. This project offers the calmness of home, the enjoyment of life, and the elegant simplicity of the architectural features. This building was also completed within due time in 2019 and has served as a testament to Mir’s dedication to its services.

Ready apartment for sale in Kalabagan

Kalabagan is a place where budget meets peace in the case of owning a home. The locality is quite incredible in terms of amenities and the advantages of living in Kalabagan. This neighborhood is situated in several major educational institutions, shopping centers, restaurants, and most importantly, hospitals such as Square Hospitals. The location is very feasible for traveling to any important corporate or industrial hub of Dhaka city within a short time. Mir Real Estate has succeeded to target such a peaceful location and has built one of its most exceptional projects so far.

Mir Taj Square

Mir Taj Square is a project located in plot 63/C, Panthapath, Lake Circus, Kalabagan. This is a commercial project of Mir Real Estate Ltd. The north-facing building is built on 4.6 Katha land and consists of 8 floors excluding the ground floor and a  semi-basement. A total of 18 units that range from 713-1799 square feet in size are built to accommodate commercial spaces. The semi-basement and the ground floor have spacious parking spaces. All the other floors are well-planned and well-designed to make the best out of usable spaces. The amenities that are provided include homogenous tiles on every floor, marble or granite tiles finishing in the entrance, imported electrical appliances, an electric sub-meter for each space, etc. Mir Taj Square is a significant commercial project of the Mir group and has been standing high in its glory of architectural grandeur and sophistication since its completion.

Ready apartment for sale on Indira Road

Indira Road is a location situated near Farmgate, one of the industrial and corporate center points of Dhaka. Indira road has a serene neighborhood with all the amenities including good educational institutions, shopping centers, local markets, and super shops, etc. The location is quite feasible to travel to any part of Dhaka city as being right beside Farmgate. Mir Real Estate Ltd. has built a project in such a location for the ones who are eager to own a budget-friendly as well as elegant home. 

Mir Dinantika

Located on Indira road, Mir Dinantika is a combination of contemporary architecture with wholesome serenity. The reflection of modern architecture with the utilization of ornamental elements within the structure of the building is perspicuous in this infrastructure. The apartment complex is west-facing and built on 9.07 Katha land. It is a ten-storied residential complex consisting of 24 apartments. There are options for you to choose your suitable apartment types. Type-A units are 1285 square feet, type-B units are 1470 square feet and type-C are 1190 square feet in size. The salient features include an extensive parking area on the ground floor and semi-basement, perfectly planned spacious rooms with an affluent flow of fresh air and natural sunlight, community space on the rooftop for social gatherings, extra space in front of each apartment for planting greenery, etc. Mir dinantika was completed and handed over within due time.

Summary

Mir Real Estate Ltd. has always surpassed its clients’ expectations with outstanding projects. The completed projects of Mir Real Estate mirror the integrity and dedication towards their services. Any potential investor should look into these projects among which he can find the perfect choice for his dream home.

F.A.Q.

How many completed projects does Mir Real Estate Ltd. have so far?

Ans. Mir Real Estate has 14 completed projects. 

How many completed commercial projects does Mir Real Estate Ltd. have?

Ans. Mir Real Estate has two commercial projects that are now completed and offered for purchase.

Is Dhaka a good place for buying a permanent home?

Ans. There are both pros and cons of living in Dhaka. Although there are some minor drawbacks, the facilities for education, job market, entertainment, etc. are of high quality in Dhaka, and these advantages surely make Dhaka a good place for buying a permanent home. 

Where can I contact to know about completed projects of Mir Real Estate? 

Ans. You can always contact us here to find out any information about the projects of Mir Real Estate.

Flat for Sale in Dhaka: Best Ongoing Projects of Mir Real Estate

The real estate sector is currently one of the most promising sectors of Bangladesh’s economy. The flourishing real estate market of Bangladesh has proven to be a safe space for investors. Whether you are interested in buying or selling your property, the right time for that is now. Securing a shelter for the future or maintaining a cash flow for good and many more reasons can be stated in favor of investing in the real estate business. To ease your journey, a large number of real estate agencies and companies have been mushrooming over the last few decades and many have gained to be the most trusted and safest go-to place for investors. Mir Real Estate has definitely been on top of the game since 2006, securing its position by ensuring high-quality services and expertise.

Mir Real Estate, a leader in infrastructural construction in Bangladesh, has established its excellent record by providing top-notch and functional spaces combining modern architecture with the latest technological approaches. The infrastructure development projects of Mir group reflect its construction excellence and extraordinary expertise. Aiming for top-notch quality over quantity, Mir Real Estate has undertaken a total of 27 infrastructure projects which serve as a testament to the company’s marvelous services. Among all the projects, fourteen projects are ready, eight projects are ongoing and five projects are due to be inaugurated soon. 

The ongoing projects of Mir Real Estate have already become tempting targets for existing and potential real estate investors. Being constructed in the best possible locations of the biggest metropolitan of Bangladesh, the apartment complexes and commercial infrastructures of the ongoing projects of Mir Real Estate have offered everything an investor may look for. The luxurious amenities of the apartments and neighborhood advantages have made the largest impact in attracting investments from enthusiasts. 

If you are looking to invest in real estate in the capital city, Dhaka, and are determined to go for the best options there are, the ongoing projects of Mir Real Estate are exactly for your benefit. This article aims to provide thorough knowledge on the ongoing projects of Mir Real Estate so that you can sensibly decide to choose the most suitable one and grab yours while the chance is still available. 

Best Flats for Sale in Dhaka

Mir Nahar’s Dale

Mir Nahar’s Dale, a lucrative project, is being constructed in one of the ancient parts of Dhaka city that is Mohammadpur. Mohammadpur has its own history of glory and has served as one of the best residential areas for a very long time. The advantages of living in Mohammadpur are many. These include the broad streets and avenues, homely neighborhoods, public transportation, renowned educational institutions, and entertainment facilities. The neighborhood for residency must come into discussion at first. A large number of good apartment complexes are situated here, making the area a safe place to live and socialize with a well-cultured community. Public bus services such as BRTC, Torongo, Malancha, etc. have been providing necessary facilities for cheap and fast transportation for the inhabitants of Mohammadpur. Some of the most famous educational institutions of Bangladesh are located here such as Mohammadpur Preparatory Higher Secondary School, St. Joseph Higher Secondary School, Dhaka Residential Model College, and many more. To top it all, Mohammadpur is famous for its facilities of entertainment accommodating a number of shopping complexes, markets, restaurants, and a wide range of street food carts. Mohammadpur is insanely hyped for its street foods and is an attractive destination for all types of food enthusiasts. 

Being built in such an enticing location, Mir Nahar’s Dale has ticked all the boxes any investor might be interested in. The exact location of the complex is Plot# 6/11, Block #B of Humayun Road, Mohammadpur. On an area of 4 Katha, this east-facing building is being constructed to accommodate eight units within eight floors, excluding the ground floor. The size of each unit is 1,500 square feet and includes all the facilities of a luxurious flat such as tiled floors and baths, spacious kitchen and balcony, tight security, international standard lifts, cylinder gas connection, personalized electric meter, etc. The project is dated to be completed within July 2024 and will be handed over to the buyer then. The flats are still up for grabs till then, and as an investor, this might be exactly what you are looking for. 

Mir Jahan-e-Nur

Mir Jahan-e-Nur is being built at South Kafrul, an attractive location in the capital city, Dhaka. As a residential area, South Kafrul has several benefits to offer. The trump card among those is the security of this location. Situated adjacent to the Dhaka Cantonment, the safety, and security of this area are top-notch compared to any other place in Dhaka city. Aside from this, South Kafrul has a number of commercial buildings, markets and shopping centers, a cinema hall, restaurants, and other entertainment facilities. A number of good educational institutions are also situated here such as St. Vincent De Paul Primary School, South Point School, and College, etc. Public transportation services such as buses, rickshaws, etc., all are available for the residents of this neighborhood. For those who are in search of a secured and calm neighborhood with all the amenities for a standard lifestyle, South Kafrul is the answer to all of their demands.

Mir Jahan-e-Nur offers luxurious flats in this calmly neighborhood for residency. This apartment complex is built in a 6.55 Katha area and is faced northwest. A total of 16 units within eight floors, excluding the ground floor and basement for parking facilities, are being constructed that accommodate the finest amenities. The units are two types and are sized 1,135 square feet and 1,175 square feet. The amenities include tiled floors, standard quality sanitary wares in washrooms, a spacious kitchen, a double burner gas outlet, a solid wooden door frame, cc camera for security, car parking space, etc. The construction process is expected to be completed within July of 2024 and will be ready to be handed over to the buyer. The flats are available to potential clients till then.

Mir Parul Legacy

Mir Parul Legacy is located in one of the finest residential areas of Dhaka city. The exact location of this apartment complex is plot #14, road #12, K block of Baridhara residential area. Baridhara provides a series of top-grade living facilities. This area is adjacent to embassies, foreign exchange offices, and many other commercial and diplomatic spaces. So, naturally, the security of this area is unquestionably high and all the streets are well monitored 24/7. Baridhara has several numbers of high-quality educational institutions, markets, shopping complexes, and entertainment centers. A good number of hospitals such as United Hospital, Baridhara General Hospital, etc. are also situated here for healthcare facilities. Local transportation facilities are absent here due to tight security but the main roads are within walking distance, so the residents do not have to take much trouble. For a clean and secured environment along with top facilities for living, Baridhara is one of the greatest options to go for.

Mir Parul Legacy is constructed on 5.24 Katha land in Baridhara residential area. The south-faced building is comprised of total of 7 units on seven floors, excluding the ground floor. Each unit is of type: A and is sized 2,420 square feet. Each flat provides luxurious amenities including an imported wooden door frame, homogenous tiled floors, a double burner gas outlet with gas pipeline connection from TITAS, a video intercom system, international standard lifts, provision for a hot water line in the kitchen, etc. The project was dated to be completed within July 2021 and all the flats are already sold out due to the attractive features provided.

Mir Ar-Rahma

Located in the poshest area of Dhaka, Mir Ar-Rahma has top-grade qualities to offer for a luxurious living standard. Mir Ar-Rahma is situated at house #29, road #30, block #CWS(B) in Gulshan, Dhaka. Gulshan can be specifically called the most expensive and best place to live in Dhaka. Being the location of almost all the foreign embassies, Gulshan is home to a large number of foreigners and diplomats. The security and cleanliness of this area are, thus, undoubtedly top-notch. International standard educational institutions, shopping centers, five-star hotels, great restaurants, clubs, and many more facilities are abundant in Gulshan. Not only this is one of the best places for residency, but it is also a hub for commercial centers for top companies in the country. In brief, Gulshan has everything to offer for a lavish and serene lifestyle.

Mir Ar-Rahma matches the standard of its location by providing luxurious amenities. This south-faced building is constructed on an area of 10.5 Katha. There are two basements for parking facilities, the ground floor, Mezzanine floor, and 10 floors in total in this complex. Type A units of 3,900 square feet are ten in number. The facilities of these flats are amazingly unmatched and include glazed ceramic tiled floors, bathtubs in bathrooms, separate lines for hot and cold water, gas pipeline connection, a central water purifier system, a reflection pool, children’s play area on the ground floor, fitness center and community hall in Mezzanine floor,  standard PABX telephone system, and many more. The project was dated to be finished within July 2020 and is being handed over to the buyers. There is still availability for potential buyers to invest in such deluxe flats which can be the best decision for the seeker of a magnificent lifestyle.

Sohela’s Mir Crescendo

Sohela’s Mir Crescendo is one of the most luxurious projects undertaken by Mir Real Estate. The location of this complex is at Baridhara Residential Area, Plot No. 31, Sarawardi Avenue, Block – K. Baridhara is undeniably one of the best areas to live in. With high-quality facilities for all aspects of life, the Baridhara neighborhood poses to be the dream of every homeowner. This grand project of Mir Real Estate is a reflection of the union of comfort and balance of life. 

Sohela’s Mir Crescendo offers every luxurious urban facility any home buyer looks for. Built on an 8.16 katha area, this east-faced building contains 7 units within 8 floors, excluding the ground floor and basement for parking. Each floor contains only one unit of 4,052 square feet. This unique plan facilitates spacious space for living with an affluent flow of natural light and fresh air. The apartment has unique features including a wooden home interior, importer sanitary wares, glazed ceramic tiles, provision for air conditioning and geyser, etc. The complex provides amazing amenities too, such as a fully equipped gymnasium, swimming pool on the rooftop, granite floor on the ground floor, etc. The project is expected to be completed within March 2025 and is available for buyers to invest in. 

Mir Shohag Garden

Mir Shohag Garden is situated at house #71 of Manipuri Para. Manipuri Para is located adjacent to Farmgate, one of the main center points of Dhaka. This area is also situated right beside the National Parliament House, making it one of the most important locations in the capital. Manipuri Para has a very calm and peaceful neighborhood along with clean streets. All the facilities for a standard lifestyle are offered here. Renowned educational institutions nearby, marketplaces, clubs, community centers, playgrounds, etc. are within the neighborhood. For those who require homes to buy within a reasonable price range and good facilities, Manipuri Para is the perfect place for them.

Mir Shohag Garden is an east-facing building built in the 11 Katha area. The building consists of a single basement, and ground floor along with 7 individual floors. There is a total of 28 units of approximately 1,100-1,340 square feet range. The parking area consists of spaces for 28 spots. The amenities include pest control facilities,  international standard lifts, glazed homogenous tiled floors, the false ceiling on the ground floor, a double burner gas outlet, WASA water supply, cloth drying facilities at rooftops, etc. The completion of this project was expected in October 2019 and all the flats are already sold out due to the extreme demand.

Mir Daisy

Mir Daisy is situated at 216, East Kafrul at house #215. Adjacent to the Dhaka Cantonment, the security of this area is top-notch compared to other locations in Dhaka city. The maintenance of traffic and social security is ongoing 24/7 here at East Kafrul. The facilities for educational institutions, markets places, and entertainment facilities such as shopping centers, clubs, cinema halls, etc. are also of high quality. For a serene neighborhood with standard lifestyle facilities, East Kafrul provides the best of these requirements for a homeowner. 

Mir Daisy is being constructed on an area of 9.45 Katha and is faced northeast. There are eight floors excluding the ground floor consisting of a total of 24 units. The sizes of the units are approximately 1,185 and 1,252 square feet range. The special features and amenities include car parking space, international standard lifts, spacious kitchen and balcony, glazed tiled floors, tiled bathrooms, wide entrance gate, individual room for the caretaker, electromechanical room, gas outlet, etc. The project is expected to be completed and handed over within 2022 and a few flats are available to purchase for potential investors.

Mir Sanarc Rise

Mir Sanarc Rise is a commercial infrastructure project of Mir Real Estate. Located in the industrial hub of Dhaka, the Tejgaon area, Mir Sanarc Rise is expected to be one of the top-ranked commercial buildings in Tejgaon. The exact location of this infrastructure is at Shaheed Tajuddin Ahmed Sarani, Tejgaon. Tejgaon is famous for being a central location for many industries and commercial buildings. Many headquarters of renowned business and commercial corporations are situated here. 

Mir Sanarc Rise is a mega project being built to provide a healthy work environment for tenants and sustainable design for the betterment of work life. This project focuses on low water and energy consumption by using sustainable construction materials and increasing the usage of natural light in a planned way. Being constructed on 40 Katha land, this commercial building is north-west faced and comprises 12 floors along with 4 basements and a ground floor. The building area comprises 2,83,436 square feet with each individual unit being sized approximately 3,000-30,000 square feet. The highlights of this mega infrastructure are 220 car parking spots, a rooftop helipad, a BMS building management system, 24-hour security, a marvelous entry view along with raised podium, etc. The amenities include tiled floors, glazed tiles bathrooms, hot water lines, tempered glass doors, central air conditioning, good quality imported electrical material, etc. The project is expected to be completed within June 2026 and available for booking for office spaces.

Summary

Mir Real Estate’s ongoing projects are the best choices out there for an existing or potential investor to invest in the real estate market. The advantages these projects offer over any other construction projects in the real estate market are unmatched in quality and price. A potential homeowner or buyer of commercial spaces should go for these projects without any doubt. 

F.A.Q.

How many residential projects are ongoing under Mir Real Estate Limited?

Ans. Mir Real Estate currently offering 7 ongoing flats for sale in Dhaka. 

How many commercial projects are ongoing under Mir Real Estate Limited?

Ans. One commercial project is ongoing. 

Why should an investor choose Mir Real Estate for property investment? 

Ans. Mir Real Estate offers the most trustworthy as well as personalized consultancy for a potential investor. The projects of the Mir group are of top quality and the best out there. 

Which areas are best for residency in Dhaka? 

Ans. Follow this article to know about the best areas in Dhaka for residential purposes.

Can Foreigners Buy Property in Bangladesh?

Buying property in Bangladesh may have been on your radar for quite some time. Bangladesh’s economic potential is growing as the country joins the ranks of the world’s fastest-developing economies. So, it can be quite a lucrative place for investment. However, there are a few things to keep in mind if you’re a foreigner looking to buy property in another country. There can be a plethora of pitfalls and loopholes to be aware of as a foreigner. Thorough homework is necessary before starting your new endeavor to eliminate the risk of losing your entire capital. The first is to make sure that you’re familiar with the Bangladeshi laws and regulations regarding property ownership. For instance, in some countries, foreigners are not allowed to own properties outright. Instead, they may have to lease the property from the government or form a partnership with a local citizen. The main concern here is to research the rules and restrictions before you make any purchase. Finally, don’t forget to factor in the costs of ownership, including property taxes and maintenance. These costs usually vary widely from country to country, so it’s important to get a realistic estimate before you make any decisions. For your convenience, this article will guide you through the maze of procedures involved in buying a property in Bangladesh as a foreigner. 

Should Foreigners Buy Property in Bangladesh?

Bangladesh is a rapidly developing country with a growing economy and population. Located on the coast of the Bay of Bengal in the geographic center of South Asia, it has a key strategic position. Serving as a major crossroad for commerce between South Asia and Southeast Asia, it has a considerable impact on the economies of both regions. As a result, it is becoming an increasingly popular destination for property investors. Bangladeshi property prices are still relatively low, and there is a wide range of options available, from apartments to villas, to farms and land. Construction costs are also quite cheap here compared to other developed countries. In addition, the country offers a number of tax incentives for property buyers, making it an attractive investment destination. Bangladesh also has a number of key infrastructure projects underway, which are likely to further boost the property market in the coming years. More importantly, urbanization in Bangladesh has constantly been moving upward. The rising population in the country’s metropolis has certainly fueled the housing demand. Therefore, investing in Bangladeshi real estate companies will not only provide a steady stream of income (if you decide to rent it out), but may also prove to be a wise financial decision due to the potential appreciation in value. In addition, purchasing property in rural Bangladesh and constructing a home there can be a sustainable and unique choice for those looking to retire abroad or for a holiday home overseas. Initially, you should find out and settle on the property’s primary purpose before committing yourself to buy the property. But whatever your motivation is, you should treat this investment the same way you would any other.

Buying Property in Bangladesh as a Foreigner

Can a non-Bangladeshi purchase a property here at all? A few know the answer. No one, not even the most veteran attorneys or relevant individuals, can agree on what the rule actually is. The answer to this question is not as simple as it seems. It’s more complicated than just a yes or no.

As a matter of fact, there is no clear provision in Bangladeshi law regarding the acquisition of property by non-citizens till now. Because of this, the issue at hand is open to interpretation. In Bangladesh, all the legislations pertaining to property ownership are combined and organized in the ‘Transfer of Property Act’ or the ‘Registration Act’. Property ownership by non-citizens or foreign nationals is not addressed in any of these acts. However, as there is no particular limitation under any legislation either prohibiting the selling or registering any property in possession of a foreign national, it is reasonable to think that foreigners can acquire property in Bangladesh. Besides, there are a wide variety of lands and property types around the country, each with its own unique laws that govern who can possess it and who can transfer it to whom. Therefore, unless there is a restriction on the type of property being sold, a foreigner can legally purchase real estate in Bangladesh.

There are a few restrictions in place, but overall the process is relatively straightforward. In general, foreigners are only allowed to purchase flats in Dhaka for residential purposes, and they must obtain approval from the Bangladesh Board of Investment. In addition, the property must be located in an approved area, and the purchase price must be paid in full in foreign currency. However, these requirements are not overly complicated, and as long as you meet them, you should be able to purchase property in Bangladesh without any major problems.

Factors to Consider Before Buying Property in Bangladesh

Purchasing a home in a foreign country may be a very exciting venture, but it is crucial to do your research first. Those looking to buy a house in Bangladesh would be well to familiarize themselves with the Bangladeshi legal system first. Moreover, it is extremely important to have a financial manager, a real estate attorney, and a real estate agent all hailing from Bangladesh on hand when buying a property or piece of land in the country. These professionals understand the Bangladeshi real estate industry thoroughly and can offer valuable insights into selecting the right property. As you enter a new place and culture, this degree of understanding will be crucial. If you give careful thought to these issues, purchasing property in Bangladesh can be financially rewarding. However, there are still some questions that need further clarification.

What type of property can a foreigner buy in Bangladesh? 

In general, foreigners are only allowed to purchase property for residential purposes. Expats have a plethora of options for purchasing apartments or flats in Dhaka’s finest neighborhoods. Unfortunately, it’s possible that a person who wants to acquire land, in particular, will run into certain difficulties. He may, however, get a business license, set up a company, and then buy the land under the company’s name, thus bypassing the aforementioned regulations. It’s also probable that he’ll encounter obstacles trying to acquire land in a RAJUK-owned area, as that organization has banned the sale of its land to foreign citizens. 

The legal requirements for foreigners to buy properties in Bangladesh

Legally, foreign citizens may need to arrange paperwork and approvals from many authorities in order to acquire and register property in Bangladesh, despite the fact that Bangladeshi law makes no reference to or prohibits such activity. It goes without saying that they’ll need some form of official identity (passport, tax identification number, etc.) to back up their property acquisition in Bangladesh. In order to proceed, they will require approval from the Bangladesh Board of Investment. They will need to turn in their paperwork at the police station so that authorities there are aware of the arrangement and can act appropriately in the case of an emergency. They need to prove they can afford it by presenting documentation of their income. 

How to finance your property in Bangladesh as a foreigner?

As a foreigner looking to purchase property in Bangladesh, there are a few options available to you in terms of financing. One option is to arrange for a loan from a local bank. However, you will likely need to provide collateral, such as another property or a large sum of cash, in order to secure the loan. Another option is to work with a private lender. Private lenders typically charge higher interest rates than banks, but they may be more willing to work with foreigners. Finally, you could also finance the purchase with your own savings. If you are able to do so, this is often the best option, as it will give you full ownership of the property, and you will not have to worry about making monthly loan payments.

Taxes and fees for buying property in Bangladesh as a foreigner

Due to the lack of any regulations targeting foreign buyers of the property market in Bangladesh, non-citizens are not subjected to any separate tax schemes than those applied to native citizens. Therefore, much like Bangladeshi nationals, non-citizens will be required to pay 10% of the total cost of the property to the government in order to register their property. Taxes on rental income will amount to 30% of whatever money they make from renting out their home. 

The steps to purchasing a property in Bangladesh

Remember that the steps involved in buying a property abroad may differ significantly from those you’re familiar with at home.

  1. Start looking for the desired property in Bangladesh, either on your own or with the help of a real estate agent.
  2. Seek pre-approval for a loan from a local bank if you need one.
  3. Apply for approval from the Bangladesh Board of Investments.
  4. Hire a real estate agent.
  5. Have you found any property of your choice? Talk to your real estate agent about putting in an offer. Discuss the price and any other details of the sale.
  6. Your agent will do all of the required verifications, investigations, and paperwork for the acquisition on your behalf.
  7. Confirm your loan or other sources of money.
  8. Pay the down payment and sign the agreement.
  9. Get the deed notarized, and then get it recorded at the land registry office.
  10. Send the remaining amount of the original cost and pay any applicable taxes and fees.
  11. Your new Bangladeshi property is ready now and waiting for you to take possession of it!

Summary

Bangladesh has made steady strides toward easing a variety of investment hurdles, particularly those related to providing consistently sufficient electricity and a solid infrastructure for foreign investments. Property investors now have more reasons to consider Bangladesh as a viable choice, thanks to the ongoing efforts to strengthen the country’s economic environment. However, there are several legal loopholes to watch out for if you are seriously considering buying a property in Bangladesh. By keeping in mind, the things mentioned in this article, you can make the process of buying property as a foreigner a lot easier and less stressful.

F.A.Q.

What are the prospects for investment in Bangladesh?

Ans: Bangladesh is poised to receive increased investment in the coming years as a result of its huge, youthful, and hardworking workforce, strategic position, and thriving private sector.

What are the mistakes one should avoid while buying a property in Dhaka? 

Ans: Follow this detailed guide to avoid making some of the most common mistakes people make when buying property in Dhaka.

Is it too expensive to acquire a property in Bangladesh?

Ans: No. Bangladesh is a great place to invest in real estate since prices are lower than in other developed nations.

How risky is it for a foreigner to visit Bangladesh?

For those wondering, the annual number of insurgencies in Bangladesh is quite low, making it a relatively secure country for tourists.

How to find a good real estate agent in Bangladesh?

Ans: Finding a good real estate agent can be quite challenging. Read this article to get advice on how to find a good real estate agent in Bangladesh.

Best Places to Live in Dhaka for a First Time Visitor

If you are moving to a new city, one of the first things you need to ensure before setting foot on foreign soil is to find suitable accommodation. Once you’ve decided on a city to move to, you’ll need to invest quite some time in finding a proper neighborhood. Unless you’re already familiar with your new destination, the step of choosing the proper neighborhood may demand unfathomable time and effort on your part. Depending on whether you will be staying for a short or a long period of time, there are a number of factors to take into consideration. Before making a big move, consider not just your finances but also the area’s environment, safety, proximity to your workplace, social amenities, transit options, schools, and recreation facilities, among other things. After all, moving into a bad neighborhood unintentionally will only increase your misery. All of your positive experiences will be overshadowed by the negative ones you may have in a neighborhood that turns out to be a terrible choice for you and your family. 

A neighborhood can have an enormous impact on your and your family’s lifestyle. You also need to take into account the preferences of your family members while making the decision. So, research thoroughly beforehand and make a list of the pros and cons. and cons of each neighborhood that has been caught on your radar. In these cases, a good real estate agent can help you a lot in finding out the benefits or drawbacks of a particular area. Meanwhile, if you have been thinking of moving to Dhaka for the first time, it might be even harder to find the right neighborhood. Despite being one of the major metropolitans of South Asia, Dhaka’s population of over 20 million makes it challenging to maintain a comfortable standard of living. A significant portion of this city has been built without much planning, leading its habitants to suffer year after year. So, finding a good neighborhood in this metropolis is not an easy task. Even so, there’s no need to panic! Due to being the country’s capital, Dhaka attracts foreign investors and is already home to many expats. Moreover, the demand for healthy housing amongst the affluent and civilized portion of the population has led to the development of several attractive residential neighborhoods all over Dhaka. For your convenience and to help you save time, here we have compiled a list of the best areas to live in Dhaka.

Best residential Place in Dhaka

Gulshan

Gulshan, Dhaka’s most upscale neighborhood, was primarily developed for diplomatic as well as residential purposes. You may expect Gulshan to be the most popular neighborhood for foreigners living in Dhaka. In addition to the fact that almost all foreign embassies and high commissions are located across Gulshan, the neighborhood’s standard of living is also higher than almost all the other areas of this city. 

As you go through this area, you’ll find luxurious apartment buildings embellished with first-class amenities. It is, without a doubt, the city’s cleanest neighborhood. Apart from this, Gulshan has a lot to offer in terms of making your stay more comfortable. At Gulshan, you’ll find only the best for everything from education to amusement to healthcare to other aspects of daily life. To make sure your child gets the best education, you can choose from a wide range of well-known institutions with a reputation for excellence and international standards, such as Scholastica, Sidney International School, Faith International School, etc. 

For recreational purposes, Gulshan offers several parks and lake-side recreational spots. Several exclusive private clubs, such as the Gulshan Club, the Canadian Club, and others, offer their members excellent opportunities to spend their time. Gulshan is also home to the highest number of 5-star hotels in Bangladesh, including the Westin, Six Seasons, and more. In addition, restaurants such as Nandos, Gloria jeans coffee, White Canary café, and others provide food on par with that seen in other countries. You may find anything from groceries to designer clothes at several marketplaces across the area, including Gulshan DCC, Police plaza, Pink city, and others. Labaid, United Hospital, and several other top-notch healthcare institutions can be found in this area. Additionally, there are a lot of well-planned public transit choices to choose from. Let’s take a quick look at the shortlist of pros and cons of this lavish area :

Advantages

  1. Luxurious apartments with top-notch modern amenities 
  2. Excellent healthcare facilities 
  3. Reputed private educational institutions 
  4. Several good choices for recreation
  5. Popular international restaurants 
  6. Well-planned public transportation 
  7. High-end security and a serene environment 

Disadvantages

  1. Extremely expensive apartments 
  2. Fewer alternatives for cheap food
  3. Lack of public educational institutions 
  4. Lack of cheap public healthcare

Baridhara

Separated from Gulshan only by a lake,  Baridhara offers almost all the top-notch facilities Gulshan provides. Unlike Gulshan, which is more commercial in nature, this region has a more domestic feel to it.

Baridhara is home to a huge number of defense officials, high commission and embassy officers, expats, and foreign tourists, therefore, the living and security standards are unquestionably excellent. It’s a beautiful place to live, with luxurious apartments and building complexes. The roads and traffic are in excellent condition and well-monitored at all times. Security protection is very tight here – checkpoints at each entrance and 24/7 police surveillance are strictly regulated. Local transportation is scarce here due to strict security rules, but as it is within walking distance of major roads, this lack of public transportation will not be an issue.

Baridhara’s educational institutions include Cambrian School, American International School, etc., which offer great facilities for both Bangla and English curricula. Within its highly secured zone, Baridhara also offers shopping complexes like the Anannya shopping complex and other big super shops for its residents to use. Several hospitals in the area, such as United hospital, Baridhara general hospital, etc., may meet your needs for high-quality healthcare. Lake-side recreational spots and exquisite clubs here will give you ample choices to keep yourself entertained. 

Advantages

  1. Sophisticated accommodations
  2. Top-notch security protection 
  3. Serene and calm environment 
  4. Offers all high-end facilities 
  5. The clean and polished area
  6. Less traffic because of strict traffic regulations 

Disadvantages

  1. Expensive living standard 
  2. Lack of public transport facilities 
  3. Fewer options for restaurants 
  4. Very few shopping places

Bashundhara R/A

Bashundhara R/A, which is situated adjacent to Baridhara, offers even more cutting-edge amenities for a residential neighborhood. This area’s calm and picturesque view makes it an excellent location to live.

Bashundhara, like Gulshan and Baridhara, provides top-notch security with checkpoints at every entrance and tight security surveillance. Small villas, duplexes, apartment complexes, and even bungalows may be found in this neighborhood. If you’re moving to Dhaka for the first time, this neighborhood offers a wide variety of housing options that are priced to suit a wide range of budgets, either for buying or renting. Residents in Bashundhara have access to a wide range of services and amenities. The presence of rickshaws makes it easy to get around the neighborhood.

Several renowned educational institutions are located here for your child’s excellent education. Viqarunnisa Noon School and College, HURDCO International School, Ebenezer International School, and many other institutions provide the best facilities for educational purposes. And the cherry on top is that three reputed private universities in the country – North South University, the Independent University of Bangladesh, and the American International University of Bangladesh, are all located within a few blocks of each other in this area. One of the leading hospitals in Dhaka, Evercare Hospital, is situated in Bashundhara. From diagnosis to treatment, Evercare hospital has the best facilities for your healthcare needs.

The world’s third-largest shopping mall, the famous Jamuna Future Park (JFP), is located in Bashundhara and offers products from top international. The amusement park in front of JFP is an excellent recreational spot for people of all ages. Furthermore, JFP’s gaming corner and the Blockbuster cinema complex are great places to unwind and have fun. Bashundhara is home to a massive retail mall as well as several high-end supermarkets and superstore chains, including Mehedi Mart and Bazar Sharabela. Many good-quality restaurants and fast-food chains are operating their business here, serving great quality foods at various pricing ranges. 

Advantages

  1. High security and maintenance 
  2. Well-planned transport facilities 
  3. Best for shopping 
  4. High-quality educational services
  5. Good healthcare facilities 
  6. Great place for amusement and recreation 
  7. Eye-soothing scenic views
  8. Gives off foreign vibes

Disadvantages

  1. Expensive accommodation 
  2. Located on the outskirts of Dhaka
  3. Intracity traveling to other places can be very time-consuming

Banani

To the west of Gulshan, Banani is a strong candidate for the title of the best neighborhood in our capital city. Banani has a fair share of exclusivity to offer when it comes to choosing a living place. Banani boasts some of the city’s most well-developed streets at the moment. The entire neighborhood has been carefully developed to include both business and residential zones. Few embassies and many important business organizations are located in this area, making it one of the corporal hubs of Dhaka. Banani is a popular choice for employees who want to be close to their workplaces in order to save time. From apartment buildings to high-rise structures, Banani offers exquisite housing with modern amenities. Read this article on a guide to buying a new house in Dhaka before you jumpstart your endeavor. Rickshaws and air-conditioned buses like Dhaka Chaka and Gulshan Chaka are available for local transportation. These buses not only run within Banani but also to and from Gulshan-2 and the surrounding areas.

If there’s one place in Dhaka to take a foodie who loves to indulge, it’s Banani. Ranging from traditional to international cuisine, Banani has to offer abundant restaurants, fast food chains, and a wide variety of cuisine outlets. The affordability of these restaurants also serve both the affluent and middle-income. Not only restaurants but 5-star hotels such as Intercontinental Hotel, Hotel Tulip, etc., are also located in Banani. Banani Supermarket, Bangladesh-UAE Moitry retail complex, branch outlets of reputed brands, and many more chain shops serve the purpose of shopping for all sorts of necessities. Though Banani lacks top-notch healthcare services right around the block, there are still diagnostic centers like Prava Health, Banani clinic, etc., providing healthcare amenities. 

Advantages

  1. High security and road maintenance 
  2. Modernized accommodation facilities 
  3. Quality education 
  4. Banani lake for ample recreation
  5. bundance of playground facilities for children
  6. Both luxurious and affordable restaurants 

Disadvantages

  1. Lack of good quality hospital facilities 
  2. Expensive accommodation 
  3. Fewer options for intercity transportation 
  4. Expensive shopping centers 

Dhanmondi

Dhanmondi is one of the old neighborhoods of Dhaka city. Since the 1950s, Dhanmondi has grown steadily, evolving into a trendy neighborhood. If you’re looking to live in a relatively cheap but modern area than the luxurious places described above, go no further than Dhanmondi. To begin, Dhanmondi features well-constructed infrastructure and wide, well-planned streets. Dhanmondi is home to lavish residential buildings, aesthetically pleasing structures, and even some historic structures. Top-quality educational institutions, for instance, Scholastica, MasterMind, Oxford International, and many more are rooted here. This area is home to several prestigious educational institutions, including Dhaka College, one of Bangladesh’s oldest colleges, as well as Bir Shreshtha Noor Mohammad Public College, Dhaka City College, ULAB, and Stamford University. Dhanmondi has a wide range of healthcare facilities, including Labaid Specialized Hospital, Medinova, Ibn Sina Hospital, Bangladesh Eye Hospital, and Bangladesh Medical College.

The Dhanmondi lake, however, is by far the most popular tourist attraction in Dhanmondi. It’s one of the city’s most popular hangouts. This long, vast greenery on both sides provides recreational facilities such as speed boating, small restaurants, and street foods. Rabindra Shorobor is located on the lake’s shore, where various events and performances are held from time to time. You may relax your body and mind just by sitting on the edge of this lake or walking along the pavement next to the lake. Dhanmondi also has the Star Cineplex, where people can go to watch movies on the weekends for fun. Restaurants of different kinds can be found in Dhanmondi, and they vary from traditional to international food. As one of the nation’s largest foodie hotspots, it is seeing an unprecedented influx of new restaurants open their doors. For shopping, Dhanmondi is heaven for shoppers. Excellent collections from different brands are available at affordable prices in Shimanto Square, Anam Rangs Plaza, Rapa Plaza, Shimanto Sombar, Metro Shopping Mall, etc. There are plenty of rickshaws and other public transit options available to get around. 

Advantages

  1. Tasteful apartments with good facilities within a more affordable range 
  2. Quality education for all levels of students
  3. Best healthcare facilities 
  4. Lakes, clubs, cinema halls for entertainment 
  5. Shoppers’ heaven
  6. Best place to try out different cuisines
  7. Public transportation facilities 

Disadvantages

  1. Expensive for lower-middle-class incomed
  2. Traffic congestion during school hours 
  3. Usually crowded because of various recreational facilities (lake, restaurants, shopping malls)
  4. A negligible amount of hotels

Summary

Finding a new neighborhood to live in Dhaka is both exciting and stressful. There are diverse types of neighborhoods in this always-happening capital city, so it can be difficult to narrow down your options. However, after careful homework and considering the kinds of things you really care about (like transport, cost, environment, restaurants, etc.), you may find the perfect option for you and your family.

F.A.Q.

How hard is it to find suitable housing in Dhaka?

Ans: Finding suitable housing in Dhaka can be pretty challenging. To make this process less stressful, you can contact professional real estate agents to guide you through the whole journey.

Is living in Dhaka cheap or expensive?

Ans: The accommodation cost in Dhaka can vary from neighborhood to neighborhood. However, compared to other western metropolitans, Dhaka is relatively cheaper for living.

What should I check before buying a Flat in Dhaka?

Ans: Follow this article to know about the important things to check before buying a flat in Dhaka.

Which area of Dhaka is best for educational institutions?

Ans: Dhaka’s educational hub, Dhanmondi, is home to several of the country’s most famous schools, colleges, and universities.