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.
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.
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.
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.
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?
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.
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.
Start looking for the desired property in Bangladesh, either on your own or with the help of a real estate agent.
Seek pre-approval for a loan from a local bank if you need one.
Apply for approval from the Bangladesh Board of Investments.
Hire a real estate agent.
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.
Your agent will do all of the required verifications, investigations, and paperwork for the acquisition on your behalf.
Confirm your loan or other sources of money.
Pay the down payment and sign the agreement.
Get the deed notarized, and then get it recorded at the land registry office.
Send the remaining amount of the original cost and pay any applicable taxes and fees.
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?
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
Luxurious apartments with top-notch modern amenities
Excellent healthcare facilities
Reputed private educational institutions
Several good choices for recreation
Popular international restaurants
Well-planned public transportation
High-end security and a serene environment
Disadvantages
Extremely expensive apartments
Fewer alternatives for cheap food
Lack of public educational institutions
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
Sophisticated accommodations
Top-notch security protection
Serene and calm environment
Offers all high-end facilities
The clean and polished area
Less traffic because of strict traffic regulations
Disadvantages
Expensive living standard
Lack of public transport facilities
Fewer options for restaurants
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
High security and maintenance
Well-planned transport facilities
Best for shopping
High-quality educational services
Good healthcare facilities
Great place for amusement and recreation
Eye-soothing scenic views
Gives off foreign vibes
Disadvantages
Expensive accommodation
Located on the outskirts of Dhaka
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
High security and road maintenance
Modernized accommodation facilities
Quality education
Banani lake for ample recreation
bundance of playground facilities for children
Both luxurious and affordable restaurants
Disadvantages
Lack of good quality hospital facilities
Expensive accommodation
Fewer options for intercity transportation
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
Tasteful apartments with good facilities within a more affordable range
Quality education for all levels of students
Best healthcare facilities
Lakes, clubs, cinema halls for entertainment
Shoppers’ heaven
Best place to try out different cuisines
Public transportation facilities
Disadvantages
Expensive for lower-middle-class incomed
Traffic congestion during school hours
Usually crowded because of various recreational facilities (lake, restaurants, shopping malls)
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?
Whether we want to buy or sell a real estate property, we need to know the actual value of the property. In the current world, the real estate industry is rapidly growing. The number of real estate properties is multiplied each year. The increased supply is an answer to the increased demand for real estate properties in Bangladesh. However, as the real estate market gets bigger, the market also gets competitive. The price of real estate properties is constantly fluctuating in the current market. Hence, the need for real estate agents is always in demand as the process of property valuation has become of critical importance for both buyers and sellers. For sellers, the proper valuation of the property will ensure a successful sale. If the property is undervalued, the seller will incur a loss, and if overvalued, the seller will have a tough time finding a buyer. The seller will eventually lose money for each day the property remains unsold. For buyers, knowing the proper value of a property will ensure a fair price purchase. As the market is competitive with many players, false advertisements and properties with overvalued quotations are increasing. Buyers can save themselves from paying more than the actual worth of the property by getting their property valued before purchasing.
Usually, real estate agents conduct the valuations of real estate properties. Clients come to the real estate agent to value their property for reasons such as sales listing, financing, property insurance, investment analysis, and taxation. But in most cases, real estate agents value property to determine the asking or purchase price of a property. However, valuing a real estate property is a difficult task since each property comes with unique features such as location, floor size, lot size, design, and additional amenities. The following article will explore the methods that the real estate developers in Bangladesh use to determine the value of a property.
Basic Valuation Concepts
In technical terms, the value of a property is the present worth of all future benefits arising from that property. Unlike most consumer goods, the real value of a property is realized in the long term. As the valuation is conducted considering the impact of a long period, macroeconomic factors such as economic trends, social trends, environmental impact, and government regulations are taken into consideration. However, the value is calculated keeping four elements in mind.
Demand: The need or necessity of consumers for a property that is backed by financial strength.
Utility: The Property’s ability to satisfy the need of its owners.
Scarcity: The limited supply of similar properties in the area.
Transferability: The ease with which current owners can transfer ownership to new owners.
Value Versus Cost and Price
The value of the property is not necessarily the cost of the property. The cost of a property is the actual expenditures on building the property. The cost is the sum of the labor expense, material expense, and other additional expenses. The cost of a property certainly affects the value of the property, but it does not determine the value of the property. For example, building a ready flat in Dhaka may cost 40 lakh BDT. But if the regulatory body finds any critical fault in the foundation, the value of the apartment will drop significantly. Similarly, if the same apartment is built with a perfect foundation and is situated in Gulshan, the value of the apartment will be many times more than its actual cost.
Market Value
The market value of a property, the price at which the property will be competitive in the open market, is determined by an appraisal. Before making any decision about the transaction of any real estate property, concerned parties such as individuals, businesses, government agencies, investors, banks, or mortgage companies evaluate the appraisal reports for a period of time to determine the property’s future value. The market price is the property’s actual value. However, the market does not always represent the true value of a property. For example, the seller may decide to sell a property at a lower price than its actual worth due to the pressure of foreclosure, or if the property is private, it can be sold at a lower price than its market value.
Appraisal Methods
An appraisal is an estimate or opinion about the value of a property on a specific date. The goal of preparing an appraisal report is to determine the property’s competitive market value. An accurate appraisal report depends on the precise and methodical collection of a critical data set. Such as data related to the property’s cost, material cost, market price, location demand, amenities, and other general and other related data. The appraisal method of property valuation can be approached in three methods.
Method 1: Sales Comparison Approach
The sales comparison approach, also known as the market data approach, is mostly used to determine the value of single-family apartments, houses, or lands. In technical terms, the sales comparison approach is an estimate of a property’s value that is derived from comparing the sales prices of a similar type of property or comparable properties in the area in the recent past. To be recognized as comparable properties, each must have the following attributes:
As similar as possible, especially the size and location, to the subject property
Have been traded within twelve months in a competitive and open market
Have been traded under a normal market situation
To prepare an appraisal report, the agent needs to use at least four comparable properties. It should be noted that the critical factors in choosing a comparable property are size and location. However, in most cases, the location of the property has a greater impact on the value of the property rather than the size. In addition to the size and location of the property, the age and condition of the infrastructure is also critical factor. Agents critically focus on the date of sale too. Economic changes impact the value of a property. Hence, the date of sale indicates at which economic cycle the property was last sold. Agents also evaluate the terms and conditions under which the property was last sold. Because the property was sold to relatives or close friends, the seller might give the buyer a discounted price. If an agent considers the discounted price for the sale comparison valuation method, he or she will undervalue the property.
Usually, to reach the final valuation number, agents use a weighted average value of all the comparable properties. Because many of the property’s physical features such as landscape, amenities, number, and design of rooms, quality of interior decoration, and other features are subjective to buyers. Hence, the agent adds weight to comparable properties to maintain a fair value.
Method 2: Cost Approach
The cost approach method of property valuation is solely used for valuing constructed properties on the land. Only lands cannot be valued using the cost approach method. This method consists of two separate evaluations for the building and the land. Another key aspect of this approach is that this method takes depreciation under consideration as well. So, the final estimated value is based upon the value of the building and the land while subtracting the depreciation. The cost approach method assumes that reasonable buyers will not pay a higher price than the overall cost of the property and the value of the land. Agents use the cost approach method to determine the value of properties that are not frequently traded and are not used to generate income. Such properties include personal houses, schools, hospitals, religious institutes, and government buildings.
While the cost approach method is a combination of both the value of the land and the building, the land is valued using the sale comparison method. Only the value of the building is calculated using the cost approach. The cost of the building is calculated in several ways. Agents in Bangladesh usually use the square foot method, where the cost per square foot of a recently built comparable property is multiplied by the square foot of the subject property building. Another method is called the unit-in-place method, where the cost of the building is calculated based on the cost of each unit of material that was used to build the building. Lastly, there is another method that is used when the property is very large in size. The method is called the quantity-survey method, where the price of each material that will require to build a similar in the current time is considered. The current market of raw materials is considered the base. Additional costs of installation are also considered in this method.
Depreciation is a key element in the cost approach valuation method. Depreciation regards the fact that the value of the building will deteriorate with time as the physical, functional, economic, or social condition of the property changes negatively. Physical conditions deteriorate when a certain part of the property gets old and requires replacement. Usually, the paint and the condition of the roof deteriorate. There are certain physical problems that cannot be fixed, such as the structural issue of the property. Functional damage occurs when a certain feature of the building seizes to function. For example, the waterline may not function properly anymore, or the internal electrical system may start to malfunction. The economic condition is a macro factor. However, it affects the value of the property. If the whole economy starts going through a bear phase, the value of the property will face its impact. Finally, the social factor includes the adjacent areas of the subject property. For example, if a polluting factory gets built just by the property, the value will decrease. On the other hand, if a good school or a beautiful park gets built nearby, the value of the property will rise.
Method 3: Income Capitalization Approach
The income capitalization approach, also known as the income approach, is a method that calculates the value of a property based on the connection between the rate of return for the owner and the net income that the property can generate. The income approach is most suitable for the properties that are built to be put out for rent. The valuation is very simple as the agent calculates the possible future income that the subject property can generate and estimates its current value. However, the income approach assumes that in the future, all the factors that may affect income will stay normal.
To perform the valuation, firstly, the agents will estimate the annual gross income for the property. Then the vacancy period and potential rent collection loss will be taken into consideration to calculate the effective gross income from the property. Then the annual operating expenses will be deducted to calculate the net operating income from the subject property. Once the net income is calculated, then the agents will estimate the price a rational investor will pay for a similar level of net income using the data of industry rate of return or capitalization rate. Finally, the agents will incorporate the capitalization rate into the subject property’s annual net income to calculate the final estimated value of the property.
Summary
The valuation of a property is not an easy task. The process is lengthy and time-consuming. However, the significance of property valuation is enormous. Skilled real estate agents to conduct real estate property valuation using either of the mentioned three methods. While each method is best suitable for a certain type of property, all methods should generate a relatively similar estimated valuation. The actual value of a property is a piece of very important information for not only buyers, but anyone can gain benefit from it.
F.A.Q
How can I be sure of the skill and credibility of a real estate agent?
How much does a real estate agent charge for a property valuation?
Ans: The fee of a real estate agent depends on the value of the property.
How long does a property valuation report remain valid?
Ans: There is no official expiry duration for a property valuation report. However, banks do not accept property valuation reports that are more than six months old.
Can I conduct the property valuation on my own?
Ans: Technically, you can. However, if you are not from the real estate industry and do not have much knowledge of the real estate market, you are likely to miscalculate.
How long does it take to complete a property valuation?
Ans: The duration to complete a property valuation depends on the size of the property. Usually, the valuation is completed within one week to three weeks of time.
The expense of living in the capital city is always going to be very expensive. Whether one decides to rent or buy, a large portion of the income will go to bear the cost of accommodation. Both options have their own benefits and downsides. Hence, the conversation of renting vs. buying a home in Dhaka always becomes a heated debate. However, here’s a brief guide about the pros and cons of both renting and buying a home in Dhaka.
Affordability
When it comes to the mode of accommodation, the first concern is the availability of financial resources. Not everyone can afford to buy a home in the city. You must have a high annual income before thinking about buying a home in Dhaka. In addition to a high annual income, one must have enough savings to pay off the down payment as well. Moreover, if you take home loans to buy your home, you have to bear the burden of interest as well. Hence, buying a home in Dhaka is a very costly expense, and only if you have a high annual income and enough savings, you shall consider buying a home in Dhaka.
On the contrary, if you have a low annual income and little amount savings, renting is the right option for you. Often, people with low annual income purchase a house with loans. However, in the long run, in most cases, they fail to pay off the interest, and the bank takes over the house. While it is a dream of everyone to have a house in their name, without proper financial backup, it cannot come true.
Lifestyle
Our lifestyle is one of the key drivers in choosing whether you should buy a home or rent an apartment. Our lifestyle determines for how long we will stay in the same place. If you are not married and do not live with your family, renting is the obvious choice. Bachelors do not need a permanent home as they are likely to move from one place to another. Another key factor behind not opting for renting is whether or not you are planning to stay in the country. If you are planning to migrate to another country, a purchased home will become a burden. In addition, people who love to travel and stay lion-share of time of the year traveling should rather rent as that would be more cost-effective.
Usually, people with families opt for buying a home in Dhaka. Generally, married couples who have kids who are studying in Dhaka plan to purchase a home. They are likely to stay in the same place for a very long time. Bachelors who live with their parents can also buy a home. As they are at the early stage of their career and will eventually settle, a home will reduce the tension of paying rent each month.
Occupation
Occupation is another key force in the debate about renting vs. buying a home in Dhaka. If you plan to buy a home in Dhaka, you should have an occupation that is based in Dhaka. In addition, there is no chance of transfer. Another key aspect is whether one is fully satisfied with their current employment or not. If your job is based in Dhaka and pays a high salary, there is no chance of transferring you to another location, and you are satisfied with your current position at the company, you may consider buying a home in Dhaka. For business people, if your business is based in Dhaka, and you are likely to stay in Dhaka for the majority of the time, then it is the best time to buy a home in Dhaka for you.
On the other hand, renting is the right option for you if you are not settled with your current job. If you are planning to look for other opportunities in different locations, then renting would be a wise choice. Moreover, if your position at the job comes with the possibility of transferring to another location, you need to opt for renting. For business people, if your business requires you to travel to different places and you are not likely to spend the majority of time in one place, you should rent a place rather than buy an apartment.
Capital Appreciation
Buying a home is an obvious long-term investment. However, it is also a long-term financial investment as well. The value of a property will rise as time goes by. Once you buy an apartment, you are set for a capital appreciation in the coming days. Meaning if you decide to sell your apartment after five years, you will be able to sell it at a much higher price than the amount you initially paid. Another key advantage of buying a property is that your property is free from the effects of inflation. Meaning the value of the property will adjust with the rate of inflation. Hence, your property in Dhaka is highly unlikely to ever drop in value. Rather the value will only go up with time.
On the other hand, renting is not free from the effects of inflation. If the country’s inflation rate goes up, the price of the rent will go up in tandem as well. Moreover, most landlords in Dhaka increase their rent annually. In brief, renting is sunk cost that increases with time.
Rental Income
If you buy a home, you have the option to not live in the apartment and rent it out. It is a very common practice in Dhaka. Many homeowners rent their apartments. The demand for rental houses is very high in Dhaka. The price of rent is always on the rise as well. Hence, many homeowners see their apartments as a means of monthly income.
Tax Benefits
If you buy your home on a home loan, you will receive tax benefits. According to Tax Ordinance 1984, the interest of your home loan will be deducted from your taxable income. As a result, as long as you are paying off the home loan, you will keep on saving from tax benefits.
Financial Strength
If you buy a property, you add great value to your overall wealth. Once you have a home of your own, you can use it as leverage to obtain higher loans from banks. Moreover, banks or other lending institutions give homeowners extra advantage as apartments are fixed assets that appreciate in value over time.
Size & Design
If you are renting, you are likely to crumple up in a small space. You cannot decorate the home you want as the structure of the apartment are often mundane and basic. Moreover, if you try to make any changes, the landlord will be onto you. If you are renting, you cannot express your own choice. Rather you have to adjust to the existing size and design of the apartment.
On the contrary, if you buy a home, you can design it the way you want. You can decorate your home according to your taste and choice. Your home will be an expression of your own personality. You can customize the rooms according to your preferences.
Freedom of Choice
Most landlords in Dhaka close the door of their buildings by 11 PM at night. Both job holders and business people often need to work late. However, the landlords make a fuss about their tenants being late. It becomes a hassle to maintain a very strict timetable to get into the place you are paying to live. Tenants often feel like they are under a strict regime, and there are numerous rules and regulations to follow.
However, if you buy a home, you are the owner. You are no longer under the law of anyone. You can get into your home any time you want. You do not need to maintain any curfew-like ultimatum each day. Rather, you can live freely.
Hidden Costs
If you are renting a place, you know exactly how much you need to pay after each month. You have a clear and concise idea about the cost of your accommodation. However, if you are buying a home, the cost does not end in paying the price of the home. Not knowing about the hidden charges is one of the frequent mistakes that homeowners make. Rather, there are various hidden costs included. Homeowners need to pay the holding tax. In addition, you need to pay the monthly apartment maintenance and repair costs.
Additional Responsibility
If you are renting a place, you do not need to worry about anything else but the rent. However, if you buy a home, you include yourself in many other additional responsibilities. For example, you always need to ensure the proper maintenance of your home. If anything within your home does not function properly, you are responsible for fixing that. But if you rent, the landlord will fix it for you. Homeowners need to care for and maintain every little aspect of their property. They are also responsible for the security of the property as well. Another big responsibility is paying the utility bills. If you are renting, in most cases, you pay the landlord, and the landlord pays off the utility bills. However, once you become a homeowner, you have to pay your own bills. It is very crucial because if you fail to pay off the bills in time, your connection will be detached, and you will no longer receive utilities such as gas and electricity.
Non-Liquid Asset
The value of the apartment sure increases with time. However, assets such as properties are not very liquid. Meaning you cannot cash or sell the asset very easily. It takes time to sell a property, unlike stocks in the share market, which you can sell instantly. Apartments, non the contrary, take a long time to liquify as interested buyers are hard to come by. Even if you find interested buyers, the legal procedure to transfer the ownership of the property also takes time.
Pride of Ownership
Buying a home in Dhaka is a dream of most Bangladeshi people. It is a milestone to reach. However, as the dream is very expensive to fulfill, only a few people can afford to call themselves proud owners of a home in the capital city of Bangladesh. It is certainly an elite group, and people take pride once they secure a home in the capital. People feel very accomplished and have a sense of achievement after they buy a home.
Summary
Whether one will buy a home or rent mainly depends on their solvency and affordability. However, financial capability is not the only factor before the conclusion. There are various other factors that are very influential in determining which choice is right for you. You must keep in mind that buying a home comes with a sense of lifelong security of accommodation, but it is a highly expensive decision. One must make a long-term commitment to purchase a home. In addition, one must be ready to bear the responsibilities that come with buying a home. On the other hand, if you are renting a place, your expense of accommodation becomes a sunk cost, unlike buying a home which is an asset. But if you are financially robust and you need mobility in your life, renting is the right choice for you. Finally, your decision of renting vs. buying a home in Dhaka should depend on financial capability, lifestyle, and future goals.
F.A.Q
Is renting the cheaper option of accommodation in Dhaka?
Ans: Yes. If you are financially not capable of buying a home, then renting is your best option.
How can I buy a home in Dhaka at a reasonable price?
Ans: A real estate company can help you in this matter and among many Mir Real Estate would be one of the best options for you.
How can I calculate the rate at which my property is appreciating in value?
Ans: Usually, the value of a property appreciates based on the demand and economy or you may conduct a market to find the rate of increasing value.
How can I buy a home in Dhaka without the hassle of legal procedures?
Is it wise to buy a home for single people who do not live with their families?
Ans: If the person is not likely to stay at the same location for a long period, buying a property is a good idea considering the person has the financial capability.
The housing industry in Dhaka is always in motion. The industry does stable business throughout the year. However, the price of the property often fluctuates with time. As a buyer, it is important to keep a close eye on the market to find the best house at the cheapest rate. While no one can predict the housing market industry with 100% accuracy, if we plan and approach carefully, we may find optimum deals. To understand the best time to buy a home in Dhaka, we need to keep a close eye on a few indicators that affect the housing market.
Demand & Supply
The basic rule of the economy states that when the supply is higher, the price will go down. The same applies in the housing market industry as well. To find the best time to buy a home, we need to figure out when the market has an abundance of properties that are ready to sell. Usually, August and September are the months when the housing industry faces a surplus in the market. Hence, the period of August to September is the best time to buy a home in Dhaka. It is important to note that if the demand for houses also rises during this period, the price will not go down.
Interest Rate
Interest rate is a crucial factor in the housing market. A large chunk of the buyers takes home loans to buy their first home in Dhaka. Hence, the interest rate has an inverse relation with the price of the housing market. For example, when the bank interest rate for home loans goes down, more people become willing to buy home. Consequently, they start taking a loan at a lower interest to book their home. However, as more and more people want to buy houses, the demand for houses rises. As the demand for houses rises, the price of the houses also begins to soar.
So, when we take the interest rate into consideration, both high and low-interest rate benefits the different class of buyers. To further elaborate, if the buyer wants to buy a home in Dhaka with his or her own fund, the high-interest rate will benefit him. Since, with a high-interest rate, the number of people willing to buy a home with a home loan will decrease, and the demand for houses will decrease as well. The decreased demand will pull down the price, and the buyer will find a home at a lower rate. On the contrary, if the buyer is willing to buy a home with a home loan, he or she should take a close eye on the bank interest rate. As the interest rate fluctuates very often, regular scanning is necessary. It is important to lock the deal immediately after the drop in the interest rate. Otherwise, the interest will go up again with increased demand for a home loan which was generated from the earlier drop in interest rate.
The Health of the Economy
The housing market is directly related to a country’s economy. If the country’s economy is flourishing, the housing market will become vibrant as well. Hence, the buyers must be aware of these factors. The economic growth of the country will positively affect the housing market. For example, if the economy of Bangladesh substantially grows in the coming years, it will mean more and more people are gaining more purchase power. As more people obtain purchase power, more people will want to buy a house. Then, the demand for houses will increase. As per the rules, with increased demand, the price of the houses will also increase. The opposite will occur during the time of recession. When the country is not doing financially well and the economic growth is declining, it will stop the housing market from blooming. Rather, during a period of recession, the housing market industry usually suffers greatly. Because when the economy is in decline, people are losing their purchase power. As the people lose buying power, the demand for houses drastically goes down. As the demand goes down, the prices for the property fall as well. Hence, if the buyer has funds available, the period of recession is the best time to buy a flat in Dhaka.
Condition of the Real Estate Industry
The real estate industry controls the housing market. The overall condition of the real estate industry will tell dictate the future of the housing market as well. As a buyer, it is important to notice how many players are in the market that are selling houses. The more the number, the better for a buyer. If the industry has lots of players competing against one another, the buyer will enjoy a competitive price. On the contrary, if the market has a few players in the industry, it is usually bad news for the buyers. Because, with fewer competitors in the industry, the real estate companies will not feel any pressure to lower their prices. Rather they are likely to create a syndicate and fix a price that will only benefit them.
So, for buyers, it is essential that the industry has lots of competitors in the market. It will not only bring down the cost for the buyer but will also give the buyers ample options to choose from. Currently, the housing market in Bangladesh is booming. Since 2015 the number of real estate companies has grown substantially. According to REHAB (Real Estate & Housing Association of Bangladesh), there are 941 listed real estate companies in Bangladesh. Over 900 real estate companies are operating in Dhaka. This indicates that the housing market of Dhaka is highly competitive. A competitive market will set a competitive price for the buyers as well. Hence, the buyers of homes in Dhaka are likely to enjoy a competitive price for their preferred houses in the current market.
The Best Time to Buy a Home in Dhaka Depends on The Buyer
The economic indicators such as interest rate, country’s growth, and industry’s growth impact the housing market industry and move the prices of the houses in the industry. However, these indicators may not be helpful to everyone. To buy a home is a very expensive decision. More importantly, it is an individual decision. Meaning the right time will greatly depend on the financial ability of the buyer. When you, as a buyer, are in a sound financial condition, that is the best time for you to buy a home in Dhaka. Here’s how you can realize you have the financial strength to purchase a home:
No Debt
It is never a good idea to purchase a home when you are carrying the burden of debt. Before purchasing a home, you should clear all your previous debt. If you are willing to take a home loan, the existing loan will drastically lower your chances to get the loan. Even if you obtain a home loan, the bank will charge a much higher interest rate. Hence, it is always better to clear out your debt before purchasing a home.
Net Fund
Whether you take a home loan or buy a book a house with an installment payment clause, you must pay the down payment. If you are taking a home loan, the bank will only give you a loan up to 80% of the total price of the house. The rest, 20%, is what you have to pay as a down payment. It is important to save enough funds to pay off the down payment for the house. If you have a larger fund, you can pay off the larger chunk of the price with your own money. It will bring down the loan cost, and you will have to bear the interest payment for a shorter period of time. The fund is also necessary to register the house in your name. The registration process is very expensive in Bangladesh, and the bank will not cover it with a loan.
Income
Your income is another crucial factor determining your financial stability. Your monthly mortgage payment must not be more than 20% of your monthly income. Living in Dhaka is already very expensive. You must manage your income carefully so that you can live your normal life while paying the mortgages each month. The bank will take this into account. If you apply for a home loan for a house that will cost more than 20% of your income in monthly mortgages, the bank will not approve your loan.
Future Goal
If you are willing to buy a home in Dhaka, your future goals should include living in Dhaka for a great amount of time. Because, after expending such a great amount of money on the property, if you are not planning on living in that house for many years, the purchase will not add any value. Hence, before buying the property, the buyer must thoroughly think about his or her future After thoroughly considering these personal factors, a buyer may realize whether or not he or she is ready for purchasing a home in Dhaka.
Summary
A buyer can determine the best time to buy a home in Dhaka by analyzing certain economic and personal factors. While the economy plays a great role in determining the price of the houses, the ultimate ability to purchase the house solely depends upon the buyer. Only when there is a synergy between both the economic and personal factors the buyer will figure out the best time to buy a home in Dhaka.
F.A.Q
How can I know when the home loan interest rate drops?
Ans: There are certain websites that track the movement of the interest rates of our country. These websites may help you. You can also check the bank’s website regularly to check any fluctuations in the interest rate.
How can I know which real estate company offers the best price?
Ans: You have to contact different real estate companies to learn about their price points and compare them yourself. You may also appoint a real estate agent who will help you to find the best price in the market. Currently, Mir Real Estate is offering the most competitive price for its buyers.
How Can I realize that the country’s economy is booming?
Ans: There are few economic indicators to determine a country’s economic growth. These indicators are GDP (Gross Domestic Product), GNP (Gross National Product), and GNI (Gross National Income).
At what age one should buy a home?
Ans: If you are 18 years old, you are legally eligible to purchase a home. However, when it comes to buying a home, financial stability is more important than age. Once you are financially stable enough to carry the cost of buying a home, you can purchase your dream home.
How to pick the right real estate company among numerous names in the market?
Ans: The best real estate companies comply with all the government regulations, uphold all the agreements of the deals, and provide customer satisfaction. Mir Real Estate has been maintaining all these criteria and established itself as one of the most esteemed real estate companies in Bangladesh.
