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

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

Ready apartment for sale in Dhanmondi 

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

Mir M.R. Memento

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

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

Mir Noor Square

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

Mir Premiere

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

Ready apartment for sale in Banani 

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

Mir Tarun Nikunja

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

Mir Bhuiyan Manor

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

Ready apartment for sale in Uttara

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

Mir Arab

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

Mir Fiori Siraj

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

Mir Maqsed

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

Mir Jahangir Heights

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

Ready apartment for sale in Mohammadpur 

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

Mir Tiara

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

Ready apartment for sale in Shyamoli

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

Mir Sonhos

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

Ready apartment for sale in Lalmatia

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

Mir Amena’s Heritage

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

Ready apartment for sale in Kalabagan

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

Mir Taj Square

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

Ready apartment for sale on Indira Road

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

Mir Dinantika

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

Summary

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

F.A.Q.

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

Ans. Mir Real Estate has 14 completed projects. 

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

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

Is Dhaka a good place for buying a permanent home?

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

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

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

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

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

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

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

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

Best Flats for Sale in Dhaka

Mir Nahar’s Dale

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

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

Mir Jahan-e-Nur

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

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

Mir Parul Legacy

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

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

Mir Ar-Rahma

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

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

Sohela’s Mir Crescendo

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

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

Mir Shohag Garden

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

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

Mir Daisy

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

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

Mir Sanarc Rise

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

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

Summary

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

F.A.Q.

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

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

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

Ans. One commercial project is ongoing. 

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

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

Which areas are best for residency in Dhaka? 

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

Why Banks and Agents Value Your Home Differently: Valuation vs. Appraisals

For both home buyers and sellers, an accurate assessment of a property’s value is a crucial first step in making a secure financial investment. For example, when preparing to sell a home, you may have the property appraised by a real estate agent and be pleased with their estimated selling price— until you receive the bank’s assessment report, which is much lower. Even in the case of a first-time home purchase, it is as necessary for you to know the property’s fair market value as it is for your bank to know this value in order to ensure that the property’s value exceeds the loan amount you are requesting. However, prospective buyers may be taken aback if the bank’s valuation turns out to be much different from what they had anticipated. 

Maybe you also have been puzzled why a home’s value might vary so widely between a bank’s estimation and that of a real estate agent. And how do you know what the right price is? This is a common problem that real estate agents face on a regular basis, as many clients fail to recognize the distinction between a bank’s assessment and an agent’s price appraisal, despite its critical importance. Both are forms of valuation, yet they serve distinct objectives. The bank is concerned with how much they can lend you in proportion to the cost of the property, while the agent is concerned with getting the property sold at a higher price, thus their valuations will be different. In order to help you buy or sell your property with confidence, this article will explain the differences between an agent’s valuation and a bank’s valuation.

What is Property Valuation?

A valuation is an estimate of a property’s worth in preparation for a financial transaction such as a purchase, a loan, or a refinance. These kinds of assessments are necessary for property deals because every property is different, particularly in terms of its current condition, which is a crucial determinant of value. Real estate values are affected not only by their location but also by the quality of nearby amenities and infrastructure.

It is possible for a property to have several “prices,” one of which is the owner’s own estimation of the asset’s fair value. Bank value, real estate agent price appraisal, homeowners’ price, sale price, etc. are just a few examples of the various valuations one may find in the market. However, there are two basic approaches to determining a rough estimate of the value of your property: formal valuations or agent appraisals.

An appraisal is a price opinion provided by a real estate agent based on market data and comparable sales in the region. Typically, this service is provided without charge. On the other hand, a formal valuation provides a more precise assessment of the property’s value and can only be performed by a certified valuer, who will make sure they take into account all of the aspects and problems connected to a specific property. The process of valuing a property is complicated and is influenced by a number of variables, including the property’s location, age, structural integrity, individual features, and other aspects. Since formal appraisals are typically performed by banks as part of the financing process, they are commonly referred to as bank valuations. When a property’s precise worth must be determined, bank valuations are necessary.

Understanding the Agent’s Appraisals

Agents in the real estate industry are often asked to provide an opinion on the property’s fair market value. That’s useful information for anyone trying to decide on a real estate agent to sell their home. Likewise, a seller’s agent will typically check the property extensively before agreeing to represent the seller. They will look up recent house sales in the region and use that data to create a complete CMA (comparative market analysis) that will include their own appraisals as well as a low and high estimate for the property’s selling price. If a buyer or seller does not have a strong grasp of the market, this data will be key to helping them come to a decision on an appropriate price for the property. Therefore, the appraised value is the price at which the agent believes the property could be sold if it were placed on the open market. Sellers can get many agent values before selecting on one to sell their home.

In most cases, a seller will obtain this type of appraisal from their real estate agent in order to acquire a “feel” for the local market price before deciding whether or not to sell. The asking price of the house is based in part on this valuation. When valuing a property, the agent’s goal is not the same as the bank’s; rather, it is to get the greatest feasible sales price for the client. They must, however, be practical and work within the constraints of current sales and real estate activity in the area. A real estate agent will base the valuation of a property on a number of factors, such as recent comparable sales data, the current sales climate (which is informed by the number of buyer inquiries they are receiving), the number of seller inquiries, and how “steamy” or “calm” the market currently is based on experience and intuition, while the bank will take a far more methodical and conservative approach.

Despite the fact that an appraisal is not a guarantee that a house will sell for the price stated, a qualified agent will have deep knowledge of the local market and will work with the seller’s preferred sales timeline and price targets to establish reasonable expectations. It’s important to engage with local real estate agents because those from outside of your neighborhood might not have as thorough an understanding of your area’s unique market conditions, leading them to provide you with an estimate that is either too high or too cheap.

Understanding the Bank’s Valuation

An official bank valuation is conducted by the bank itself for purposes like loan applications, property settlement, and determining a property’s worth after a death. Before lending money, financial institutions must verify the legitimacy of an estimated property value. An appraisal of the property is the only way to be sure of this. A valuer is a third party hired by the bank or lender to conduct an unbiased market analysis and produce a report on the property’s worth. Your bank or lending institution will order a valuation of your home if you intend to secure a mortgage on it. As the property is the asset providing security for the loan, the bank valuation is typically lower than the anticipation to protect the lender financially in instance you cannot pay off your mortgage or there are issues with the loan and the property must be sold to satisfy the debt. With time constraints, the property will have to be sold for less. This assures the lender that your asset can cover the loan. Despite your assurances that the mortgage will really be paid, you can never predict the financial curveballs that life may send to you. It should come as no surprise, then, that a bank valuation is often conservative, often coming in at 10-20% below the prices at which similarly situated homes are selling.

In order to determine how much of a loan you would be able to afford to repay, banks conduct credit checks and use valuations to determine your repayment capacity. In spite of the fact that the bank valuation is based on careful examination of similar properties, it will be decreased when the buyer is taking on a larger loan. When you apply for a mortgage, the bank must make sure that the amount you borrow is not more than the worth of the home you intend to buy. Since the property is used as collateral for the repayment, this is the case. If the bank faces a loss, the valuer may be held accountable, so they will opt for a more conservative estimate. If the valuer thinks the buyer paid too much, they can recommend that the bank deny the financing application. It’s not always clear to homeowners what the final valuation figure is, as the bank may choose not to share this information.

How Does an Appraisal Differ from a Valuation?

Agent’s Appraisal

Bank’s Valuation
An agent appraisal will usually be higher than a bank valuation. A bank valuation will always be lower than an agent’s appraisal for the same property.
The potential selling price of a house is determined in part by the agent’s valuation of the property. Only the seller and their agent will benefit from this. Banks can use valuations as a self-regulatory and precautionary measure. Therefore, it serves the bank’s purposes more than the homeowner’s.
When appraising a property, an agent typically thinks the seller is looking for the highest feasible price and isn’t in as much of a hurry to sell as a bank would be. Generally, sellers are motivated to achieve the greatest price for their home, even if it means waiting longer. The most common reason for a bank to sell a piece of real estate is a loan default (through non-payment by the client). The bank’s primary motivation in this sale is to quickly recover the outstanding loan, as opposed to the individual seller’s goal of maximizing profit.
The agent’s valuation may be influenced by the seller’s sentimental attachment to the home, in addition to maximizing profit.  In order to ensure that they will get their money back from the sale of the property, banks will typically tend to underestimate its value.
A real estate agent’s valuation takes the current market into account. The housing market’s ups and downs have more of an impact on it. When the real estate market is thriving, an agent’s valuation will be significantly greater than a bank’s. In addition to the current status of the market, the bank must also take into account economic forecasts and the selling costs associated with the property. These selling charges include things like advertising, legal fees, and real estate commissions, amongst other costs.

What to Do to Improve the Bank’s Valuation?

When the time comes to sell, every homeowner has an ideal asking price in mind, and the vast majority also have a bottom line below which they will not budge. In both cases, the asking price and the selling price are determined by the home’s location, orientation, and amenities, although sellers’ estimates of the selling price are sometimes based more on feelings than on reality. However, there are several options available to you if you are unhappy with the bank’s valuation of your property.

1. Challenge the given valuation

First things first, if you’ve received a valuation that’s lower than you were hoping for: talk to your lender about what went wrong. Make sure there are no mistakes in the valuation report by reading it carefully. Discuss with your lender why you disagree with the bank’s value. Provide evidence to back up your position, such as details of recent comparable sales in the neighborhood, if you want to challenge the valuer’s first estimates. However, beware that many valuers won’t budge from their initial assessment.

2. Find another bank

Since there will always be variations in determining prices between different lenders, this strategy tends to do better than the first. Instead of trying to get a new valuation from your current bank, you could keep looking around for a new bank. A different financial institution could return a different figure.

3. Borrow more money from your current lender

You should be able to move forward with the deal by borrowing a larger amount if the estimated value of the property is lower than the purchase price, provided that the loan amount does not exceed 95% of the assessed value as determined by the bank.

4. Utilise equity from different property

If a second valuation again turns up a low estimate, you might be able to use the equity in another piece of property as collateral. If you are a first-time homebuyer, you may be able to secure a loan with fewer requirements by asking a family member to act as a guarantor on your behalf and contribute to the loan’s equity. Saving thousands of bucks in this way is worth making sure your relationship with the guarantor is good enough to handle the stress of possibly losing their property.

5. Renovate before valuation

Don’t make the mistake of neglecting critical repairs before conducting appraisals and selling your house, since first impressions count. Refresh the look of your home with a few inexpensive changes. A fresh coat of paint, some landscaping, and a few quick fixes could all fall under this category. When it comes to increasing your home’s value, you might be surprised by the impact that high-quality interiors can have. All renovations should be accomplished before the surveyor is scheduled to arrive.

Summary

It is inevitable that real estate prices will change over time as a result of market conditions and other variables. Keep in mind that banks are usually very careful when valuing a property to make sure they will be able to recover enough amounts from the sale if required, whereas agents’ goals are to get you a great deal for your home that you will be delighted with. So don’t fret about viewing different values for your beloved property. In order to successfully negotiate the price for your property, it is essential that you understand how and why various institutions assign varying valuations to the same piece of real estate.

F.A.Q.

Is it common for a bank’s valuation of a home to differ from that of a real estate agent?

Ans. Indeed, this is quite common. When compared to an agent’s valuation, a bank is often on the lower end of the pricing spectrum.

Can I do my own property valuation?

Ans. Sure. However, if you are not a part of the real estate industry and do not have a deep understanding of the real estate market, you are likely to make an inaccurate estimation.

Is it expensive to get an agent’s appraisal?

Ans. In most circumstances, the agent you’ve hired will provide you with a complimentary appraisal.

Can valuations fluctuate over the years?

Ans. The market condition has a major impact on property values, which can cause them to fluctuate greatly over time.

If I am not pleased with the initial valuation, can I get a second opinion? 

Ans. If you have proof to support your claim, you can ask your lender to reassess the initial valuation.

 

The Pros and Cons of Hiring a Real Estate Agent

You may be wondering why you would need to employ a real estate agent in this era when practically anything you might want to know about the real estate market is available online. If you’re a first-time homebuyer or seller, this question takes on added complexity; nevertheless, that’s precisely where the services of a real estate agent come in handy! A real estate agent assists potential homebuyers and sellers throughout the whole process of negotiating and closing the deal with a notary. Their responsibilities in a real estate transaction include making an appraisal, collecting all relevant paperwork, conducting a search for an appropriate property, developing a marketing plan, and promoting your home. Those who opt to do it on their own face the possibility of a lengthy and arduous process. As a result, it is crucial to have an accurate assessment of your current circumstance and your current capabilities. Decide what you want first. Are you looking to buy or sell a home? When purchasing, how long do you anticipate remaining a resident? How large are your budget and savings? Can you handle additional debt? To what extent can you bargain? What is your level of expertise in the realm of property ownership? How simple do you want the procedure to be? According to your objectives, hiring a real estate agent may or may not be a smart choice.

Real estate transactions are tricky processes that call for expert knowledge and understanding. Working with the right personnel is vital to a successful real estate deal. However, the benefits of having access to expert guidance do not come without a price since agents typically charge hefty commissions for their services. Are you willing to pay for your agent’s commission? Based on this and other variables, you can weigh using a real estate agent. Hiring a real estate agent might help you buy or sell a home. However, it is not the only one, and you should look into all of your choices to find the one that works best for your budget. Take a look at the following list of benefits and drawbacks to hiring an agent to make a well-informed choice.

Pros of Working with a Real Estate Agent 

Market Knowledge 

Real estate agents can provide market conditions, which can aid in your buying and selling endeavors. In order to strike a profitable bargain, you must take into account a number of factors. Get the offer you want by pricing your property competitively, using data like the average cost per square foot of comparable homes in the area, the average sales price, the typical duration of days on the market, etc. An agent’s expertise in the housing market allows them to accurately assess the market value of your home in the desired neighborhood. No one knows the local real estate market better than a licensed real estate agent. A real estate agent can advise you on the most effective channels through which to advertise your property for sale. They know where to find information, even if they lack it.

Real estate agents will be able to provide you with advice on where to buy a house or other property, as well as on where to avoid so that you are happy with your final decision. They typically know the ins and outs of the area and may advise clients on which areas would be most suited to their needs. They will be able to provide you with data about schools, demographics, criminal activity rates, and other relevant topics with ease. Your needs must be clearly articulated to a veteran agent to be able to locate the ideal property for you.

Access to Professional Network

Most real estate agents are part of a larger team of specialists who work together to provide all the services a property buyer or seller may possibly require. Agents typically provide recommendations on services and people they think you might appreciate. They know which services are reputable, efficient, and affordable. Therefore, agents can assist you in making a more informed choice by providing references from other professionals they have worked with instead of getting ripped off by sketchy services.

Saves Time and Effort

You have worked hard all day and the last thing you want to do is spend your free time browsing the web to find properties or making advertisements for your house. Once you’ve found the home you want, there’s still a ton of paperwork and inspections to do before you can really make an offer. You don’t have to worry about anything related to the purchase or sale of property when you employ a real estate agent to do it for you. Working with a trained professional to finalize a real estate transaction can save you a great deal of time and energy. Real estate agents have access to more varied and current property listings, and they can help you choose one that fits your needs and price range. Let them deal with the paperwork and discussions so you can relax while the procedure is underway. It’s quick and convenient. Instead of wasting time and energy house-hunting, you may sit back and take joy in the experience of purchasing your new home.

Proper Negotiation Strategy

Negotiation is a regular part of being involved in real estate. Negotiating the sale or purchase of a home is not a simple undertaking, and not everyone has the knack for it. So if the thought of negotiating over a property’s price makes you nervous, get in touch with a qualified agent to handle the negotiations on your behalf. Having a competent real estate agent negotiate on your behalf can streamline the process of buying or selling a home. Since the buyer or seller knows they aren’t dealing with an amateur, the real estate agent can confidently and calmly counter any ridiculously low offer and move on to a more decent one.

Legal Assistance

At times, buying or selling a home might feel like throwing away your freedom. Who among us has not heard stories of real estate transactions gone wrong? On occasion, problems may arise during the closing process of a sale that will make the purchase or sale of the property impossible. Title disputes, unpaid mortgages, and sibling rivalry are all examples of problems that might arise with a home. To make a major financial mistake or waste money is the last thing you want to do. On top of that, there are some things you, as a seller, might need to disclose about your property. Since real estate agents are well-versed in these matters, they will provide solid advice to their clients on whether to buy or not to buy a home, as well as tips for avoiding trouble with scammers. They know the legal and financial aspects of real estate and will assist you to avoid blunders.

Handle all the Paperwork

The paperwork associated with buying or selling a house can be overwhelming. It’s a long and tedious procedure. Among the documents involved in a successful contract are an offer, a counteroffer, and any further agreements or updates drafted and signed by the parties involved. The terms and conditions necessary to ensure a valid deal are familiar territories to a professional real estate agent, which is why you should hire one to finalize the paperwork and contracts on your behalf. Errors and violations are much less likely to occur when you work with a licensed real estate agent, and if they do, the agent’s insurance will likely pay the costs.

Cons of Working with a Real Estate Agent

Divided Attention

Agents are paid on a commission basis. Obviously, the more they sell, the more money they’ll make. Since most full-time agents handle multiple customers at once, your property may or may not get the attention it requires from your agent if he or she is extremely busy. This could lead to delayed responses to your messages, missing deadlines, or the cancellation of a deal. For you, this could mean more waiting around or a less lucrative deal overall. You must find an agent who will be diligent throughout the entire purchasing or selling process. Don’t forget to ask these important questions to your agent before moving forward with the deal.

Involvement of a Middleman

There are a number of parties involved when purchasing or selling a home. There are the buyer and seller, as well as the financiers and third-party administrators. Having a real estate agent involved is like having another person in the deal. When you work with a real estate agent, they act as a go-between for you and the prospective buyer or seller. One of their duties would be to handle communication with all these individuals, making them your one and only point of contact. Because of this, you risk losing control of your real estate venture and possibly overlooking critical details. You not only have to wait for your agent to respond to your messages or phone calls, but you also have to have faith that they will represent your best interests while negotiating with prospective buyers or sellers. If you decide to work with a real estate agent, you’ll be integrating someone else’s timeline with your own, which may not always be flexible. 

Hefty Commissions

There is no escaping the fact that paying an agent is the largest drawback. An effective and full-time real estate agent will require a standard commission, which may or may not work in your favor depending on the market conditions. You should expect to pay your agent a fixed percentage of the sale price, regardless of whether you earn a profit or not. Since there is no hard and fast regulation, you should feel free to negotiate this rate. The best way to get a real estate rate that fits your budget is to meet with multiple agents and compare their offerings.

Furthermore, when working with a real estate agent, keep in mind that these agents typically work in conjunction with particular banks and insurance companies, and they will probably try to offer their services even if the rate of rival institutions is better for you. The agent ensures that their commission is increased by additional income by referring you to the banks in their network.

Legally Bound by a Contract

When you sign a contract with an agent, it lays out the specific terms and conditions. Please read this agreement carefully to ensure that its terms are acceptable to you. If something goes wrong with the arrangement with your agent, this contract could become troublesome, and early withdrawal could come with associated costs. If your current contract falls through, it will be helpful to know the different sorts of contracts available so that you may legally transfer agents. Therefore, don’t rush into signing anything without giving it some serious consideration.

Chance of Hiring Unreliable Agent

Finding the right real estate agent might be difficult due to the abundance of options. It could make or break your home-buying experience if you don’t find a real estate agent who shares your level of energy, excitement, and commitment. However, if you hire a real estate agent who lacks the necessary skills, the experience could be much more unpleasant than it needs to be. Make sure you’re well-informed before you hire an agent. Do your research and make sure you know everything there is to know about their credentials, history, and recent transactions. The trick is to find an agent who can maximize the return on your investment rather than turn it into yet another burden.

Summary

Hiring a real estate agent is up to you. In many cases, it is clear that the property owners would benefit most from working with a real estate agent. However, in some contexts, this is not the case. Whichever agent you choose will have a significant impact on the outcome. With regards to hiring or not hiring a real estate agent, it is vital to consider all of your options, as well as the pros and cons of each, just like you would with any other aspect of buying or selling your house.

F.A.Q.

How can you know if someone is a trustworthy real estate agent?

Ans. When looking for a real estate agent, it’s important to read recommendations from previous clients, trust your gut, and have them sign a contract. If you’re serious about buying or selling a house, a reputable real estate agent might be an invaluable resource.

Will a real estate agent handle all of my paperwork?

Ans. Without a doubt. Real estate agents are well-suited to handle all of your paperwork from beginning to end of the home-buying or selling process.

How much commissions do most real estate agents charge?

Ans. The commission varies depending on the property and neighborhood. But the industry standard commission typically ranges between 4 percent to 6 percent of a property’s sale or buying price. 

What if my contract with the agent falls through?

Ans. If your agreement with the agent fails to take shape, you might pursue legal action in accordance with its terms and circumstances.

Can my agent guide me through legal obstacles involved with the property?

Ans. Being well-versed in the associated legal issues of obtaining a property, a real estate agent can properly advise you in the right direction.

7 Mistakes to Avoid When Selling Your Home

You’ve finally decided to sell your house and move on to a new and exciting phase in your life. You may be looking to move because you’ve shifted jobs, want to be closer to your grandchildren, or a desire to have more space in your house for things like a home office or outdoor living area. Even while selling the house is the logical next step, it isn’t necessarily a breeze (albeit, emotional). Along with packing up all of the memories you’ve made here, you’ll likely want to get the house ready for showings as swiftly and painlessly as possible. While the speed at which you can sell your property will depend on factors such as the state of the market, the asking price, the location, and other factors, there are steps you can take to speed up the process. In fact, the time and number of viewings required to sell your home will be minimized if you give the potential buyers a good first impression from the get-go. Additional factors have emerged over the past several years that should be taken into account to guarantee that your home is up to date with the trends, practical in the current climate, and truly ready for sale. As we are moving past 2022, there have been some new trends in interior decoration and household priorities, having an effect on the housing market. 

If this is your first time selling a home, be prepared for it to take a significant amount of time and emotional energy. First-time home sellers often make a number of blunders due to a lack of expertise and the high stakes involved in the transaction. There are a number of things you shouldn’t do in addition to the many things you should do while preparing your property for sale. A mistake can have serious implications on your life, including your finances and, more significantly, your mental health. But if you know what to look out for, you can bypass most of these pitfalls. Find out what potential mistakes to avoid when selling a home for full market value and in a timely and efficient manner, without going crazy. Keep these in mind, and you’ll be well on your way to closing the deal in no time.

Not Hiring a Real Estate Agent

If you try to sell an apartment in Dhaka on your own, you might run into a number of problems. Finding potential buyers, for instance, will be an arduous process due to the city’s sheer size alone. After that comes price negotiation and mountains of documentation that no one person can hope to handle successfully on their own. Juggling work and personal activities are difficult enough for anyone living in the city. Managing time to look for buyers may seem like a significant hassle in the midst of all this. On top of that, it could be difficult to sell a home if you have no background working with real estate sales. Consultancy of expert real estate agents is a vital necessity in such instances. Buyer-seller interactions aren’t always easy, but that’s just the way it is. A real estate agent’s role in such a scenario is that of a negotiator, communicating the concerns of both sides without sparking any unnecessary tension. When it comes to making deals, agents know just how to sweeten the pot. In neighborhoods where there is substantial variation in property prices from one block to the next, this skill is important. 

Your real estate agent will be able to steer you away from common pitfalls for first-time home sellers, such as making expensive improvements that aren’t essential or coming out as overly desperate or overshared. Last but not least, real estate agents are well-versed in the necessary paperwork and potential issues of a real estate deal and may aid in ensuring a successful outcome. As a result, the transaction will go without difficulty and without any unanticipated legal complications. Any competent agent worth their salt will work tirelessly to protect their client’s interests. Your chances of a rapid sale will increase because of their assistance in setting a price that is both fair and competitive for your home. Don’t make the mistake of thinking you can skip out on hiring a local real estate agent to handle everything by yourself. Follow this guideline to hire the best real estate agent in your locale. 

Mispricing Your Property

To expect top dollar when selling your property is natural; after all, you know better than anyone how worthy it is! However, if you advertise your home for too much money, no one will be interested in seeing it. If you set your asking price too high, you may drive away potential buyers and have to lower it before you receive any offers. Unfortunately, when your house has been on the market for a while, some buyers may be put off by it no matter how much you reduce the asking price. This is because buyers tend to think that if a property has been on the market for a long time, it must have major flaws. By setting prices too high, you send a negative statement to buyers. Customers nowadays are extremely well informed. In other words, you can’t trick a buyer. They can access your tax information and what you paid for the house is public knowledge. Too high of a price suggests either the unreasonable seller or a lot of debt.

Based on recently sold properties in the area that are comparable in size and amenities, you may get a rough guess of your home’s value. Using these ‘comps’ (shorthand for similar properties sold in the area), your real estate agent may recommend a selling price for your home. To better present your home to potential buyers, your real estate agents may conduct a property valuation. When selling a home, it’s important for the seller to strike a balance between asking too little and too much. Not finding the optimal selling price for your house can result in lost profits or extra time spent on the market.

Neglecting Necessary Repairs

Most buyers want to find a place that is ready to move into. A big repair that hasn’t been completed or a lengthy list of maintenance issues can put off potential buyers and lower your home’s selling price. Potential buyers have higher expectations that your home is in the same condition as stated in the listing. Examine the house with an open and critical eye. Look for things that appear to be broken or need replacing. Keep an eye out for anything that doesn’t work, is in bad shape, or poses a threat to the home’s safety, structure, or functionality. A potential buyer may be put off by the presence of any of these frequent repair issues.  However, before you spend a large sum of money upgrading your home, it is wise to speak with your real estate agent to ensure you are making the most of your investment. Costly renovations may not always be recovered at a higher sales price. In addition, some buyers like to do their own modifications to make the home more comfortable for them. If you want your renovations to actually increase the value of your property, you need to think them over carefully.

Before meeting with a real estate agent, many homeowners make the costly error of making extensive repairs and renovations to their property. Unfortunately, they invest money in areas that do not generate a high return, such as new mechanicals and roofing, while ignoring the need to update the backdated kitchen and bathroom amenities. A new pair of eyes will see items in your home that you may have overlooked for a long time. Get a real estate agent to inspect the house for you before potential buyers start knocking on your door. The appearance of these defects during a showing could scare off potential purchasers who fear that the house would be a major renovation nightmare. If you want an offer on your house, fixing the apparent issues is a must.

Failing to Disclose a Defect

If there are issues with the property that you cannot afford to fix before selling, you must disclose them honestly and openly, even if they are not immediately apparent. In the seller’s disclosure, sellers are usually required to list any recent repairs, problems, and updates. This lets buyers know about the condition of the house and any major flaws, such as the electric system, how well the air conditioners work, and any sewage or drainage problems on the property. Not doing this would waste both your time and the buyer’s if the home inspection notices problems eventually and the deal falls through. 

Put out all the facts and let the buyer decide what they think the house is worth. Think you can get away with hiding major issues with your home? Buyer’s inspections will reveal any issues there may be. You can either anticipate the problem and prepare to solve it, or you can price the property lower than the current market value to acknowledge the issue. It’s better for all parties involved if the buyer is aware of any issues before they read the inspection report. In the event that a leak or structural problem goes undetected during the inspection, but the buyer later establishes that you knew about it, you may be held liable in a lawsuit.

Not Staging Your Home Properly

As they say – Don’t forget the curb appeal. First impressions count, so give your home’s exterior some attention. Having potential buyers visit your home is a significant hurdle when selling a home. A home’s curb appeal increases when it is well-kept has few personal belongings and is well designed. Cluttered rooms make a house less appealing to potential buyers because it’s harder for them to visualize their own belongings there. The owner’s personal belongings can make even a large space seem cramped. Many sellers fail to fully realize the impact that properly arranging a home may have on its sale price. To sell a home, it’s important that potential buyers can immediately see themselves living there.

Preparing the home for sale is a process that should not be rushed. Make an effort to make the space feel warm and welcoming. Whether you decide to employ a professional home stager or do it yourself, remember that first impressions are crucial in determining whether or not a buyer will make an offer.

Not Considering the Costs Associated with Selling

You’ve finally found a buyer for the house you’ve been trying to sell for a while. As far as You can understand, there are no out-of-pocket costs involved. Huge blunder! Don’t be caught off guard by unexpected costs when you want to sell your house. Most homeowners, in their desire to gain the most possible higher pay from the sale of their property, fail to account for all of the expenditures linked to the sale. If you buy a new house before selling your old one, for instance, you may need to pay for two mortgages, as well as other moving costs like utilities, dues, taxes, and so on. On top of that, real estate agent commissions typically range from five to six percent of the home’s sale price. Total selling costs can reach 10% of the sale price when you factor in repairs, staging costs, house inspection costs, and closing costs. When added up, the amount can be intimidating if you aren’t ready for it.

Don’t worry, though! Your real estate agent should be aware of all of these potential costs and help you plan the sale of your house accordingly. It is important to figure out how much you will make after deducting any selling-related expenses. Having this information at your disposal before putting your home on the market will allow you to make an informed decision about the best approach to sell, as well as offer you a ballpark estimate of the funds you can invest toward your next property purchase.

Not Investing in Professional Photography

Since the widespread availability of smartphone cameras, everyone wants to imagine themselves as a potential photographer. But you may not be ready to take your own real estate photos just yet, despite the fact that the shot you took of your room last week looked like it fits in an ad. First impressions count when selling a house. Most home buyers today begin their search on the internet and end up taking virtual tours of potential properties. That’s why it’s important to invest in the services of a professional photographer. The quality of the photographs used can have a dramatic effect on the final sales price. If you hire a professional real estate photographer, they will use their knowledge of the best ways to showcase your home to potential buyers.

If you have a huge home, a beautiful view, or a lot of property, consider getting aerial shots. A good photo should be well-exposed, with a bright background and sharp focus, and taken during the day. They should highlight the best features of your house. More people will take notice of your home if you take the time to make it look nice, and any advantage you can offer it over similar properties on the market could be the deciding factor in a successful sale. Good photos help potential buyers envision themselves in a home, which increases the likelihood that they will make an offer. In contrast, unfavorable photos will simply discourage potential customers.

Summary

For a first-time seller, the process of selling a home may be both thrilling and overwhelming. Selling a property is never a walk in the park, but there are certain common traps to avoid to ensure a smooth transaction. While it’s understandable to be overwhelmed by the prospect of considering every possible negative outcome, keep in mind that information is power. If you know in advance what to look out for, you can save yourself time and money. Avoid these blunders and help your agent close the deal by working together. Avoiding the pitfalls described here will help you put your best foot forward and achieve the smooth, profitable selling of your house that every seller dreams of.

F.A.Q.

Do I need to stage my home before selling?

Ans. A home that has been staged typically sells more quickly and for a more fantastic price. However, a professional staging service may not be necessary for every situation. A home’s sale price can be greatly influenced by simple measures such as cleaning and decluttering.

What is property disclosure?

Ans. The property disclosure is a document prepared by the seller that lists all of the property’s issues, both from the past and the present. The seller must reveal this information since it is required by law.

Can a house with a home loan be sold?

Ans. An existing loan does not prevent a home sale. The lender holding your loan will provide you with a mortgage payoff statement detailing the final total due. At the closing of your loan, the home loan agent will transmit the remaining mortgage balance to your lender.

Do I need to hire an agent while selling my home? 

Ans. When selling your home, it is very important to engage with a real estate agent who is familiar with the paperwork and potential pitfalls involved. Their advice in establishing a competitive yet reasonable asking price for your house will boost your home’s marketability and speed of sale.

How much does it cost to sell your house?

Ans. There are several expenses to consider when selling a house, including those involved with hiring an agent, making necessary repairs and improvements, relocating, and closing. All of these things need to be factored in before you even consider selling your property. An expert agent will be able to help you estimate the full extent of these expenses.

Overview of Real Estate Industry in Bangladesh

The real estate sector in Bangladesh is one of the fastest-growing sectors in the country. The sector has seen tremendous growth in recent years, with the establishment of a number of new real estate firms and the development of new projects. The sector has also been supported by a number of government initiatives, including the provision of tax incentives and the development of several special residential and commercial zones for the real estate sector. The sector has created a large number of jobs and has contributed significantly to the country’s economy. The future of the sector looks bright, with a number of new projects in the pipeline and a number of investment opportunities. 

The country’s urban population is expanding rapidly, and there is a growing demand for housing, office space, and other commercial property. Apartment complex builders, model town developers, shopping center developers, major infrastructure builders, and commercial building contractors—all with an eye toward making a tidy profit—fall under the broad category of “real estate” in today’s Bangladesh. The government has been encouraging private investment in the real estate sector. The real estate sector offers a number of opportunities for investors, and it is expected to continue to grow in the coming years.

Real Estate industry in Bangladesh: History

Rapid economic growth, increased demand for housing, the emergence of a middle class, and rising per capita income have all contributed to the real estate industry’s steady expansion in Bangladesh. Although growth was slow at first, it all began in the 1970s with just five officially recognized companies. The business really took off and grew quickly from the early 1980s. By 1988, there were 42 different developers operating in the market. Due to rapid population growth, it became essential to accommodate more people into existing structures. Growing urbanization in Bangladesh, along with the country’s status as a developing nation, had left the government then unable to meet the housing needs of this population. There have been many ups and downs in the last 40 years as the real estate business has taken on the task of providing affordable housing for all members of society. The Real Estate Housing Association of Bangladesh (REHAB) was established in 1991 to standardize industry practices and promote consumer confidence in the industry.

Construction, building items, sanitary ware, electrical products, brokerage, designing solutions, and so on have all benefitted from the real estate industry in some way, either directly or indirectly, which has been a blessing to the economy. Millions of people have benefited from home ownership and rental opportunities in the past four decades, despite the constraints of available land. 

Present Scenario of the Real Estate industry

One of the most promising areas for investing is the Bangladeshi real estate market. We may mostly attribute this to the increasing rate of urbanization. World Bank data shows that Bangladesh is now experiencing an annual rate of urbanization of about 3%. The urban population of Bangladesh currently accounts for approximately 38% of the country’s total population. There is a severe lack of available housing in all major urban centers, and this scarcity is expected to worsen as demand for new homes rises. 

The present demand for housing in the country is estimated to be between 6-8 lakhs units across all major cities. The majority of Bangladesh’s urban population resides in Dhaka and Chattogram, hence these are where the majority of real estate development is taking place. Estimates show that there is a need for 60 thousand apartments in Dhaka alone, along with 2 lakhs more units of replacement and project delays. Compared to other cities in Bangladesh, Dhaka has been expanding at an unprecedented rate. As a consequence of this, there is a significant demand for plots and flat units. Both foreign and local investors are attracted to this market because of its large size and significant unmet demand. 

In the real estate industry, all the firms essentially provide the same service: land and apartments. There are companies that specialize in either one or the other, and others that offer both. However, the offering is always the same: accommodation. Differences in quality and service can’t be drawn from the products themselves. Differences in variety, quality, design, features, and luxury brands are what set land and apartments apart in this case. Although there are more than a thousand firms operating countrywide, only a select few excel in providing exceptional service to their clients.

REHAB

Commercial real estate companies and professionals in Bangladesh are represented by the Real Estate and Housing Association of Bangladesh (REHAB), the only real estate trade organization in the country. In 1991, eleven of Bangladesh’s major real estate firms from that time established REHAB to look out for each other’s interests and to help the industry as a whole. More than 1500 businesses are currently engaged in the real estate industry, with 1191 of them being REHAB members. Every major developer company in the country is represented here. The Federation of Bangladesh Chambers of Commerce and Industry (FBCCI) recognizes REHAB as an “A Class” member. Members of REHAB have made great strides in the field of real estate development in recent years, which has contributed much to the growth of the country as a whole. In the form of Registration Fees, Income Taxes, and Utility Service Charges, REHAB members are major contributors to the National Treasury.

Every year in Bangladesh, REHAB hosts its most popular annual event, the REHAB Housing Fair, for its member developers, financial institutions, and suppliers of building materials. Numerous Housing Fairs have been completed with great success. REHAB intends to host Housing Fairs overseas so that Bangladeshis now residing in other parts of the world can purchase homes, plots of land, and business properties in their home country. That’s why REHAB has already held housing fairs across the United States, the United Kingdom, Australia, Canada, Italy, and the United Arab Emirates.

Real Estate Market Size

The real estate sector in Bangladesh has a market value of 6,000 crores BDT. Medium-sized flats between 1200 and 1400 square feet have seen a 39% increase in the previous five years. Dhaka and Chittagong are the two largest cities in Bangladesh, where the real estate business is booming. Dhaka and Chittagong’s ever-busy urban society has a significant demand for smaller apartments. First, the real estate market in Bangladesh spiked in 2006 and lasted until 2009, and then again in 2015 and lasted till 2018. In the years 2022-2025, we may expect a further increase. The new surge will be based on factors such as changes in generational and cultural trends, coupled with inadequate land, and a revolution in cost-effective housing. Moreover, Bangladesh has seen a dramatic increase in the number of dedicated residential zones in the last decade all around the country, like Bashundhara, Rupayan City, Purbachal, and others.

Related construction businesses including brick, concrete, ready-mix, ceramic, MS bar, sanitary supplies, etc. have also been facilitated by this sector’s growth. All these interconnected industries have a total market value of close to 60,000 crores BDT.  Increases in home loans from banks reflect a growing preference among middle-class families for this method of financing. In 2019–20, the demand for home loans was BDT 1496 billion, and BDT 1,544 billion in the fiscal year 2020-2021. Therefore, the real estate industry as a whole account for a larger share of the national GDP than practically any other sector.

Contribution of Real Estate to Bangladesh’s Economy

REHAB estimates that the real estate industry and related businesses account for 12% of GDP. The real estate market has generated roughly Tk. 20 billion in sales, as well as about Tk. 2 billion each year in tax revenue for the government. Approximately 2 million people are currently employed in real estate and related industries. This includes architects, engineers, management officials, and direct and indirect laborers. These businesses have added 12-14% to GDP annually on average over the past five years.

After paying the new 2% gain tax (down from 5% in 2007) and 3% stamp duty, a customer must pay registration fees to the government, the city corporation, and the sub-registry office at rates of 2% (down from 2.5% until 2009), 2%, and 0.5 %, respectively, for a grand total of 9.5%. In addition to the 1.5% VAT, the government additionally requires buyers to pay an AIT of up to Tk. 2000 per square meter of living space. Consumer costs have dropped significantly and tax revenue has increased substantially thanks to this policy.

Covid-19 And Its Aftermath

To stop the spread of coronavirus, the government of Bangladesh instituted a series of lockdowns beginning in March 2020, which precipitated a complete economic collapse in the country. These lockdowns were also detrimental to the real estate market. The entire sector came to a standstill in the first two quarters of 2020. Yet, following that time period, the real estate market rebounded quickly thanks to regulations that made it easier to invest tax-free funds, lowered interest rates, and reduced fees. Despite the global pandemic and its economic repercussions, the real estate market has recovered significantly thanks to all these policies and the rapid economic recovery. Bangladesh’s GDP growth rate is expected to be around 6.8% per year between 2021 and 2025, so it won’t take long for the real estate market to get back to where it was. Additionally, this year has been showing a speedy improvement in the fortunes of several other sectors closely associated with the real estate market. It is expected that 2022 will be a year of development and recovery for Bangladesh’s real estate sector.

Current Trends in Bangladeshi Real Estate Sector

  • Rising Demand for Studio Apartments

Studio apartments are perfect for single people and small families because they just require one large room (ranging in size from 250 square feet to somewhere around 1000 square feet) and yet include everything a person could need to live comfortably within that single room.

  • Traditional Red Bricks Outlawed, Welcome Concrete Blocks

In an effort to reduce air pollution, the Ministry of Environment, Forests, and Climate Change have announced that concrete blocks will be compulsory for all construction works by 2025. Red brick manufacturing produces harmful byproducts that contribute greatly to air pollution, ozone layer depletion, and global warming. Instead, concrete blocks have been shown to have many more advantages than regular bricks. Hollow bricks are fire-resistant and at the same time much safer than ordinary bricks.

  • The popularity of Steel Structures in Urban Real Estate

In urban areas, the prefabricated steel structure is becoming more common because it is more convenient and secure for corporate structures. This type of building can withstand earthquakes better than others and can be put up in a very short amount of time.

  • Incorporation of Digital Platforms in the Real Estate Business

The vast majority of successful companies today offer their services exclusively online. They maintain a website where you can view their portfolio, ready flats, and works in progress. Online consulting services are also available from a lot of these companies. Recently, Bproperty, a digital real estate platform, held a virtual property fair in the year 2020, which was quite successful.

Summary

Our country’s economy largely depends on the real estate sector. This sector is directly contributing to the GDP by constructing residential & commercial infrastructures, developing vacant and unutilized land, assisting other industries to expand, inviting local and foreign investments, and generating employment. The real estate sector has maintained steady growth since its inception. It is safe to say that real estate companies in the country are really expanding towards complete socio-economic development. Our real estate sector is an indicator of our development as a nation and has given hope to millions of people in our country through either housing or employment. If the current market growth maintains consistency, a very bright future is waiting ahead of this sector as well as our nation. 

F.A.Q.

When did the real estate sector of Bangladesh start its journey?

Ans. The real estate sector began its voyage in the 1970s, right after the birth of Bangladesh, with only five companies and kept growing since then. 

What was the main purpose behind the establishment of REHAB?

Ans. The Real Estate Housing Association of Bangladesh (REHAB) was established in 1991 with the goal to standardize industry practices and encourage consumer reliability. 

How large is the current real estate sector of Bangladesh?

Ans. The current market size of the sole real estate sector of our country is worth 6000 crores BDT. 

What is the contribution of the real estate sector to our country’s GDP?

Ans. The real estate industry of Bangladesh contributes approximately 12% of the national GDP.

How many people in Bangladesh depend on the real estate sector and its linkage industries?

Ans. The real estate sector and its linked industries have been bringing food to the table of almost 2 million people countrywide. The number is increasing with the rapid growth of this sector.

Questions to Ask a Real Estate Agent When Investing in Property

The main purpose of any type of investment is to yield the best possible return and generate cash flow overtime with the minimum risk taken. People earn and save and later on they invest in assets to get an outcome that will remain backup support for the unpredictable future. Usually, people tend to invest their money into different sectors where the maximum yield can be promised. In this era, broad-ranging possibilities are available for potential investors to opt for including stock markets, bonds, fixed deposits, mutual funds, shareholding, real estate, etc. However, it is not possible for all types of investment to provide the security of best return. In fact, some investments require a high amount of risk with a gamble of either best or worst outcome. If you are new to investing, it is necessary to play safe and go for a secure option so that you don’t have to lose your hard-earned money if caught in the middle of a socio-economic catastrophe. Taking all the factors into account, investing in real estate can be considered one of the best ways to invest, not just in our country but all over the world.

Buying investment properties is far more than just buying your home. Real estate investments can be quite a tricky business and if not played cautiously, you might end up facing great loss. If you are a newbie, it is highly recommended to go for hiring a real estate agent rather than trying to do everything on your own. Even if you are involved in this business for a long, it is still safe to take help from an agent for grabbing the best deals available in the market. 

So, you are finally ready to invest and have already chosen a real estate agent. The next step is to properly gather detailed information from your agent about the service he will provide and how your investment process will go on. Your inquiries can reveal how suitable your real estate agent is for your job and how you will succeed in this business. This article aims to inform you of the key questions you should ask your real estate agent when buying investment properties.

Top Questions to Ask a Real Estate Agent When You’re Investing 

1. What specifications distinguish you from your competitors?

Ask this question to your real estate agent to test how confident he/she is about the job. With the booming of the real estate industry, uncountable real estate agencies are mushrooming at a vigorous rate. So, even if you did your research while selecting your real estate agent, it is important to recheck if you are proceeding with the best possible service.

So, ask your agents about their experiences, the challenges they faced in the past, and how long they are in this business in comparison to their competitors. If the answer is a ‘no’, that they haven’t been in this business for long in comparison to average agents, then assess how many challenging deals they have done so far. If their portfolio shows no promising indications, then it is wise to opt for someone else who has had more experience in this field or has handled some magnificent deals.

2. What is your standard procedure for searching for a property that aligns with my investment vision? 

Before investing in real estate, it is necessary for you to set a goal and narrow down an investment strategy according to your needs. Then discuss with your real estate agent about their own procedures for finding the best deals out there. Inquiries about their work ethics and tactics might give you some idea about how compatible the deal will be. After that, you have to discuss your own thoughts and strategies suitable for your requirements with them making sure your agents understand it properly. Experienced and top agents will instantly know how to find an investment property that will tick all the boxes as per your requirements. They will come up with a solid plan to focus on the types of properties that will suit your goals. 

If you are a newbie, ask your agents to assess your strategy and visions too. Excellent real estate agents can guide you throughout your plans and will warn you about your weaknesses. 

3. How do you measure cash flow on a property?

This question can gauge the depth of field knowledge of your real estate agent. Someone who speaks the language of investment real estate will right away give you a satisfactory answer. Cash flow typically defines the amount of money that is transferred into and out of a business, especially as affecting liquidity. Cash flow is the most important parameter to screen and analyze a property. If your agents are experienced in this field, they will answer that they use cash-on-cash or net operating income. You can further assess their expected cash-on-cash returns by discussing them thoroughly. Every investor expects a potential source of revenue from their investment property if they don’t plan to occupy it themselves. So, maintaining cash flow through renting must be considered by an investor as well as the agent. 

4. How many sales have you handled in the neighborhood I’m interested in?

As mentioned earlier, you have to narrow down your investment plans first as an investor. This plan must include all the areas you prefer for buying property. After a discussion with your real estate agents, you should ask them about their previous projects in the particular neighborhood of your choice. If they had done any deal in that neighborhood in the past, request them to share their experiences and insights with you. But the question remains: what if your chosen real estate agents do not specialize in that area? As your real estate agent, they will investigate thoroughly the original scenario of the particular neighborhood of your choice. If you still do not feel secure enough to invest property in that neighborhood, ask your agents which areas they specialize in and request their suggestions on where you should invest your hard-earned money. Any knowledgeable real estate agent will provide you with a listing of areas considered low-risk for investing. 

5. Can you provide me with more details about the gains and losses of investing in this particular area? 

The main purpose of hiring a real estate agent is to make the investment process easier for you. Your agents will do all the research for you, provide you with their best insights and guide you throughout your investment journey, therefore, making the journey a hassle-free one. After you have conveyed your goals and strategies to your agent, they will assess the area you are opting for investing in properties. Your agents can give you intricate details about the area along with the pros and cons of investing there from their experiences if they have already done business in that particular area. You can confidently move forward with their advice and grab the best deals available there. But if your agents do not have any previous experience in that particular neighborhood, it is their responsibility to investigate properly and give you reports on how beneficial investing in that area will be. Ask them all the questions you might have regarding your chosen neighborhood and leverage the information from the investigation report to make a knowledgeable decision.

6. What is the vacancy rate in this neighborhood and building?

The vacancy rate of a building or the neighborhood will be a very significant indication of a profitable deal. You need to ask your agents to investigate for an approximate value of the vacancy rate of the property. The higher vacancy rate indicates that there may be a declining supply of renters in the area. Whether the property is a multi-family or single-family unit, the statistics of how quickly renters are vacating that property is necessary to understand the market demands of a neighborhood. You have to ensure that the property you are interested in is profitable at its current or estimated vacancy rate. Or, you may develop a solid plan for lowering the vacancy rate while keeping in mind that this is taking on more risk. The blueprint of this plan must include the details of estimated costs of the building, including the property tax, cost of utilities, and estimations for maintenance. Let your real estate agents gather all the information you need and chalk out the development plan with minimal risk.

7. What is the current market scenario of mortgages and rents?

To assess the long-term prospects of the property, you need to be aware of the direction mortgage and rents are trending. Inquire your real estate agents to provide you with the necessary data so that you can make an informed decision. With the mortgage rates going up or down, you have to make your decision swiftly based on that information. The mortgage rate going up means the investment procedure needs to be as fast as possible to avoid any loss. As an investor, you also need to be knowledgeable about the increasing, stagnating, or dropping of rents in your chosen area. Rent rate will determine the amount of revenue you can expect from your investment property in the future. 

8. Why is the owner selling this property?

An owner can put up his property for sale for numerous good reasons. Among the possible reasons, as an investor, you have to figure out whether the reason for selling is neutral or risky to you. Such as, owners can sell the property because they might be retiring or moving further away from the site of the property. Or, the owner could have passed away and the descendants who inherited the property might live far from there and are interested in selling it off. These are examples of neutral reasons which may not greatly affect your decision of buying the property. The reasons that might affect you include a problem with the property, decreased rentals in that area, and many more. It is not necessary that you should dismiss a property that faces challenges but you need to get heads up of the risks you are about to take by purchasing that property.

Other things to be on the outlook for are if the property is not being sold for a very long time, or the owner is selling the property too soon after his own and there are a string of recent owners. Both of the cases could indicate that there might be an issue with the property that needs to be resolved, but the owners are not willing to take responsibility. The problems can be very major such as entire roof replacement, broken electric system, etc. So, make sure your real estate agent finds out all the loopholes for you in this case and assesses the risks properly before purchasing the property.

9. Tell me about the risks involved in investing in this property.

After a thorough discussion with your agent about your thoughts on the property you are targeting, you must ask them about the risks involved if you haven’t already discovered any. Sometimes many flaws and risks go unnoticed as you are not a professional in this field. So, it is wise to trust the insights your agent will provide and take his advice.

You can choose Mir Real Estate for finding the top performer and best agents for the job, who can make sure you receive maximized profit from your investment by avoiding common mistakes. Agents from Mir Real Estate have an answer for every challenge you will face while investing and you can make informed decisions by choosing them.

Summary

Finding a good real estate agent is the primary condition when you are investing in property. Real estate agents will assist you throughout your property buying journey and will reduce the workload up to multi-folds. The key to getting back maximum profit from the investment property is to make a solid error-proof plan before purchasing. Your agent will help you to find the best deals and to make the best possible plan for your investment business. As an investor, it is your liability to assess the procedures to ensure that everything is going on the right track. For this purpose, many questions might arise as you are not a professional in this field. You must clear out all the confusion and inquire about everything you need to know about your investment business from your chosen agent. You need to ask about the experiences of your agent, the risks involved in investing in a particular property, the pros and cons of purchasing property in a particular area, previous owners and their demands, etc. You can only make the best deal if you are aware of the full picture here. So, inquiring your agent about these and receiving their wise insights is a crucial step in your investment journey. 

F.A.Q.

How safe is investing in real estate in Dhaka? 

Ans. Real estate investments are considered one of the safest options for investing and if the procedures are done cautiously, the risks can go down from minimal to even zero. 

Where can I find the best agents available out there?

Ans. Without any hesitation, go for Mir Real Estate and get ready to be amazed. Mir Real Estate not only provides the top-performing and highly professional agents, but they also make sure your investment procedures are completely stress-free and relieving. 

Is it a good decision to invest in real estate in Bangladesh? 

Ans. Yes, it is wise to invest in real estate in Bangladesh as the real estate sector has been experiencing a boom time over the last few decades. However, all your processes have to be thorough and careful otherwise any investment will yield a minimum return.

Should I apply for a loan or invest my own savings?

Ans. The answer depends on any investor’s individual objective. If you expect an ongoing cash flow, you should go with your own money. On the other hand, going with financing might help you get higher returns.

How should I assess the risks of investing in a particular real estate?

Ans. Firstly, narrow down your objectives and requirements to a plan and discuss them with your agent. Your agent will assist you to find out all the loopholes in your scheme and then you can make an informed decision.

Best Real Estate Agent/Company in Dhaka, Bangladesh

It is safe to assume that since you are reading this article right now, you may well be seeking a real estate agent in Dhaka to assist you with your property buying endeavors. Hiring a real estate professional is a crucial part of investing in property, but it can be quite a tough deal. Finding the ideal real estate agent, whether you’re purchasing a home or constructing a new one, is a daunting task.

Basically, a real estate agency/company provides agents to cooperate with your property purchasing, selling, constructing, or leasing requirements. The real estate business is one of the fastest-growing sectors in Bangladesh at this moment, and the market competitiveness between different companies is quite apparent. The Real Estate & Housing Association of Bangladesh (REHAB) now has more than 900 companies registered, with many more operating businesses without doing so. However, only a handful of companies occupy most of the market shares and will offer you top-quality services for your property buying or selling needs.

So, it is crucial to stay informed about the top real estate agencies in the country if you are looking for the best real estate to guide you through the arduous process of property investment. To facilitate this exhaustive procedure, we have compiled a list of the leading real estate firms in Bangladesh that offer the best real estate agents. By reviewing this list, you will be better prepared to make decisions about your home-buying journey.

List of Best Real Estate Agent/Company in Dhaka, Bangladesh 

SL No.

Real Estate Name

1

Mir Real Estate

2

Bashundhara Housing

3

Concord Real Estate

4

Building Technology and Ideas (BTI)

5

Navana Real Estate Limited

6

Assure Real Estate

7

ABC Real Estate

8

Sheltech Real Estate

9

Anwar Landmark

10

Dom-inno Builders

11

GLG Assets

12

Alliance Properties

13

Rangs Properties

14

Amin Mohammad Lands Development (AMLDL)

15

Rupayan Housing Estate

16

Shanta Holdings (SHL)

Mir Real Estate

Mir Real Estate, which began operations in 2006, has evolved into one of the nation’s leading real estate entities. Mir Real Estate has secured its position as a top-tier real estate company by maintaining excellence in construction projects and construction material manufacturing. It is a sister concern of Mir Akhter Hossain Limited, a leading company of infrastructural project construction in Bangladesh and a subsidiary of Mir Group of Companies Limited. 

With the objective of providing high-quality flats in Dhaka, Mir Real Estate always prioritizes the demands of its clients by implementing three components: contemporary architectural designs, excellent technical skills, and premium materials. Quality is emphasized above quantity at Mir Real Estate, and they concentrate on fewer projects in order to focus on developing personalized relationships with their clients. They never compromise quality for time or price. Mir Real Estate can handle your property investment operations with confidence and will tackle all challenges that come your way by the implementation of global standards and cutting-edge construction techniques. You will be relieved to discover the ideal and most well-planned home under their expert guidance. By placing your trust in Mir, you can never go wrong and will instead be amazed at every turn.

Bashundhara Housing 

Popularly branded as Bashundhara Housing, this flagship unit of the Bashundhara group was founded in 1987 under the group’s first concern East West Property Development (EWPD).  With a vision to address the ever-growing housing needs of citizens of Dhaka city, East West Property Development (Pvt) Limited (EWPD) has been operating with a good reputation since its inception and has received the faith of its clients. 

Starting from their debut project at Baridhara Diplomatic Zone named “Bashundhara Baridhara Land Project”, Bashundhara Housing has developed several more distinguished real estate projects since then. Focusing on market demands and customer experience, this real estate company has about twenty mentionable projects all around the country. These projects include “Savar Housing Project” in the northern Savar, “Riverview Project” at Keraniganj, “Mouchak Housing Project” near Gazipur, “Riverview Green Town Land Project” beside Dhaka-Mawa highway and many more attractive projects on the way. But the multistoried shopping mall, also functioning as a recreational centre, known as the Bashundhara city, can be considered the jewel of the crown of this real estate company which provided unique business and recreational possibilities, eventually gaining customer popularity. 

Concord Real Estate 

Being one of the oldest Bangladeshi conglomerates, Concord Real Estate is one of the largest corporations at present, with over 47 years of experience. This company has dominated our country’s real estate and property sector for years. Many famous establishments were constructed by Concord. Among all the establishments worth mentioning, our National Martyr’s Monument in Savar will undoubtedly come first, which was built by Concord in only 89 days. Popular amusement parks like the Fantasy Kingdom, Foy’s Lake advanced amusement and water parks, etc., were some of Concord’s renowned projects. Concord established Bangladesh’s first satellite city Lake-town. For decades, Concord has constructed over 1200 projects and handed over more than 10,000 residential and commercial units to its clientele.  In addition to building and managing real estate, Concord also engages in the production of building supplies like concrete and concrete blocks.

Building Technology and Ideas (BTI) 

Building Technology and Ideas is one of the pioneer real estate companies in the country. Since its inception in 1984, BTI has been profoundly handling its business for the last 38 years. BTI is also one of the few ISO 9001:2015 certified real estate agencies for their quality services. For over four decades, BTI has continued to work on projects that provide all types of housing and apartment services, including business, luxury, and classic. They also focus on providing real estate services such as agents, contractors, interior design, property rentals, etc. Employing over 1300+ employees, BTI has continued its success for this long by maintaining integrity and client engagements.

Navana Real Estate Limited

Navana Real Estate Limited (NREL) is a sister concern of Navana Group and began its journey in 1996. NREL has been proving its worth as a forerunner in the real estate industry since its foundation. In pursuit of being different, dependable, and definitive, they have developed many significant projects all over some major cities of Bangladesh. Their key accomplishment was to replace traditional infrastructure construction with alterations in design. NREL has approximately more than a hundred projects ongoing in the major two cities of the country- Dhaka, and Chittagong. Moreover, they have completed a significant number of projects in the last 22 years, such as Navana Ornello, Navana Sundrops, Navana Silverwood, etc., and are simultaneously conducting ongoing projects in both residential and commercial sectors.

Assure Real Estate

With an objective to provide the latest featured homes and facilities, Assure group started its journey in 2007. They present their mission as to provide a peaceful home, conveying that they will make it their own responsibility to make your home a place of your mind’s peace. Assure group offers housing with modern and latest facilities in the industry, combined with aesthetic and security features. Their goal is to elevate the living standard of city dwellers, and they are providing quality services from the beginning. In the capital city of the country, numerous Assure projects are ongoing such as Assure Square, Assure Oasis, Assure Bougainvillea, Assure Akota, etc.  For their integrity and quality, Assure has been ISO 9001:2015 certified among a few real estate companies in Bangladesh.

ABC Real Estate

ABC real estate was established in 1988 as a part of Associated Builders Corporation which started its journey way back in 1972. ABC Real estate’s motto is to maintain the highest competence, quality, and integrity in all business processes. Over the last five decades, they have constructed numerous multi-purpose infrastructures throughout the country. Among those, a few famous infrastructures are worth mentioning, and they are the Zia fertilizer factory, Bangladesh Open University, ILACO house, Square Pharmaceuticals factory, SMC Tower, Grameenphone HQ, Brac University New Campus, etc. ABC is also a pledged member of REHAB. By maintaining quality and gaining the trust of millions of people, ABC real estate has become an icon of reliance in this industry.

Sheltech Real Estate

Sheltech (Pvt.) Ltd. started its journey in 1988 with a mission to provide quality housing for residents of Dhaka city. This company is among the first real estate companies in our country. In the last 33 years, Sheltech has constructed over 3800 residential and commercial units all over the Dhaka metropolitan. They have completed over 163 projects to date. Providing quality and excellence in construction has helped them come this far.

Anwar Landmark

Anwar Landmark is a sister concern of Anwar Group of Industries, which started its journey way back in 1834. Anwar Group of Industries was a pioneering entity in the industrial sector and led the way for future industries. This group was solely invested in manufacturing and exporting textiles, building materials, electrical materials, and the banking sector. Anwar Landmark was established as its real estate wing in 2001. Anwar Landmark is a pledged member of REHAB & is also ISO 9001:2008 certified company.  Consisting of two basic divisions: real estate and infrastructure, Anwar Landmark has maintained the consistency and quality of its services and earned customers’ trust in the past two decades.

Dom-inno Builders 

Dom-inno Builders Ltd. started its journey in 2002 with a mission to offer luxury apartment complexes in the prime locations of the capital city. Dom-inno is an active member of the REHAB and is also ISO 9001:2008 certified. Dom-inno targets lucrative locations like Banani, Baridhara, Dhanmondi, Uttara, and Midtown of Dhaka and provides apartment complexes built on focusing artistic outlooks and a strong construction process. Throughout the years, they have gained strength and faith from their customer base by providing one of the finest and most reliable property management services. Employing over 500 qualified and experienced employees, Dom-inno has maintained its competency in the current real estate market smoothly. They have operated over two hundred completed housing projects. 

GLG Assets

GLG Assets Ltd. is renowned for its cost-effective and attractive housing that targets people from all demographic. Established in 2016, it has secured its position in the competitive market of real estate within a very short span of time. It has hired a fine workforce with knowledge and experience of years that aided its profound growth. GLG Assets Ltd. is a member of REHAB and also enlisted in RAJUK, a governmental agency that coordinates city planners and urban administrations. 

Alliance Properties 

Alliance Properties Limited (APL) is a family-owned real estate company established in 2003. APL is an ISO 9001 & OHSAS 18001 certified agency that builds residential and commercial infrastructures located at prime locations in the capital city, Dhaka. Alliance Properties have established housing facilities in lucrative locations such as Banani D.O.H.S., Baridhara, Bashundhara, Gulshan, Uttara, Mirpur, and Dhanmondi. They are well-known for their flexibility and on-time delivery. APL’s focus is on clients’ requirements for their precious home, and they provide customization facilities according to clients’ choices and tastes. Their experienced and formidable workforce has made it possible for them to secure a place as one of the reliable real estate agencies.

Rangs Properties 

Headquartered in Dhaka city, Rangs Properties Limited was established in 1996 with a mission to create lifestyles. For the last 24 years, this company has focused on innovative and practical architecture for its housing projects. Their portfolio includes seven commercial and 23 residential projects to date. Rangs Properties Limited is mainly well known for introducing sustainability to their design. Besides providing luxurious and revolutionary aspects, their apartments, condominium complexes, and residential or commercial projects focus on environment-friendly architecture. Among their competitors, Rangs Properties outstands for their simplicity and innovative ideas.

Amin Mohammad Lands Development (AMLDL)

Amin Mohammad Lands Development Ltd (AMLDL) was established back in 2000 and is a subsidiary of Amin Mohammad Group (AMG). Before it was established, the Amin Mohammad Group was founded in 1993 with the real estate development firm Amin Mohammad Foundation Limited (AMFL). Later on, AMLDL was established and had been operating in the real estate sector for the last two decades. This company’s portfolio consists of over 5000 completed and handed over residential and commercial projects and plots, and more projects are ongoing. Some of their signature projects include Ashulia Model Town, Amin Mohammad City, Green Model Town, Green Bonosree, Amin Mohammad Town, etc. AMLDL is committed to upholding their clients’ trust and a steady progression toward success.

Rupayan Housing Estate

Established back in 1989, Rupayan Housing Estate Limited is currently one of the prominent real estate companies in Bangladesh. Throughout its 22 years of journey, Rupayan Housing Ltd. has been committed to their goal – to touch their client’s imagination. They have satisfied customer requirements by successfully completing numerous apartments and commercial projects. Their achievements include 144 projects and 4770 units, handed over successfully to their clients. With the aid of their skilled workforce and cutting-edge technology, Rupayan aspires to achieve the pinnacle of success in the future.

Shanta Holdings (SHL)

Starting its journey in 1988 as a ready-made garments (RMG) export industry, Shanta RMG decided to dissolve its interest in pursuing housing and construction projects, and as a result, Shanta Holdings Ltd. was born in 2005. Shanta’s main goal is to offer fashionable, meaningful, and aesthetic accommodations ranging from apartments and condominiums as well as commercial infrastructures. Their priority is not only constructing infrastructures but associating art with them to make living a peaceful and meaningful journey. Shanta Holdings Limited’s portfolio includes the iconic Safura Tower in Banani, International School Dhaka at Bashundhara, Delhi Public School at Uttara, etc. Shanta Holding continues to provide excellence in service and thus has become one of the fastest-growing real estate companies in the country.

Summary

A need for a place to call home is one of humanity’s basic needs. The process of acquiring or building a personal residence is one that leaves an everlasting impact on the memory of the home’s owner. However, the procedures of buying or building a home can be quite stressful if done all alone. Asking for help or advice from a good real estate agent can simplify the process to multifold. Real estate companies that deal with the purchase, sale, or lease of land, buildings, and other assets appoint real estate agents. A thorough investigation of the various real estate companies is a necessity to select the ideal real estate agent. The real estate sector is a rapidly growing sector in our country, and good knowledge of different agencies’ portfolios can help you choose the best agent for your home-buying experience.

F.A.Q.

1. How many real estate companies are operating in Bangladesh? 

Ans. Over 1000 real estate companies are operating in Bangladesh at present.

2. From where can I appoint an expert real estate agent?

Ans. Mir real estate is the finest provider of the industry’s most professional and expert real estate agents. You can easily contact them and convey your needs.

3. Is it a good decision to buy my home in Dhaka? 

Ans. Living in Dhaka city has both its pros and cons. However, being the capital city, Dhaka can offer you the best facilities in every sector of life. So, it can never be a wrong choice to invest in property here in Dhaka. 

4. Is it wise to invest in the real estate business in Bangladesh?

Ans. Yes, at present, the real estate sector is dominating our economy with great force and is growing rapidly. Whether you are buying/selling/leasing property, it can be considered a very good investment if all procedures are done cautiously and properly. 

5. What is Bangladesh’s real estate market worth?

Ans. According to Bangladesh Bank, the real estate sector of Bangladesh is worth BDT 1544 billion in the fiscal year 2020-21.

Can Foreigners Buy Property in Bangladesh?

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

Should Foreigners Buy Property in Bangladesh?

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

Buying Property in Bangladesh as a Foreigner

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

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

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

Factors to Consider Before Buying Property in Bangladesh

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

What type of property can a foreigner buy in Bangladesh? 

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

The legal requirements for foreigners to buy properties in Bangladesh

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

How to finance your property in Bangladesh as a foreigner?

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

Taxes and fees for buying property in Bangladesh as a foreigner

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

The steps to purchasing a property in Bangladesh

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

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

Summary

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

F.A.Q.

What are the prospects for investment in Bangladesh?

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

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

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

Is it too expensive to acquire a property in Bangladesh?

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

How risky is it for a foreigner to visit Bangladesh?

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

How to find a good real estate agent in Bangladesh?

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

Advantages of Living in Dhaka, Bangladesh

Dhaka, situated in the geographic center of Bangladesh and serving as the nation’s capital, is literally the beating heart of the country, the pulse of which resonates throughout the whole country, defining what it means to be a Bangladeshi. It’s possible that reading magazine articles about Dhaka frequently ranking towards the bottom of the list of the world’s least livable cities has left you wondering why anyone in their sane mind would want to live here. But what those articles don’t tell you is why, despite housing almost 20 million people with limited resources, thousands of people continue to move to this city of dreams every day. Living in Dhaka may have its share of drawbacks, but the opportunities, the diversity, the glamour, and the lifestyle make it a one-of-a-kind experience that is well worth the hustle. Dhaka’s unique features may go unnoticed by its residents since they have been taking those privileges for granted. But it’s not until we look more closely that we see how convenient life can be in Dhaka. Considering all the benefits, Dhaka continues to be the best city to live in Bangladesh. Here are a few of the advantages of living in Dhaka. Before you start packing, have a look at this article!

The Center for all Administrative Purposes

The first and foremost of all other factors for considering living in Dhaka is that it is the administrative center of Bangladesh. Due to being the capital of the country, almost all governmental divisions and institutions are headquartered in Dhaka. Therefore, in order to complete the tasks associated with any government agency or to process your official paperwork, you will need to travel to Dhaka. Since the National Assembly and the secretariat are both in Dhaka, all the policy-making happens here. This makes it a good place to live if your job has anything to do with policymaking. Even all the banks and financial institutions have their headquarters here, so if you work in the financial or economic sector of the country, you will frequently need to travel to Dhaka. So why not just move to Dhaka permanently, and save yourself from the trouble of frequent traveling.

Most Career Prospects

Since power and the economy are centralized in Dhaka, most businesses and corporations, whether they are national or international, are based there. This suggests that there are a lot of career prospects in this city. There are numerous small and medium-sized businesses and institutions where you can work, depending on your skills and expertise. For the more ambitious bunch, there are plenty of possibilities to climb up the ladder if you know where to look for. Because the metropolitan area is constantly expanding in size and population, there are hundreds of work possibilities for professionals from a wide range of fields, including engineering, health, science, technology, business, economics, and law. As an added bonus, Dhaka pays more than any other city in Bangladesh because it’s where the money is. The city of Dhaka boasts a wide variety of occupations in international firms that provide hefty amounts of wages to their employees. Moreover, Dhaka is the city to go to if you want to start or run a business. Even for entrepreneurs, Dhaka is the best place to start because of its vast population size.

Modern Housing Facility

Until very recently, modern infrastructure developments in Bangladesh had mostly been concentrated within Dhaka. As a result, this capital city is home to a large number of well-planned residential zones and contemporary housing facilities. Although not all neighborhoods of this city are exactly picturesque in terms of planned housing, there are areas that will surely top the list of most modern residential places in South Asia. Name a few of the neighborhoods to live in Dhaka are Dhanmondi, Banani, Gulshan, Bashundhara R/A, etc. If you’ve been considering making a move to Dhaka, it’s easy to get an excellent home with the most up-to-date amenities in these neighborhoods.  Dhaka is the only place in Bangladesh where you can enjoy such luxuries and benefits.

Best Educational Institutes

A primary concern for any family with children is finding a high-quality school that can properly educate their children. Who wouldn’t want their kids to attend the greatest school possible? And where else except Dhaka can you find the best schooling for your children? Numerous schools and colleges in this city have constantly been ranked among the best in the country for both Bangla and English-based curriculums. Among those country-topping institutes, a few are Rajuk Uttara Model College, Dhaka Residential Model College, Ideal School, and College, Holy Cross School, and College, Notre Dame College, St. Joseph Higher Secondary School, Dhaka College, Dhaka City College, Adamjee Cantonment School, Sunnydale, Sunbeams, Scholastica, Academia, etc. Even two of Bangladesh’s most prestigious universities, Dhaka University and the Bangladesh University of Engineering and Technology (BUET), are sources of pride for Dhaka city. It is no wonder why many families opt to shift to Dhaka only to ensure the best schooling facility for their children. 

Technological Hub

Being the first metropolitan of the country, Dhaka has been the hub for all types of technological advancements. Residents of Dhaka have the unique privilege of always being the first in Bangladesh to experience cutting-edge technology or innovation. The best and fastest internet facility is available in Dhaka, while other cities in the country are still lagging behind. Moreover, almost all technological facilities of the country are operated from here. Dhaka’s ICT sector has grown dramatically in the previous decade, competing with all major South Asian megacities.

Connectivity

When it comes to connecting the country’s people, Dhaka is in a unique position because of its geographically central location. Dhaka is well connected to the rest of Bangladesh by an extensive network of roads and highways. You can access any district or upazilla by direct bus services from Sayedabad or Gabtoli of Dhaka city. Besides highways, while the northern and eastern regions of Bangladesh are well connected with Dhaka through the railway system, the southern part is linked with the capital through riverine transport. Even the internal transportation in Dhaka is surprisingly affordable, with options including buses, C.N.G. autorickshaws, private cars, and rickshaws all readily accessible. Almost all the major flyovers in the country have been built in Dhaka to help ease traffic jams. Besides this, Dhaka is the home to Bangladesh’s busiest airport, Shahjalal International Airport, which is connected through routine flights to all the other airports in the country. Almost all major international airlines operate flights to Dhaka from nearly every major city on the globe.

The Diversity

In any capital city around the world, you will have the opportunity to learn about a variety of cultures from all over the globe. Although Bangladesh is not a hub in terms of multinational aspects, Dhaka is still home to diverse people from all regions of the country. Whether it’s on the street or on the bus, you’ll meet new people every day and learn about the subtle cultural differences among the different regions of the country. Moving to Dhaka is also advantageous for people looking to expand their professional network. Getting to know individuals from diverse backgrounds and with similar interests is easier in Dhaka than in any other city in Bangladesh. If you have planned to make a move to Dhaka and buy a flat of your own, read this article to have a head start on the important things to check before buying a flat in Dhaka.

Access to Regular Commodities

Having quick access to basic necessities is an important component of being a modern citizen. If you’re looking to live in a city that has easy access to all of the essentials, Dhaka is the best option in Bangladesh. There are grocery stores on every goli or street and shopping malls in every neighborhood, so you won’t have trouble getting the things you need. Compared to any other capital city around the globe, Dhaka is way cheaper for shopping purposes. There are wholesale markets like Chawkbazar or Islampur, clothing markets like Bongo Market and New Market, and high-end shopping places like Jamuna Future Park or Bashundhara City Complex to serve the shopping needs of its residents.

Best Healthcare Facility

Health care services in Bangladesh are heavily concentrated in Dhaka due to the country’s overall centralization. Even though there are hospitals in every district, unless you have a very common illness like a cold or fever, you’ll need to go to Dhaka for treatment. Dhaka is home to some of the best public and private healthcare institutions in the country, including the Dhaka Medical College, Shaheed Shuhrawardy Medical College, Sir Salimullah Medical College, BIRDEM, Bangabandhu Sheikh Mujib Medical University, Square Hospital, United Hospital, and Labaid Hospital, among others. Most of the country’s leading specialists are based in Dhaka. So, if you want the best care for yourself and your family, Dhaka is without a doubt the best city in the country.

Food Heaven for Foodies 

For those who want to try new food items every weekend, Dhaka is the place to call home. Dazzling cuisine options abound in the country’s capital, which has over a thousand restaurants and cafes to choose from. Puran Dhaka is the place to go if you’re looking for authentic Bengali and Mughal dishes like biriyani and kacchi. There are restaurants all over the city where you can get western foods like burgers or pizzas. But to find the most excellent places, you will need to go to Banani or Dhanmondi, where the food items are usually on the expensive side. Besides restaurants, Dhaka is well-known for its street food items. Even if you’re on a tight budget, you may indulge in delicacies like fuchka, chatpati, jhalmuri, and bhelpuri. 

Hub for Cultural Activities

Dhaka is the place to go if your passion is in arts, including theater, music, painting, and film. If you’re an artist, you’ll need to travel to Dhaka to pursue your goals and grow your career. Living outside of Dhaka limits your ability to interact with a broader group of audience. Film production in Bangladesh is headquartered at the Bangladesh Film Development Corporation (BFDC) in Dhaka. As a result, Dhaka is heaven for artistic minds. 

Recreational Facilities

Leisure and recreation are essential to maintaining a healthy and happy lifestyle. Dhaka has many places to serve that purpose. There are a plethora of options for family outings on the weekends. The National Museum in Shahbag, the National Zoo in Mirpur, as well as the Novo-Theater, the Military Museum, the Air Force Museum, and the Liberation War Museum in Agargaon are very popular recreational spots for families and friends. You may also visit Ramna park, the Shuhrawardy Uddan, the Dhanmondi lake, or Gulshan lake if you like to be in nature. With your friends, you can visit one of the several cineplexes in the city, such as Star Cineplex, Jamuna Blockbuster, Shyamoli Square, or Bolaka, to enjoy a movie.

Summary

In the middle of all the hustle and bustle of a metropolis, Dhaka often struggles to find its long-lost prestige from the British era. Although it is a chaotic metro, it acts as the country’s lifeline, making its citizens romanticize it once in a while. Dhaka is a city that has something to offer everyone, making it an incredible location to start a career, build a family, and embark on the next stage of your life.

F.A.Q.

Is Dhaka a good place for education?

Ans: Dhaka is home to several of the country’s best schools, making it an excellent choice for raising your kids.

For a first-time visitor, what are the best places to live in Dhaka?

Ans: If you’re looking for the best neighborhoods to live in Dhaka, consider Dhanmondi, Gulshan, Banani, or Bashundhara R/A.

How much does it cost to live in Dhaka?

Ans: Dhaka’s cost of living is lower than that of any other megacity in the world.

Which is the best way to live in Dhaka, renting or buying?

Ans: In order to make an informed decision in Dhaka’s scenario, read this article about renting vs. buying in Dhaka.

How hard is it to access regional cities from Dhaka?

Ans: Inter-regional transportation has never been better than it is now because of massive infrastructure development over the previous two decades.