If we ask a question ‘WHAT IS DRIVING CHITTAGONG’S REAL ESTATE BOOM?’ May be you don’t have any instant answer. But Lamudi Bangladesh investigates the reasons behind real estate success in Chittagong. Like most other businesses in Bangladesh, the real estate industry has revolved around Dhaka for many years. After Dhaka, only one other city is doing well in this sector and that is the port city Chittagong. Leading property portal Lamudi Bangladesh takes a closer look at what is driving growth in the city’s real estate market.
Managing Director and Co-founder of Lamudi.com.bd, Rajesh Grover, said: “Lamudi currently has over 42,00 listings and 80 real estate developers from Chittagong listed on our website. This is a clear indication of how strong the sector has become in the city. This industry has huge potential here because Dhaka is already overpopulated, which will make Chittagong the next favorite place to live or do business.”
Port city: Chittagong is the biggest port city in the country. About 90 percent of Bangladesh’s port-related activities and businesses are operating from here. This has created a huge demand of commercial and residential space in this city.
Modern facilities and urbanization: Chittagong has all the modern facilities property-seekers could ask for. The reason behind this is Chittagong is the only city after Dhaka which has urbanized at a fast pace. As a result, many businesses, including real estate, are rapidly expanding here.
Undeveloped areas: In spite of the city itself growing at a fast pace, there are still many areas in and around Chittagong which remain largely undeveloped. The availability of vacant lands and undeveloped areas makes the city the perfect choice for real estate developers.
Reasonable pricing: Prices for real estate in Chittagong are still very low in comparison with Dhaka. Where the average cost to buy an apartment in Dhaka is 7,784,588/- BDT, in Chittagong it is only 4,42,8000/- BDT. The land rate is almost five million lower than Dhaka. Low pricing for the same quality has made Chittagong a favorite place to invest, both for individual buyers and professional real estate investors.
Tourist attractions: Potenga beach, Bandarban and Rangamati and other sites are just around the corner of this port city. These are just some of the attractions that have made this city a major drawcard for tourists. As a result, hotels, motels and resorts have been built around Chittagong. These include the Foy’s Lake Resort, the Peninsula and a branch of the international hotel chain Radisson.
Business opportunities: As the country’s biggest port city, modern day facilities, low rates and a good transportation system make Chittagong the ideal place to run a business. Most imported products are cheaper here than any other city in the country. With more businesses relocating or setting up an office in the city, there has been increasing demand for both commercial and residential spaces.