Dearth of small apartments

What has come to light in the recently held REHAB winter fair is that a growing number of middle class families want to invest in small to medium apartments. Given the phenomenal rise in price of retail value of apartments due to the high value per square feet, the retail value of spacious readymade apartments remain outside the purview of most white collar working people. According to REHAB, the demand for such property had been practically non-existent a few years ago, but is seeing a rebound of late. Yet, most established real estate companies have for years shunned this portion of the market.
As Dhaka continues to see double digit growth in terms of population, it is natural for families looking to own property to defray the high cost of rent in the city. Some companies are introducing “studio apartments” down to a size of 550 square feet, while others are tapping into single-bedroom apartments that are ideal for small families. That apartments costing up to Tk. 2.5 million are in very large demand has become apparent from the feedback of potential customers. Most do not intend to live in upscale sections of the city and have the financial capacity to invest in apartments up to 1,000 square feet. With the proliferation of bank loans that allow for instalment payment on property, it is high time the industry re-position itself to come up with property built with budget buyers in mind.