Bangladesh's real estate sector is facing multiple crises, and housing will soon become more unaffordable for the general public unless urgent reforms are undertaken, said Md Wahiduzzaman, president of the Real Estate and Housing Association of Bangladesh (REHAB).

Ownership, regulation, and production in the housing sector are under pressure due to institutional inefficiencies, he said at a press conference held at the National Press Club today.

"We have reached a critical juncture where the entire housing ecosystem is being adversely affected. Government institutions like the National Housing Authority are failing to deliver effectively due to a lack of coordination," he said.

Despite sourcing 98 percent of construction materials locally, many real estate projects have stalled amid sharp increases in costs, Wahiduzzaman said.

Small, medium, and large developers, who collectively generate substantial employment, are now facing existential threats, he added.

He mentioned that poor planning, indecision among policymakers, and interference from vested interests have made the sector increasingly unstable.

Due to the ongoing housing crisis, residents in Dhaka are being forced to pay up to five times the actual market value for accommodation, he said, adding that the situation will deteriorate further without structural reforms.

The press conference also shed light on issues such as complex registration procedures, land scarcity, and growing uncertainty surrounding new investments.

Wahiduzzaman urged the government to take immediate policy action and initiate coordinated efforts to safeguard the sector.

"If swift measures are not taken, production in the housing sector will fall further, with severe implications for both the economy and people's lives."

REHAB also told the media that it has initiated dialogues with various ministries and agencies and plans to submit a comprehensive proposal to ensure a sustainable future for the sector.