Demand for property in Dhaka's suburbs has witnessed a sharp rise in the past year, fuelled by the launch of the country's first metro rail and elevated expressway, according to a survey.
The Dhaka Metro Rail -- connecting Uttara to Motijheel through Mirpur -- has spurred significant interest in residential and commercial spaces in both areas.
Mirpur, with its convenient metro access, has emerged as the most sought-after location, attracting 26.7 per cent of surveyed buyers, according to online real estate platform Bproperty.
Uttara, also benefitting from the metro link, saw 12 per cent interest, with many opting for rentals due to its good connectivity.
Dhaka metro rail significantly reduces the travel time from Uttara to Motijheel. Prior to the overhead rail service, it took around two hours to commute on the route. By using the metro rail, a commuter can reach Motijheel from Uttara within 40 minutes even after the trains touch 15 more stations in between.
The Dhaka Elevated Expressway's swift connection between Farmgate and the airport has put Bashundhara Residential Area on the map, attracting 8.4 per cent of buyer interest.
The elevated expressway opened partially to the public in September last year. This enabled Dhakaites to avoid hour-long notorious traffic from the Dhaka airport-to-Farmgate stretch that had plagued them for years.
The overhead expressway allows commuters to cover the 11-kilometre patch in just 10 minutes.
Established favourites like Dhanmondi and Mohammadpur also round out the top five most sought-after areas.
Throughout the year, over 65,000 individuals took assistance from Bproperty to find new homes or the perfect location for their businesses.
Monir Ahmed Khan, director of Sales and Business Operations of Bproperty, said the local real estate market in 2023 faced its share of challenges, notably the considerable increase in construction material prices, casting a shadow over the industry.
"Despite this setback, the sector has displayed resilience and maintained steady growth, driven by factors like urbanisation, government initiatives, and a burgeoning middle class," he said.
The surge in construction material costs, however, has led to a more challenging environment for both developers and prospective homeowners, he said.
"This has, in turn, created a silver lining for savvy buyers, as second-hand properties now present a compelling opportunity," he said.
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