Election time real estate business
Wednesday, 24 December 2008
FE Report
The real estate sector's sales dropped significantly in the current month due possibly to the elections.
Builders' sources say that it dropped to almost 50 per cent as people has been busy with the election and Eid related activities this month. They could spare no time to plan for buying apartment which is time consuming, said one of them.
A sales executive of REHAB member-company told FE that most of the construction of the realtor companies remained almost come to a halt as the worker were yet to come back from their villages where they had gone for Eid-ul-Azha celebration.
Almost 50 per cent of the workers got involved in election campaigns in their localities, he said preferring anonymity. That is one reason, he pointed out, for less of traffic jam situation in the city, providing better moment to the people for the time being.
When asked about the outlook, REHAB President Haque Probal, however, said the realtor companies were now busy with the formalities of processing the sales for which they received the orders during the REHAB fair last month.
"I do not want to say the sales dropped as the companies are now busy with the bookings received in the last REHAB housing fair," he said.
Probal, however, admitted that during the election time, people think twice before investing big amounts whatever the purpose. The REHAB president said that the real estate sector was now stable as the trend of spiraling apartment prices was reversed due to fall of construction material prices.
During elections it is quite usual, he said, for sales to remain low.
A media scan shows that real estate companies are advertising less as they usually do during election campaigns. For some builders it is not unusual to sponsor election related programmes in electronic media, many of the realtors refrain from advertising their ready to sell plots or apartments.
Real estate analysts said like other business sectors, the property sector does not get direct to involved in elections. REHAB said that it is not involved in politics and want a fair business environment from all political government.
According to sources only two REHAB members are contesting in the ninth parliamentary election as grand alliance candidates. The two candidates are businessmen with links in the real estate sector.
The real estate sector's sales dropped significantly in the current month due possibly to the elections.
Builders' sources say that it dropped to almost 50 per cent as people has been busy with the election and Eid related activities this month. They could spare no time to plan for buying apartment which is time consuming, said one of them.
A sales executive of REHAB member-company told FE that most of the construction of the realtor companies remained almost come to a halt as the worker were yet to come back from their villages where they had gone for Eid-ul-Azha celebration.
Almost 50 per cent of the workers got involved in election campaigns in their localities, he said preferring anonymity. That is one reason, he pointed out, for less of traffic jam situation in the city, providing better moment to the people for the time being.
When asked about the outlook, REHAB President Haque Probal, however, said the realtor companies were now busy with the formalities of processing the sales for which they received the orders during the REHAB fair last month.
"I do not want to say the sales dropped as the companies are now busy with the bookings received in the last REHAB housing fair," he said.
Probal, however, admitted that during the election time, people think twice before investing big amounts whatever the purpose. The REHAB president said that the real estate sector was now stable as the trend of spiraling apartment prices was reversed due to fall of construction material prices.
During elections it is quite usual, he said, for sales to remain low.
A media scan shows that real estate companies are advertising less as they usually do during election campaigns. For some builders it is not unusual to sponsor election related programmes in electronic media, many of the realtors refrain from advertising their ready to sell plots or apartments.
Real estate analysts said like other business sectors, the property sector does not get direct to involved in elections. REHAB said that it is not involved in politics and want a fair business environment from all political government.
According to sources only two REHAB members are contesting in the ninth parliamentary election as grand alliance candidates. The two candidates are businessmen with links in the real estate sector.