Realtors reaching out to NRBs to try fortune

Shah Alam Nur | Published: March 09, 2015 00:00:00 | Updated: November 30, 2024 06:01:00

Non-resident Bangladeshis have started buying flats or plots at home after efforts by realtors to boost sluggish sales, industry people said.
The Real Estate and Housing Association of Bangladesh (REHAB) has also taken a set of initiatives such as promotional advertisements in both print and electronic media abroad and distribution of leaflets etc.
REHAB says a number of local companies have opened their offices in different countries or appointed representatives in recent times to attract expatriate buyers, which can help improve business.
Nearly 600 flats were sold out to non-residents in 2014, which was fewer than 500 in the last three years combined (2011-2013), according to the official data of REHAB.
"So far, our response is good. Many companies are now reaching out to foreign countries to increase sales," Liakat Ali Bhuiyan, vice president of REHAB told the FE
He said the real estate business among local companies has the potential to increase as more than 10 million Bangladeshis have been living abroad.
He said if the local real estate companies can attract some of them, it might become as huge business for the sector.
According to the REHAB, a number of local companies including Asian City, Divine Group, Amin Mohammad Group, Rupayan Group, building technology and ideas ltd. (bti) went abroad for marketing and grabbing NRB buyers.
The REHAB officials said to attract overseas customers, they have organised fairs abroad several times, including the US, UK, Dubai, Italy, Australia, Canada and other countries.
Insiders said many companies are promoting projects abroad targeting overseas Bangladeshi community, who are becoming a lucrative market.
They said in recent times, the REHAB has organised a winter fair in the Dhaka city, but customers' response was not good, most of companies made different lucrative offers including a good discount but could not attract desired buyers.
Former president of REHAB Tanverul Haque Probal said. "Our recent experiences of arranging different fairs in foreign countries have proved positive as NRB customers buying plot and flat on such occasions."
He said in recent times, domestic business experience is not good, so the realtors have been exploring alternative way of targeting expatriate customers living across the world.
The REHAB data showed a total of 12,000 flats worth around Tk 150 billion remained unsold over the last one year mainly due to the political turmoil during the period.
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