Flat, commercial space sales drop 27% in 2024: Bproperty

Sales of flats and commercial spaces in Dhaka experienced a significant year-on-year decline of 26.91% in 2024, according to Bproperty, the country's leading digital real estate marketplace.

In a press release today, the company reported that approximately 1,506,785 square feet of apartments and commercial spaces were sold through its platform in 2023. But in 2024, this figure dropped to around 1,101,320 square feet.

Khan Tanjeel Ahmed, general manager of Marketing at Bproperty, told TBS that the decline in inquiries and customers served in 2024 was due to a combination of political shifts and economic factors. These included market uncertainties and changing consumer confidence during a three-month slowdown, which temporarily impacted real estate activities.

However, the market is now showing promising signs of recovery, with renewed interest and activity pointing to a positive trajectory. This resurgence indicates growing stability, and we are optimistic about further improvements in the coming months, he said.

"In 2024, 2,822 individuals and families bought, rented, or sold their homes through Bproperty. Each transaction represents a story of new opportunities and realised aspirations," he said.

Tanjeel added, "From first-time buyers to experienced investors, we've ensured a seamless and rewarding journey for every client. The joy of seeing our clients find their ideal homes is a constant reminder of why we do what we do."

In 2024, Bproperty collaborated with 53 brands to secure prime commercial spaces tailored to their growth needs.

Most sought-after areas among buyers

Bproperty reported that data from 2024 highlights areas such as Uttara, Mirpur, Dhanmondi, Gulshan, and Mohammadpur as top choices for homebuyers. Uttara stands out with its well-planned infrastructure, family-friendly atmosphere, and range of amenities, accounting for 16% of client interest.

Mirpur appeals to young professionals and families due to its affordability and growing facilities, making it an ideal option for first-time buyers, capturing 13% of interest. Dhanmondi remains a timeless favourite, offering a blend of urban convenience and serene living – perfect for both new and established families, representing 6% of client preferences.

Gulshan, known for its luxury and exclusivity, continues to attract those seeking premium living, with 5% interest. Meanwhile, Mohammadpur is quickly emerging as a hotspot due to its rapid development and excellent connectivity, garnering 4% interest.

These neighbourhoods reflect the vibrant diversity of Dhaka's real estate market, catering to a wide range of lifestyles and preferences.

The growing demand for high-quality real estate solutions has been evident throughout 2024. More than 48,000 people reached out to Bproperty for help in finding their dream homes or ideal commercial spaces.

In 2023, the pulse of Dhaka's real estate market was strongly felt, with Mirpur, Uttara, Bashundhara R-A, Dhanmondi, and Mohammadpur emerging as the most coveted neighbourhoods. 

Mirpur took the lead with an impressive 26.68%, followed by Uttara at 12.00%, Bashundhara R-A at 8.36%, Dhanmondi at 7.48%, and Mohammadpur at 6.24%, the press release added.