Predicting the future of real estate scene amid the Covid-19 crisis

Dhaka, Bangladesh || Thursday, 30 April 2026 || 17 Boishakh 1433

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Predicting the future of real estate scene amid the Covid-19 crisis

Staff Reporter

Published : Wednesday, 15 April, 2020 at 9:47 PM, Count : 1103

Predicting the future of real estate scene amid the Covid-19 crisis

Covid-19, or Coronavirus as it is more popularly known as, has brought the whole world to a halt. Categorized as a pandemic by the World Health Organization, this virus has had an impact all across the globe. What started off as a health hazard in the province of Wuhan in China, has now reached almost all parts of the world including Bangladesh.

The situation in Bangladesh has been quite complicated. While we haven’t exactly seen an outbreak as severe as in Italy or China, we are vulnerable to a massive hysteria. During this time of crisis, the people of Bangladesh have been asked to stay indoors to prevent the spreading of the disease. As such we have seen educational institutes being closed down, several restaurants closing their dining services, movie theaters shut down and some companies have asked their employees to work from home.

This safety precaution has had an impact on the economy of Bangladesh. Normal businesses are not running, sales and services of almost every organization have dropped. People are living in fear of what may happen in the future and thus they are stockpiling necessity products and have cut down on additional expenses.

Nobody knows how long this will go on with a lot of experts suggesting that we may see an economic recession in the future. While an economic recession might be a little pessimistic, it is fair to say that it will be a while before normal business activities resume.

One such business that will take time before it goes back to normal is that of the real estate industry. In this time of crisis, it is expected that people will save as much of their income and savings as possible in case the situation worsens. Therefore it is quite likely that people will defer from making big purchases such as apartments or land for the time being. In fact, until and unless this whole pandemic passes, we might see a drastic fall in purchases in the real estate scene.

On the other hand, if the situation worsens then we might see an increase in movement when it comes to property renting. This is because with no certainty of when normal business will resume, we might see several employees being let go by their organizations to cut costs. If such a terrible situation arises, then a lot of people will struggle to pay their rent, and in turn leave, their existing homes in search of cheaper alternatives.

According to property solutions provider Bproperty’s database, when it comes to renting, people in Dhaka want apartments or homes within the size of 1000 - 1200 square feet which are widely available in areas such as Mirpur, Banasree, Badda, Khilgaon and Rampura. Prices of such houses in these areas are also quite cheaper compared to the rest of the city. So we can make a fairly educated prediction that in case the situation becomes worse, we might see a spike in rental activity in the above mentioned areas.

We are currently living in an uncertain time with panic among the minds of people. At this stage we can only hope that it does not get worse otherwise the livelihood of the people of Bangladesh will be affected in a much more serious manner than just real estate.

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