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Dhaka is one of the fast-growing cities in Asia, and the demand for accommodation is increasing daily, making apartments in Dhaka more expensive. Buying an apartment in Dhaka is likely to be one of someone's most significant purchases in his life. Therefore it's essential to know the top factors that influence property prices. This BestBari article discusses the three most important factors influencing flat prices in Dhaka.
Location
As the old saying goes, it’s all about location, location, location! Location is the most significant factor that influences property prices in Dhaka. The location and demographics of the neighbourhood play a substantial role in determining the desirability and price of a property.
For example, properties close to good schools, shopping centres, cafes, and restaurants tend to attract more buyers as they have higher demand, which drives up the prices. The status of the suburb and demographics of the local population plays an important part; for example, are there primarily professionals, expatriates, and retirees living there?
Factors such as proximity to power plants, homeless shelters, and bars can negatively influence property prices. In addition, consider the accessibility to transport and commuter link to offices essential for daily living and traveling to work.
Also, consider the average apartment price trend when researching someone's ideal location when purchasing a flat in Dhaka. For example, someone may have noticed that property prices in areas close to the metro rail in Dhaka city have been appreciating due to the convenient commuter network to commercial hubs in Dhaka.
Condition, features and style
A property's overall condition, features, and styling determine its appeal and value. Certain styles of homes can get better prices than others, which is why the styling and presentation are significant. Please read BestBari's article on Top Tips for Interior Design in Bangladesh to get ideas on how to best design the interior of your property.
Not every property is created the same, and the conditions may differ substantially among different properties in Dhaka, influencing the prices. The features and amenities of a property are vital since they affect the overall lifestyle and appeal to living in a particular property. For example, does the property have lifts, easy car parking, on-staff security, concierge, and access to the gym and pool?
At BestBari, we have access to a trusted network of high-quality real-estate brokers and property developers who can help someone purchase his dream property in Dhaka for a discounted price within his budget. Click this link to be connected to one of our trusted property consultants free of charge.
When buying a property in Dhaka, consider the condition of the property. For example, avoid properties with water leakage, insect infestation, and dampening in the walls. It is suggested to contact a specialist to inspect the home's condition before purchasing it. Don't hesitate to contact us if someone would like to be connected with an independent specialist to assess the shape of a property.
Economic and market conditions
Although economic and market conditions are outside someone's control, they significantly impact the demand and prices of apartments in Dhaka. Suppose there is higher economic growth in certain areas. In that case, more businesses, jobs, income, and therefore the desirability to live in that area, increasing the demand and prices for homes.
With the current economic growth rate, the property market in Dhaka is likely to do well shortly. If anyone is interested to learn more about the economic and market conditions concerning properties in Dhaka, please read BestBari’s article Why Invest in Bangladesh Property?
The interest rate is also an essential factor affecting property prices since many home buyers have home loans. Low-interest rates mean it’s easier for property buyers to borrow, which increases the demand and prices for property. However, higher interest rates make borrowing more difficult, which lowers demand and property prices.
These three major factors significantly impact the value of Dhaka apartment prices. On behalf of BestBari, we hope someone has found this helpful article to understand the significant contributing factors that affect property prices in Dhaka. Please visit our News and Reviews page for more valuable articles like Easy ways to increase the value of your Dhaka flat.
We wish everyone the best and hope someone find his dream flat for sale in Dhaka.
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