Used Flat for Sale in Dhaka | Secondary Property Market in Dhaka

Recently one of my friends bought a used 1,600 sqft flat in Sector 10 of the Uttara in Dhaka city at BDT 85 lacs. If he wanted to buy a new flat, he would have to shell out at least Tk 1.20 crore, an amount that would have been tough for him to manage. But my friend is very happy now he said, “The used flat he bought is almost new, and without any hassle, the owner has handed over the possession of the property”. People are searching for used flat for sale in Dhaka.

The market size of the secondary Apartment / Flat segment in Dhaka city has no reliable data. Flat / Apartment buyers in the city are now showing an increasing interest for used flat in Dhaka as the properties are cheaper and spacious and come with utility services, especially gas connection, according to realtors and home loan providers. The demand for used flat for sale in Dhaka is around 20 per cent of the total demand for the properties in the city.

The demand for the secondary flat is growing day by day. There can be two reasons: they can be bought at lower prices, and they are roomy. Data on property demand in the last 14 months showed the requests for secondary properties in Dhaka averaged 76 per cent of all queries. The owners cannot use around 400sft of a 2,000 sft flat although they have to pay the price. But, the owners of used flats can use the entire available floor space and rooms were spacious.

For most of the cases about used flat for sale in dhaka, buyers have to renovate the flat. In some cases, they get a flat in excellent condition. This high demand for secondary properties is reflected everywhere. The ready flat market segment or the secondary property market has always been at the forefront of Bangladesh's real estate industry.

The highest percentage of query for used flat for sale in Dhaka, low price flat in dhaka was and such queries experienced in August last year when it accounted for a staggering 86 per cent. Even during the peak of the pandemic in April and May in 2020, when the entire real estate sector experienced a slowdown, about 65 per cent of all property demand in Dhaka was for ready flats.

People on the internet / Google are searching for secondary market properties for used flat sale in Mirpur, Uttara, Dhanmondi, Kalabagan, Rampura, Banasree, Moghbazar, Aftab nagar, Gulshan, Segunbagicha, Banani, Khilgaon, Mohammadpur, Shyamoli, Bashundhara residential area in Dhaka city. The searching queries show that the demand for secondary properties is solid.

Some popular area such as Mirpur, Uttara and Mohammadpur have plenty of ready flats available, even though there hasn't been an adequate supply of secondary properties / used flat for sale in Dhaka. One of the major reasons people search for homes in Mirpur, Badda or Dakshln Khan is affordability. Some parts of Uttara can be great locations to find affordable secondary properties.

 

Used flat sale in Mirpur:

Based on the present market report and data, in last 4 to six months the average price of ready flats in Mirpur was around Tk 4900-5000 per sft, with certain places such as Pirerbag and Section 11 offering flats at Tk 3,100+ per sft.

 

Used flat sale in Uttara:

The average price of ready flats in Uttara was BDT 6,500+ per sft, though the inner sectors are more affordable.

 

Used flat sale in Dhanmondi:

Dhanmondi area is more complex in terms of the price of ready flats. The average price of recently added properties can be more than Tk 10,000 per sft. Properties in West Dhanmondi and Shankar are sold at Tk 6,500+ per square feet.

 

People like to purchase suitable secondary flats due to availability of gas connection, while there is no guarantee that new flats will have the connection. Real estate experts said that secondary flats were comparatively cheaper than the new ones, so the middle-income groups that couldn't spend a big amount purchased used properties. The non-bank financial institution provides home loans against secondary flat. The number of loan files for secondary flats is increasing gradually.

The REHAB had urged the National Board of Revenue to reduce the registration cost for secondary flats to help expand the segment of the housing market. The demand for secondary flats was good, but products were not available.

 

Thanks,

 

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