Up to 2740% land price hike in two decades makes owning home in Dhaka elusive
Article from Business standard Real Estate buying story “When we could have managed some money to buy a plot, we would have found the price gone beyond our affordability. It happened again and again,” Habiba Akter shared about their futile attempts.
“Our savings are getting smaller day by day against the soaring plot prices. Moreover, a big portion of our income goes to house rent,” she told The Business Standard while expressing her disappointment over their unfulfilled dream
The couple is one of hundreds of thousands of people in middle-income groups whose dreams of having their own homes in the megacity of Dhaka remain elusive.
“At least 80% of people living in Dhaka are unable to own flat or plot and remain tenants year after year,” said Ghulam Rahman, president of the Consumers Association of Bangladesh
Spiralling prices of flats and land and uncontrolled house rents are the reasons behind the situation, he believes
According to a recent study by the Institute for Planning and Development, Dhaka’s land prices surged by up to 2,740% or over twenty-seven-fold in the past 21 years – from 2000 to 2023 – while flat prices increased by 716% or over seven-fold. Sources: The Business Standard
