Tips for buying an apartment in Dhaka

It is a dream come true for many Bangladeshis, irrespective of their income. Buying an apartment offers several advantages, such as convenience and security, and most importantly, owning a place you can call home, and not having to pay rent. Whether you are looking for the simple and affordable, or the luxurious that is the culmination of your dream home, it is important to know the basics on how to get started on the buying process.

And so, here are some things to know about buying a flat in Dhaka.

Decide on the fundamentals

With the right research and some amount of luck, you can find an apartment that suits you. The first and maybe the most important step to take before buying a flat is to decide on the factors behind your selection. Maybe you have the budget to buy a small space in a prime location, but with that same budget, you can buy a middle-sized apartment in another, less popular area. On the other hand, if you are set on a location that will offer you the most convenience, you may have to adjust the size of the apartment of your choice from a large unit to a smaller one.

Mahzabin Chowdhury, General Manager, Marketing, Bproperty — a leading real estate portal in Bangladesh, commented on the matter, saying, "Our buying recommendations to consumers always depend on three factors — budget, size, and location. If they come with a set amount of money or have an apartment size in a designated area in mind, for example, 1,200 square feet in Mirpur, we can recommend them either brand new or used apartments that will fulfil all their criteria. We have seen that for people in the middle-income group, apartments of 1,200-1,600 square feet size are the most popular."

Choose the right partner to be clear on all technical details

Perhaps, you have decided on the kind of flat you want to buy; the next step is to choose the right partner. Buying an apartment is one of the biggest decisions you will ever take, and that is why you have to choose the right partners to aid in your decision-making process. It may be a portal like Bproperty, 

where you can find apartments of any range, or developers like Building Technology & Ideas (Bti) Ltd. that will provide complete solutions for your dream home.

"With numerous real estate partners out there, it can be overwhelming to find someone to trust with important decisions such as price negotiations, bank loans, tenure of instalments, down payment, and more. To ensure a seamless experience and get your due in time, the key is to find the right real estate partner who can offer assurance and handle your inquiries with utmost importance," said Chowdhury, when asked about facilities a consumer can avail from Bproperty during the buying process.

When looking to buy an apartment, it is important to be aware of the legal aspects and the technical issues. This includes finding out whether there are any legal disputes connected to the land, the estimated completion date of a new building, the age of a second-hand building (if you are buying an old flat), and if it has undergone any recent safety inspections. Understanding these details can help you take the right purchase decision.

"Many people stay away from owning any property because of the continued delays that can happen when the handover is not done on time. That is why we are very strict about this. Also, developers must be very transparent about the material they choose to build with, as anything substandard can not only erode the confidence of the buyers but also puts the entire property in jeopardy," said Aysha Siddiqua, Executive Director, Communication and Brand Management of Building Technology & Ideas (Bti) Ltd.

The amenities factor and the ideal time to own an apartment

The concept of integrating various lifestyle features like a gym, swimming pool, and community space has gathered momentum in building residential buildings at the high end of the market, like the 'Wellness Communities' by the real estate company Bti.

"Living in one of our "Wellness Communities" is more than just a place to call home — it's an opportunity to lead a stress-free, active lifestyle. With large, fully-equipped gyms, outdoor theatres, swimming pools, and play spaces, these smart homes provide the perfect environment to develop healthy habits, and enjoy life," said Aysha Siddiqua of Bti.

With the country facing continuous stress in various socio-economic spheres, buying an apartment certainly feels like a challenging and risky decision now. However, initiating the process of buying an apartment through proper research and the right guidance, can put buyers one step ahead toward achieving their dreams. 

"The right time to own an apartment will always depend on the consumer's need, but we have seen prices are always in the upward curve, so the buyers have to take the first step by picking up the right partner to guide them towards the right decision," commented Mahzabin Chowdhury on what constitutes as the 'right time' to own an apartment in Dhaka.

Photo: Sazzad Ibne Sayed

Model: Hritika and Imran

Makeup: Sumon

Styling: Sonia Yeasmin Isha

Location: Bproperty