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Chattogram prefers smaller homes but with three bedrooms: Analysis

| Updated: August 12, 2020 10:12:28

File photo used for representational purpose File photo used for representational purpose

The residents of the Chattogram city are interested in renting smaller homes but with three bedrooms, according to a recent analysis of Bproperty, the only property solutions provider in Bangladesh.

According to the analysis, BayazidBostami area of the city is the most searched area to live in with 13.32 per cent of all property searches being made for that area.

The research data was collected via the number of users, listings added, and queries made at bproperty.com, both online and offline, over the past 6 months, starting from January 2020 to June 2020.

In the list of most searched locations in Chattogram, Khulshi ranks second with 11.97 per cent of searches and Double Mooring comes third with 6.37 per cent of searches, says a media release.

Further analysis indicates that a significant portion of the people of the port city prefer smaller homes, with Bproperty receiving property requests as high as 42.84 per cent, of total requests in the first 6 months of 2020 for properties between 1000 and 1500 square feet.

Apartments less than 1000 square feet come second with 38.75 per cent of all searches. Flats ranging from 1500 to 2000 square feet get the third most searches with 15.34 per cent.

In terms of rooms, people of Chattogram have a high demand for three-bedroom homes. About 45.80 per cent of property requests made at Bproperty were for three bedrooms.

When it comes to the average price for houses the people wish to buy, Bproperty’s analysis have shown that about 22.01 per cent of all incoming property purchase requests had a budget between Tk 6.20 million and TK 7.20 million.

The second most common budget range (19.38 per cent) was between TK 4.20 million and Tk 5.20 million.

And to the round of the top three price ranges, 15.77 per cent of property searches were in the range of Tk 7.20 million and Tk 8.20 million.

Areas such as North Kattali, Pachlaish, and Jamal Khan is seeing growing demand as areas for property purchases, said the release.

The analysis also gives us an idea of the average rent that people of Chattogram are willing to pay.

For property renting, 30.26 per cent of all searches are in between Tk 10,000 to Tk 15,000. 21.81 per cent of searches were for rent between Tk 15,000 to Tk 20,000 and 19.97 percent of searches were for renting houses less than Tk 10,000.

Areas such as Kotwali Thana area, West Sholosohor and North Pahartali is growing rapidly in terms of popularity for renting homes.

Speaking on the initiative, Mark Nosworthy, CEO of Bproperty said, “The opening of our Chattogram marketplace last year was a signal of intent on our part that we wanted to put more focus on the Chattogram market.”

“The real estate industry here has been growing rapidly for a while now. On average, we receive over a thousand verified property requests a month,” he said.

“This trend analysis gives us a more in-depth idea regarding the demand for properties in Chattogram. We are hopeful that we will be able to serve our customers even better from now onwards,” he added.

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