Investment in Bangladesh鈥檚 housing sector is struggling due to high registration costs, rising interest rates, and a problematic Detailed Area Plan, said the Real Estate and Housing Association of Bangladesh on Thursday.
The statement was made during a press conference at the Centre on Integrated Rural Development for Asia and the Pacific auditorium in Dhaka, ahead of the upcoming REHAB Housing Fair 2024.
The fair, the largest event in the country鈥檚 housing sector, will take place at the Bangabandhu International Conference Centre, Agargaon, Dhaka, from December 23 to December 27.
This year, the event will feature 220 stalls, with participation from seven gold sponsors, 18 co-sponsors, 18 building material companies, and 10 financial institutions.
Interim government adviser AF Hasan Arif, in-charge of the Ministry of Civil Aviation and Tourism, and the Ministry of Land, will inaugurate the fair on December 23 at 3:00pm.
REHAB president Md Wahiduzzaman stated that stalled investment in housing is affecting employment opportunities in the country. He emphasised that the biggest issue in the sector is the DAP introduced in 2022.
鈥楾wo years ago, we warned that the new DAP would make housing unaffordable for the middle class. The reduction in the floor area ratio has limited building heights in central Dhaka, worsening the housing crisis. Flat prices have soared, and rents are climbing rapidly,鈥� Wahiduzzaman said.
He added, 鈥楧espite a decrease in prices for rods and cement, housing projects are at a standstill because neither developers nor landowners are building homes. This supply shortage, combined with increased demand, has pushed apartment prices higher.鈥�
REHAB has called for amendments to the DAP (2022-2035) and urged the government to reintroduce the 2008 regulations.
REHAB senior vice president Liaquat Ali Bhuiyan and REHAB fair committee chairman Mohammad Akhter Biswas were present at the press conference.
Visitors can enter the fair after the inauguration. The fair will remain open from 10:00am to 9:00pm on subsequent days. Tickets are priced at 50 Taka for single entry and 100 Taka for multiple entries, allowing up to five visits.
Since its inception in 2001, the REHAB housing fair has been held 26 times in Dhaka and 15 times in Chittagong.