‘We will keep empowering people using PropTech’

With our wide range of services, we would like to create confidence and capability in people by bridging sellers and buyers so that they can achieve their real estate dreams, Mahzabin Chowdhury, head of marketing of Bproperty, told The Business Post’s Rafikul Islam in an exclusive interview

Bproperty is a leading digital real estate marketplace in Bangladesh, which started its journey in 2016. How did it become one of the leading online real estate marketplaces in the country?

According to Bangladesh Bureau of Statistics, the real estate and housing sector has contributed to nearly 8 per cent of the country’s gross domestic product (GDP) since 2019. Bangladesh is currently witnessing rapid economic growth with an expanding base of middle- and affluent-class consumers. As the demand for modern housing continues to increase, so does the size and importance of the sector.

Bangladesh is also witnessing a rapid digital transformation and widespread internet adoption. Using property technology at Bproperty, we provide people looking to purchase, sell, or rent property with a digital marketplace accessible from any internet-enabled device. Whether they use our website or the newly-developed app, we empower them with information.

We provide all our clients with the support they need for smooth and successful transactions – from negotiations for better prices to legal and financial support to interior design. Such a comprehensive range of services by a single organisation is the first of its kind in Bangladesh, and this has definitely been welcomed by clients.

Our client and partner bases have all shown us immense support in our journey so far. Their trust in our ability to cater to such a high-invest need has greatly boosted our efforts. The confidence they put in us keeps pushing us to create more tools that enable smoother operations.

To date, we continue to be the biggest online real estate organisation in terms of range and scale of operations. These factors, along with our consumers and innovation, have contributed to making us the leading real estate solutions provider in Bangladesh.

Bangladesh’s infrastructure development has continued in full swing over the last couple of years. How will the recent construction material price hike affect the real estate sector?

A rise in the prices of construction materials naturally increases overhead costs, which puts pressure on property developers. Tensions arise if the costs go up significantly after contracts agreeing on prices have already been signed with buyers.

A November report in a major national daily said construction costs had gone up by 20 per cent, a significant increase, over the past year. If this trend continues, prices of property under construction or going into construction may increase in the coming months. This may affect the middle-class consumers’ decisions to purchase under-construction property.

But as the ready and used flat segments are unaffected by the raw material price changes, we may see a shift in demand from apartments currently under construction to the ready or used ones. Like any other sector with external dependencies, making a definitive projection is difficult. Therefore, whether raw material prices will continue to go up or come down in the near future, and its effects on property prices, still remains to be seen.

Which apartments are in high demand among buyers in terms of area, size, and rate?

From August to October this year, most of the queries for property in Dhaka that we received were for those in Mirpur (14.6 per cent), followed by Uttara (11.4 per cent), Mohammadpur (10.2 per cent), Dhanmondi (8.9 per cent), and Bashundhara Residential Area (8.8 per cent).

Besides, most of the queries regarding property floor size in Dhaka were for those ranging from 1,000-1,500sqft (36.2 per cent) while 17.2 per cent were for those below 1,000sqft. 

When it comes to budget preferences, the majority begins their search for property costing below Tk 30 lakh. But through a better understanding of their needs and availability, we see that a more informed demand is primarily for property in the Tk 30-70 lakh range.

Does Bproperty help its clients get home loans in any way?

Bproperty wants to ensure that its clients have all the necessary means to fulfil their property needs. This absolutely includes funding. That is why we have signed agreements with many major banks and non-banking financial institutions to enable our clients to avail home loans on easier terms, such as faster home loan application processing, preferred interest rates, etc.

Do you need any policy support from the government?

The government has taken timely and commendable steps to rejuvenate the real estate sector over the past couple of years, including lowering registration fees for land and flats. Moreover, it has been very welcoming to technology-based solution providers across all industries. As a pioneering PropTech solutions provider in Bangladesh, this is good for us.

We support the government’s vision of Digital Bangladesh and are working tirelessly to digitally transform the real estate sector, creating positive value for all stakeholders.

What are your future plans?

A core reason for our business in this industry is to create confidence and capability in people so that they can achieve their real estate dreams. Whether they want to buy, sell, or rent property, we plan to ensure the smoothest process for them.

In the near future, we plan to reach more people in Bangladesh to help fulfil their real estate needs and expand our range of services as per industry needs. In short, our efforts to empower the people of Bangladesh using PropTech will continue.