Editorial Article
Open Access
Scope and Opportunities of Real Estate
Study and Business in Bangladesh
Nurul Mohammad Zayed*
Assistant Professor & Head, Department of Real Estate, Faculty of Business & Entrepreneurship,
Daffodil International University, Dhaka, Bangladesh.
*Corresponding author: Nurul Mohammad Zayed, Assistant Professor & Head, Department of Real Estate, Faculty of Business & Entrepreneurship,
Daffodil International University, Dhaka, Bangladesh, E-mail:
@ ;
Received:July 17, 2018; Accepted: November 29, 2018; Published: December 04, 2018
Citation: Zayed NM (2018) Scope and Opportunities of Real Estate Study and Business in Bangladesh. Int J Fam Busi Manag 2(2): 1-1.
Real estate is the property, land, buildings, air rights above
the land and underground rights below the land. The term real
estate means real, or physical, property. There are four types of
real estate such as residential real estate, commercial real estate,
industrial real estate and land. Real Estate Business or Real Estate
Development is a business activity concerned with land and
construction that provides value-adding services by developing
residential, commercial, institutional, industrial and integrated
projects and related infrastructure. The demand for apartment
housing remained high, and more and more developers came
into business. Soon the need for a trade association was realized
in order to strengthen the role of the real estate sector and to
ensure ethical practice in construction. In 1991 the Real Estate and
Housing Association of Bangladesh (REHAB) was formed with only
11 members. (Benson, 2012).
In recent year more than 2500 companies working in Dhaka City and the numbers of REHAB members is 1306. To strengthen the role of real estate sector “Real Estate & Housing Association of Bangladesh (REHAB)” was formed in 1991 with only 11 members. The objective of REHAB was to promote formal private sector Real Estate Development in Bangladesh. Dhaka, the capital city of Bangladesh is one of the world’s fastest growing megacities with an annual growth rate of 4.4 percent. Dhaka’s population of 15.4 million constitutes more than 40 percent of the country’s total urban population. Currently, one tenth of the country’s total population (160 million) lives in Dhaka. As a results Dhaka has experienced a drastic increase in land value since the early seventies. Dhaka the capital city with a very small area and inmigration alone its population is growing by 2.5 to 3 lacs every year. According to REHAB -the total demand of new housing units in Dhaka city is likely to exceed 5.5 million per year. The traditional housing system cannot satisfy the need (Glink & Tamkin, 2014). There are needs for more housing finance for the progress of the traditional system. There are about 170 linkage industries directly and indirectly relate to the Real Estate Sector in Bangladesh. For example: steel, cement, tiles and sanitary ware, cable and electric ware, paint, glass and aluminum, brick, building materials, and consumer durables (Umberger, 2014). There is only one University Daffodil International University offered real estate education in Bangladesh. The Department of Real Estate of Daffodil International University aims to produce skilled manpower with quality education to face the challenges of 21st Century and onwards and to solve contemporary housing problems in Bangladesh. The primary objective of the Department of Real Estate is the protection of the public interest in regard to the offering of subdivided lands, and proper handling of real estate transactions by licensees. To accomplish this, a standard of knowledge, measured by written examination, is established for licensing real estate agents and a minimum criterion of affirmative disclosure is set for qualifying subdivided lands offerings. At the same time the Department protects the public interest and increases consumer awareness and collaterally assists the real estate industry in expanding its standards and the level of professional ethics and responsibilities (Bruke, 2009).
In recent year more than 2500 companies working in Dhaka City and the numbers of REHAB members is 1306. To strengthen the role of real estate sector “Real Estate & Housing Association of Bangladesh (REHAB)” was formed in 1991 with only 11 members. The objective of REHAB was to promote formal private sector Real Estate Development in Bangladesh. Dhaka, the capital city of Bangladesh is one of the world’s fastest growing megacities with an annual growth rate of 4.4 percent. Dhaka’s population of 15.4 million constitutes more than 40 percent of the country’s total urban population. Currently, one tenth of the country’s total population (160 million) lives in Dhaka. As a results Dhaka has experienced a drastic increase in land value since the early seventies. Dhaka the capital city with a very small area and inmigration alone its population is growing by 2.5 to 3 lacs every year. According to REHAB -the total demand of new housing units in Dhaka city is likely to exceed 5.5 million per year. The traditional housing system cannot satisfy the need (Glink & Tamkin, 2014). There are needs for more housing finance for the progress of the traditional system. There are about 170 linkage industries directly and indirectly relate to the Real Estate Sector in Bangladesh. For example: steel, cement, tiles and sanitary ware, cable and electric ware, paint, glass and aluminum, brick, building materials, and consumer durables (Umberger, 2014). There is only one University Daffodil International University offered real estate education in Bangladesh. The Department of Real Estate of Daffodil International University aims to produce skilled manpower with quality education to face the challenges of 21st Century and onwards and to solve contemporary housing problems in Bangladesh. The primary objective of the Department of Real Estate is the protection of the public interest in regard to the offering of subdivided lands, and proper handling of real estate transactions by licensees. To accomplish this, a standard of knowledge, measured by written examination, is established for licensing real estate agents and a minimum criterion of affirmative disclosure is set for qualifying subdivided lands offerings. At the same time the Department protects the public interest and increases consumer awareness and collaterally assists the real estate industry in expanding its standards and the level of professional ethics and responsibilities (Bruke, 2009).
ReferencesTop
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