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Owning a plot of lands or a liveable flat or a commercial space for business in capital is still an elusive dream for millions of residents due to- limited options, high price, complex financing systems, high transfer costs, hidden charges and lack of professionalism from sellers/developers. Needless to say, owning a property in Dhaka is still out of reach for the majority of people but used or second hand property market is becoming a rising solution when every sector of the economy, including real estate, went under inflationary influence and experienced a major surge in costs after covid pandemic, war in Europe & Middle East and recent rise in dollar rate. 

In 2024, primary property market experiencing very hard time in delivering commitments to clients and managing construction costs; eventually rapid changes in raw material prices ultimately led developers to halt their construction to revise their budget, causing property prices to go up with handover delays. So, adversities left genuine buyers with only one option: To go for second-hand property. 

Like many real estate experts CEO of Realtors BD also thinks this is the high time for risk-averse buyers to invest in a second-hand property instead of a primary one. He has also mentioned, no matter the type of property you want, the second-hand property market can now cater your needs. There are already a few real estate agencies like Realtors BD is providing world class services to buyers, sellers, landlords and tenants and the secondary market is growing.

It’s true that the price of secondhand properties get influenced by the primary market price, but still tends to be lower. Secondhand properties mostly owned by individuals who aren’t affected by dollar rate or construction cost fluctuations because their properties are already built. These property owners mainly considers the land price appreciation and building usage depreciation when setting a valuation for their properties. Also, second-hand property tends to come in a ready-to-move-in condition with utility connections and all the required amenities. 

In terms of transfer fees, secondhand property registration cost is lot lower than a brand new property; because once AIT is paid then it’s exempted for the resales. It also have the option to generate a monthly cash flow by putting the property up for rent or continuing with the existing lease by executing an additional deed. And when it comes to long-term ROI, property appreciation rate is usually lot higher than inflation rate. Meaning, you can sell your property at a much higher price than you purchase it at.

Undoubtably it can be said that the second-hand property market is the only way out for prospective buyers who wants to be in a position where they will find a home that is affordable and a little bit of improvement works will make it impressive.