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Real estate faces slack sales ahead of Eid

Kawsar Khan
While Eid brings brisk business to different sectors, including apparels and commodities, the housing sector faces a gloomy economic situation ahead of the country's largest religious festival, observe industry insiders.
Ahead of the Eid, people concentrate less on big investment like buying an apartment and rather they are busy in purchasing clothes, foods, electronics and other lifestyle items, they said.
"In the month of Ramadan, people are to concentrate more on fasting, breakfast and Eid shopping leaving a little time for them to make a decision on big investment," said Sheltech Managing Director Taufiq M Seraj.
This year the trend is more obvious because of the impact of the financial crisis worldwide, he added.
On the issue, Shaikh Aftab Ahmed, chief operating officer of Shanta Properties Ltd (SPL), said generally the real estate sector faces slack sales in Ramadan except for the expatriates who visit their native land ahead of Eid and tend to buy properties.
But this year things appear to be a little bit different since the expatriates, especially the blue collar job holders, were hit hard by the financial crisis, Ahmed added.
He, however, pointed to the fact that apartment sales will remain low during the time although some customers make flat bookings ahead of Eid.
Arrivals of the expatriates will also be low because this time the
summer vacation in the United States was much before the Eid," said the SPL COO, adding that expatriates in that country generally visit Bangladesh during the summer vacation, when their children's schools go for vacation.
The sectoral trade body chief expects a better situation shortly.
"Ramadan experiences sluggishness in apartment sales, but the situation changes for few days revolving the Eid," said Tanveerul Haq Probal, president of the Real Estate and Housing Association of Bangladesh (REHAB).
Some people of old Dhaka also think it auspicious to make flat bookings at the night before Eid, Probal said.
In this context, he pointed out that the stagnation eased after the government allowed black money investment in housing.
"But we have to wait for few more days to see its full outcome when the REHAB fair will be held in December, although the sector has shown signs of recovery after the budgetary decision, " said Probal.
Talking on the issue the SPL COO said had the government allowed black money investment in buying more than one flat or house, the real estate sector would have performed much better.
"Now only those people are allowed to invest black money in buying apartment or house in the capital who don't own any such property in Dhaka, " he added.
"The government decision to declare the source of black money has also panicked many prospective customers," said Islam.