Housing gets remittance boost | The Business Standard
Skip to main content
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Friday
June 20, 2025

Sign In
Subscribe
  • Latest
  • Epaper
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
FRIDAY, JUNE 20, 2025
Housing gets remittance boost

Real Estate

Rezaul Karim
24 February, 2022, 01:00 pm
Last modified: 24 February, 2022, 04:29 pm

Related News

  • Bangladesh calls for separate South Asia-China platform to tackle climate risks
  • DSE serves query to Lovello over unusual share price hike
  • Study finds alarming mercury levels in popular skin creams sold in Bangladesh
  • ICAB says only its members have legal statutory audit rights
  • Adviser calls for joint effort to protect hilsa, regulate pricing

Housing gets remittance boost

About 20% of inward remittances in FY21 was invested in the housing sector

Rezaul Karim
24 February, 2022, 01:00 pm
Last modified: 24 February, 2022, 04:29 pm
Infographic: TBS
Infographic: TBS

Ziaul Hasan of Munshiganj has been selling sea fish at a wholesale market in Riyadh, the capital of Saudi Arabia, for the past 20 years. He has earned "good money" in the two decades before his business went down dramatically in 2020 when Covid-19 hit the world.

"Fish supply was disrupted and sales dropped by almost 80%, which led me to shut the business temporarily," he said.

"Almost every year before 2020 I purchased arable land in my locality. So, when my business was closed, I thought of investing money in a profitable sector and opted for purchasing plots and flats," said Ziaul.

At the beginning of 2021, he bought three plots in the Apollo Lake City in Keraniganj for nearly Tk3 crore of his hard-earned money from Saudi Arabia. He spent another Tk80 lakh to purchase a 1,100 square-feet flat at the Shanti Villa project of Tamanna Properties in the capital's East Malibagh area.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

Ershadul Alam, marketing officer of Apollo Lake City, said in 2020-21 his company sold 250 plots and 40% of them were purchased by the expatriates.

A Tamanna Properties official also said during the same time they sold some 50 flats and expats bought 19 of those.

According to the annual report of the Bangladesh Bank, inward remittance in the fiscal 2020-21 was nearly Tk2,10,610 crore, the highest ever remittance inflow for the country.

Investment figures

Housing sector stakeholders say about 20% of the inward remittances was invested in the housing sector in FY21.

According to a recent study by the Bangladesh Institute of Planners (BIP), this amounts to nearly Tk40,000 crore, which is the highest remittance investment in real estate. In 2019-20 and 2018-19, the amounts were Tk22,000 crore and Tk20,000 crore.

Adil Muhammad Khan, former general secretary of the BIP, told The Business Standard that the organisation estimated the figures from information collected from the National Board of Revenue, various housing companies and related research.

"Accurate data on sector-wise investment from remittance money is not available," he added.

REHAB estimates actual figure to be higher

Alamgir Shamsul Alamin, president of the Real Estate and Housing Association of Bangladesh (REHAB), told The Business Standard that the data in the BIP study is correct.

"In fact, I think the actual figure may be even higher," he said.

"Since 2015, yearly investment in the housing sector from remittance rose 1 lakh crore, which shot up to 1.5 lakh crore last year – essentially boosting the sector," added the REHAB president.

He identified the investment of expatriates as one of the main reasons behind the sudden increase of investment in the housing sector.

Alamgir Shamsul Alamin said that the expatriates bought luxury apartments worth a total of around Tk8,000 crore in FY21 and rest of the money was invested to buy flats and land.

Shahadat Hossain, chairman of James Development and former director of REHAB, said expatriates bought flats and apartments worth around Tk1,000 crore last year and the year before in their various projects – almost three times more than previous years.

Reasons behind remittance investment boost

Policy Research Institute of Bangladesh (PRI) Executive Director Economist Dr Ahsan H Mansur told The Business Standard that the real estate sector presented most investment opportunities during the pandemic because investing in business prospects at this time was risky.

"Besides, investing in real estate is considered much safer. If expatriates make their purchase from credible developers, they can expect the price of a flat or plot to jump twice or close in 10 years," he remarked.

Iqbal Habib, an urban planner and architect, said that the investment procedure in the housing sector is very simple.

"Most expatriates have bought ready flats or ready plots. After signing the purchase agreement, all they need to do is complete the registration. There is less hassle in investing in the sector and naturally the expatriates have invested the most in the sector," Habib said.

Investment locations

According to REHAB sources, about 60% of the housing companies in the country are based in Dhaka and neighbouring areas of Narayanganj, Munshiganj, Narsingdi, Gazipur and Savar. The remaining 40% are located around the rest of the country. The ratio of investment is also the same.

Naimul Hassan, a director of REHAB, said that after the capital, expatriates made most of their investments in Chattogram and Sylhet.

According to Sylhet real estate businesspeople, about 80% of new investments in the housing sector in the greater Sylhet area are made by expatriates.

Citing data from the Directorate of Registration, Naimul said old-flats worth Tk8,023 crore were sold across the country last year and expatriates bought half of those.

'Black money' whitened through real estate investment

NBR Chairman Abu Hena Md Rahmatul Muneem said, "Most of the black money whitened in the last financial year was done through investment in the housing sector."

He said the government received a significant amount of revenue from remittances that financial year – along with a huge amount of revenue from registration of lands and flats by expatriates.

ABM Amin Ullah Noori, chairman of the Rajdhani Unnayan Kartripakkha (Rajuk), told The Business Standard that investment in the country's housing sector is now quite safe due to various initiatives taken by government stakeholders.

"Especially in the capital, Rajuk runs initiatives to make the housing sector people friendly and safe. Expatriates are keen to invest in the housing sector in these areas as there are a lot of civic amenities in the capital and surrounding areas," he added.

Bangladesh / Economy / Top News / Industry

Housing / Bangladesh / remittance

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Vice-Chair of the National Consensus Commission Ali Riaz briefing reporters on 19 June. Photo: Screengrab
    Most parties agree upon amending presidential election process, BNP for existing method
  • Emergency workers at Soroka Medical Center after an Iranian missile strike, Israel June 19, 2025. Photo: Reuters
    Khamenei 'cannot continue to exist', Israeli defence minister says after hospital strike
  • US President Donald Trump speaks to members of the media during the installation of a new flagpole on the South Lawn at the White House in Washington, DC, US, June 18, 2025. Photo: Reuters
    Trump to decide on US action in Israel-Iran conflict within two weeks, White House says

MOST VIEWED

  • BAT Bangladesh to shut Mohakhali factory, relocate HQ after lease rejection
    BAT Bangladesh to shut Mohakhali factory, relocate HQ after lease rejection
  • Logo of Beximco Group. Photo: Collected
    Beximco defaults on €33m in Germany, Deshbandhu owes Czech bank €4m
  • Students attend their graduation ceremony. REUTERS/Brian Snyder/File Photo
    US resumes student visas but orders enhanced social media vetting
  • Mashrur Arefin appointed Chairman of the Association of Bankers Bangladesh
    Mashrur Arefin appointed Chairman of the Association of Bankers Bangladesh
  • Logo of Beximco Group. Photo: Collected
    BSEC to probe overall operations of five listed firms, three belongs to Beximco
  • Infographics: TBS
    Pvt sector's foreign loan rises by $454m on stable exchange rate, reserve in three months

Related News

  • Bangladesh calls for separate South Asia-China platform to tackle climate risks
  • DSE serves query to Lovello over unusual share price hike
  • Study finds alarming mercury levels in popular skin creams sold in Bangladesh
  • ICAB says only its members have legal statutory audit rights
  • Adviser calls for joint effort to protect hilsa, regulate pricing

Features

Evacuation of Bangladeshis: Where do they go next from conflict-ridden Iran?

Evacuation of Bangladeshis: Where do they go next from conflict-ridden Iran?

1d | Panorama
The Kallyanpur Canal is burdened with more than 600,000 kilograms of waste every month. Photo: Courtesy

Kallyanpur canal project shows how to combat plastic pollution in Dhaka

2d | Panorama
The GLS600 overall has a curvaceous nature, with seamless blends across every panel. PHOTO: Arfin Kazi

Mercedes Maybach GLS600: Definitive Luxury

3d | Wheels
Renowned authors Imdadul Haque Milon, Mohit Kamal, and poet–children’s writer Rashed Rouf seen at Current Book Centre, alongside the store's proprietor, Shahin. Photo: Collected

From ‘Screen and Culture’ to ‘Current Book House’: Chattogram’s oldest surviving bookstore

4d | Panorama

More Videos from TBS

Bribery exposed: BBS report reveals year’s dark data

Bribery exposed: BBS report reveals year’s dark data

10h | TBS Today
Is the story of nuclear weapons just to justify military operations?

Is the story of nuclear weapons just to justify military operations?

11h | TBS World
What are the political parties saying about the presidential election and power?

What are the political parties saying about the presidential election and power?

11h | TBS Today
Pakistan Army Chief urges US not to get involved in Iran-Israel war

Pakistan Army Chief urges US not to get involved in Iran-Israel war

13h | Others
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net