Real estate developers in Bangladesh participating in the REHAB Fair-2024 are optimistic about securing sales at the event even though the demand for apartments is low due to persistent higher inflation and other economic concerns.

They said the demand for apartments has fallen as the main buyers -- business executives, senior bureaucrats and politicians -- have almost completely stopped purchasing.

And although demand for apartments in the high and low-end categories remains somewhat good, there is practically no demand for the mid-range units, they added.

Currently, only the people who consider homeownership as an absolute necessity are buying apartments, that too for personal use rather than renting to others, according to Mehedi Hasan, chief design coordinator of Credence Housing Limited.

He said the demand for apartments typically rises when there are more buyers looking to rent out their purchased units.

Now though, most apartment purchases are being made by people who feel an acute need for personal housing and those who can afford luxury units.

Credence is displaying a total 54 projects, 18 of which are ongoing, at the fair.

The projects are mainly located in the Dhanmondi, Lalmatia, Uttara, Elephant Road, Mohammadpur, Gulshan and Banani areas of Dhaka city.

Hasan informed that their apartment sizes range from 1,200 square feet to 3,500 square feet.

KM Shapnik Mahmud, assistant general manager and cluster head of sales at Rangs Properties Limited, said sales of high-end apartments are sustaining the market, which would have otherwise completely collapsed.

He informed that while Rangs Properties is not offering discounts on occasion of the fair, they are open to negotiating with clients to find the best prices for both parties.

The company is showcasing 28 projects at its stall, with most located in the more affluent areas of the capital.

The size of the apartments under these projects is between 2,200 and 8,000 square feet while their prices range from Tk 20,000 to Tk 35,000 per square feet, Mahmud said.

Md Sharif Hossain Bhuiyan, executive director of operations at Sheltech (Pvt.) Limited, said they are offering discounts of up to Tk 25 lakh and an Apple smartphone for clients that book units at the fair.

"Basically, the demand for apartments has declined since August 5, and the sector has been suffering a lot," he added.

Bhuiyan further said that they are participating in the fair despite the low demand as a means of attracting clients.

"We are not sure about how many clients we could get through the fair but still, we are optimistic about the potential results," he added.

Bhuiyan informed that of the 24 projects being showcased at Sheltech's stall, two are commercial while the rest are residential.

Apartments under these projects with sizes between 971 to 1,173 square feet are available at the price of Tk 10,750 per square feet, he said.

Md Siddiqur Rahman Sarkar, chairman of Rajdhani Unnayan Katripakka (RAJUK), inaugurated this year's REHAB fair as the chief guest.

The five-day event kicked off at the Bangabandhu International Conference Center in Agargaon, Dhaka yesterday.

With 220 stalls set up at this edition, the Real Estate and Housing Association of Bangladesh (REHAB) has allowed building material suppliers and financial investment companies to participate alongside realtors.

During the inauguration ceremony, Sarkar said that measures will be taken to amend the Detailed Area Plan and relevant rules within the next two weeks.

"RAJUK is already undertaking activities to make Dhaka a beautiful place for living," he added.

The RAJUK chairman also lauded REHAB's significant contributions toward fulfilling housing dreams in the country.

Md Wahiduzzaman, president of REHAB, presided over the inaugural ceremony.