The Metro Rail Project brought in a revolutionary change in the development circumstances of Dhaka City. It’s highly impactful on various aspects, and no doubt, the real estate is also one of those major sectors having a high impact of this project. Let’s find out how Metro Rail will impact Real Estate in Dhaka City. Also, how will the metro rail project affect the economic growth of Bangladesh?
How Metro Rail impact Real Estate in Dhaka
Metro rail has its impact on Dhaka’s real estate in various aspects, including development strategy, economic circumstances, property value, rental facts, investment scale, changes in public demand & tastes, and more.
Higher Property Values
It’s one of those obvious outcomes! The property value will skyrocket near the metro stations and even along the metro lines. Easy transportation facilities will increase business demands there, and no doubt, the property values will increase rapidly.
Development Opportunities
A lot of development opportunities will emerge for sure. With the metro coming into action, there will be more people entering those areas and more opportunities for housing, businesses, and economic activities. So, there will definitely be enhanced construction and economic activity in the metro-surrounding areas.
Commercial Growth
The metro rail will intensify the commercial growth in the surrounding areas. A lot of business opportunities will be created with more people moving through there and residing as well. In other words, this project will attract businesses to set up shop in those areas.
Enhanced Connectivity
People will find easier connectivity. They can easily commute to work, school, and other places. And that too within a short period of time. This enhanced connectivity will make the area more attractive to the newcomers and even the older residents. Thus, the demand for the area will increase for sure.
Diversification of Real Estate Offerings
Another crucial positive outcome of this project. Is it a bit tough to understand? Well, let us explain. You will find mixed-use developments in those areas. You will more frequently find residential, commercial, and recreational spaces in the areas that are easily accessible using metro. Even if those are a bit scattered, one may not face difficulty reaching those.
Enhanced Accessibility
The nearby areas will be more accessible. It will be easy to access for employees, clients, and customers. Everyone will find it easy to move into those places. No doubt, public preferences will be higher. It will encourage the likes of retail businesses, restaurants, and other consumer-focused establishments.
Notable Development in Peripheral Areas
The project will extend urban sprawl to areas that were previously not that much developed. With a lot more easy access and movement, people can now move to a bit more distant areas within a short period of time. That’s why there will be an increase in demand in the previously peripheral areas, and notable development will take place in those places.
Congestion Reduction
Dhaka’s one of the biggest issues is its traffic jams. It makes life miserable for the residents of Dhaka. The jam is intense on the roads, and it consumes the valuable time of people. Metro rail will not only give a faster commute but also reduce the overall congestion. People will definitely prefer to move on the metros to save time. Hence, their priority will be the areas where the metro is available. It will definitely make a big impact on the real estate of the metro-nearby areas.
More Demand for Apartments and Rentals
In places where the metro stations are nearby, people can move to their destination with sheer comfort. Thus, they will be looking for the places where they can have easier access to the metro. It will increase demand for apartments in those areas. And yes, the rental demand and price both will increase.
More Investment in Real Estate
As the demand is getting higher, people will feel safer investing in real estate in those areas. There will be more investment, and no doubt, you will find more apartment projects, shopping centers, and commercial buildings. It will indeed encourage both local and foreign investors.
People are now asking for the areas that are metro-friendly and are within walking distance to the metro stations. It is increasing the opportunity for new apartments, businesses, and investments. More people are moving through those areas, and more people are seeking a house and a business in those zones. So, it is positively impacting Real Estate in Dhaka in various ways.
