May 25, 2021
Redefining the intersection between the quality of life and luxury apartment in Dhaka
With the ongoing Covid-19 infection and lockdowns in place now and then, Bangladesh, like the rest of the world is becoming accustomed to the “new standard of living”. With that, it is unavoidable that we witness the new demand patterns in residential real estate in Dhaka.
Covid-19 pandemic strengthened the need to have a home as a secure refuge more than ever. This importance fuels the demand for luxury apartments that meet today's rising needs for fitness, wellbeing, education, and work-from-home opportunities. As a result, the fundamental 'quality of life' in the new standard and 'luxury accommodation' have essentially united.
Defining luxury apartment in Dhaka
A luxury apartment is a high-end apartment with everything that meets one’s requirements.
They are wide and spacious and are located in prime areas such as Gulshan, Banani etc. They are equipped with top-of-the-line appliances and homewares, a concierge, on-site parking (sometimes with valet service), and a surplus of other facilities such as swimming pools, spas and even a home theatre.
Furthermore, the standard of design, architecture, meticulous planning and the implementation of global best sustainable development practices are some of the major decision-making highlights that define a luxury apartment.
With the choice of additional amenities being infinite, many homeowners, especially the millennials, prefer custom building their luxury apartments to add various sustainable features which may include energy-saving structures, modern technology integrated homes or outdoor green space.
As the importance of a safe residence rises amid the pandemic crisis, the need for sustainable and luxury real estate property development in Dhaka that offers eco-friendly apartments with opulent features is high on many home buyers' wish lists.
Pandemic’s effect on the quality of life towards the new trends on luxury apartments
The virus brought upon drastic changes for both the victims as well as those who did not catch the virus. Not only are the people constantly in the fear of becoming infected by this highly contagious virus there is also the fear of losing loved ones.
The spread of COVID-19-related misinformation and the lack of efficient medical treatment added to the pressure. Moreover, the issues relating to lockdown is another factor. All of these led to the demand of the new trends of luxury apartments in Dhaka as seen from the new buyer’s interests.
Prolonged home isolation and social distancing have been affecting the lives of many leading to depression and other mental health problems.
According to research, about 85.60% of the participants are in COVID-19-related stress in Bangladesh, which results in sleep shortness, short temper, and chaos in the family.
Not being able to go out and participate in daily physical activities also led to physical health problems which have been in turn affecting the immunity system.
Hence to get rid of this vicious cycle, homeowners are looking into luxury apartments that guarantee a vibrant community ecosystem, green spaces, spacious infrastructure and continuous basic amenities such as electricity, water, and internet supply.
Safety and Security in the community ecosystem
Dhaka is a megacity with a population density of 46 thousand people per square kilometer making it difficult to maintain social distancing protocol in many areas.
Having a private and structured community like that in Banani and Gulshan helps maintain social distancing with district-based rules and regulations in place. Also, the availability of healthcare and wellness within the district is an important factor of deliberation.
Therefore, luxury apartments based in those districts ensure safety and security during these tough times by providing a healthy community ecosystem that partakes in the betterment of the quality of life.
Gardening is a tried-and-true way to unwind and enjoy some fresh air and sunshine. There's also the bonus of being able to eat the fruits of one's labour. Vegetable gardens benefit the environment as well as the gardener and the dining room table. Roof-top gardens have become a staple of luxury apartments in Dhaka as interest in organic produce grows. Growing plants contain oxygen, as well as the ingredients for a farm-fresh salad, so gardening encourages the growth cycle. Orchards, like vegetable gardens, provide fresh air and greenery, provide a natural shade, and perfume the air with the scents of fruit and flowers.
Rooftop gardening is not only beautiful, but it is also good for the climate. Using plants as a roofing material instead of traditional materials eliminates waste and absorbs stormwater runoff. They also save money on energy and help the roof's supporting structure last longer. Although the popular Hanging Gardens of Babylon may have been the first “green roof,” it wasn't until the early 1970s in Germany that technology caught up with aesthetics and green roofs became a viable design choice. Green roofs are now so popular and successful in Dhaka that top real estate property developers are now building luxury apartments with roof-top gardens included which the owners can start tending right after moving in.
Given that most of the new home buyers, mostly the millennials, are working from home for months, their interest in luxury apartments that provide a spacious infrastructure that can be designed for a work from home station, makes perfect sense and is now a popular trend in Dhaka.
Also, with the lockdown and social distancing in place, space gives the members of the family privacy for their conference calls or zoom sessions.
During the Covid-19 pandemic, the housing finance market is less impacted than other industries. During this time, very few people delayed their residential building projects.
According to the trend as seen in the news article from The Financial Express, Bangladesh was in lockdown and economic standstill from April to June of last year, and we can see the same pattern this year. This is the rainy and stormy season when building normally comes to a halt. As a result, the pandemic's effect on developing a house is minimal.
Buying or selling of luxury flats or apartments is mostly taking place in major cities such as Dhaka, where the majority of buyers of new luxury apartments did not cancel their plans to purchase but instead delayed them for a few months. When the lockdown was lifted last year, this segment of the housing market became effective again, and we anticipate a similar pattern this year.
One of the reasons for the pandemic's negligible impact on housing finance in comparison to other sectors is that approximately 95% of a residential luxury building, individual house, or apartment construction development or purchase is done with self-finance.
Since housing is a durable good and a viable source of income, investing in the housing sector is stable, and it has a long-term repayment plan that makes monthly instalments suitable for home-buyers. Amid this unprecedented pandemic, luxury housing sector investment will not be limited like other sectoral investments because luxury property prices still rise and hence ensure stability for new home-buyers or those who already own a luxury apartment.
Distinguished consumers in Dhaka are trying to upsize as they spend more time at home and invest in facilities that improve their quality of life without sacrificing their luxury proportion.
This market trend stems from a desire for a larger-than-life home experience in every way as people spend more time at homes, either working, learning or relaxing. Luxury apartments that provide customized experiences, multi-functional rooms, services, safety systems, and strategic high-end locations such as Gulshan and Banani are all essential during this time.
People have been looking for stable assets, comfort, and longevity during these turbulent times, and there is no better investment option than real estate, especially luxury real estate. With the work-from-home phenomenon capturing the attention of luxury real estate property developers in Dhaka, there has been a robust demand for high-priced properties that can act as catch-all complexes, live-work rooms, and give a resort-like living experience.
As a result, the luxury real estate market in Dhaka has grown over time, prompting developers to launch ready-to-move-in luxury condominiums that deliver a wholesome lifestyle combined with best-in-class amenities, as well as notable architecture that supports the buyers' vision of modern and luxurious living.
Custom-Building Luxury Apartment to better improve the quality of life
People want tailored experiences based on their feelings, needs, and desires for an exclusive lifestyle. As a result, luxury home buyers are constantly on the lookout for a customized home with an aspect that tells a story, creating a one-of-a-kind experience.
For them, exclusivity is vital not only to add a personal touch but also to ensure that the property stands out not only today but also in the future. The new home buyers, especially the millennials, admire the genuineness of the goods and services that have placed home automation, thoughtful design, and cutting-edge technology on the map. Although cordiality at every touchpoint is based on personalized experiences, there is a growing demand for a custom-tailored and well-connected living environment curated with a surfeit of options for living, working, and playing luxuriously.
The connection between a better quality of life in Dhaka and a luxury apartment
Luxury living standards around the world
The millennials and new home buyers, have been travelling around the world for various purposes, bringing back the taste and wanting to establish those trends and designs witnessed abroad into their luxurious abode in their home country.
Renowned real estate property developers in Dhaka are now offering projects that meet global expectations not just for Bangladeshi consumers, but also for high-net-worth individuals and non-resident Bangladeshis. Another explanation for this unmet demand is the long-term investment and business opportunities in Bangladesh's ultra-luxury real estate market.
The unrivaled infrastructure, hassle-free service, and opulent experience are gaining momentum in corporate hubs such as Gulshan, Banani, and Baridhara, which are home to some of the most expensive commercial and residential real estate in the country.
In addition, the pandemic-inspired work-from-home phenomenon has prompted most buyers to search out larger residences. As a result, luxury real estate property developers have the goal of creating a product that is valued both commercially and as a trusted brand.
A place where homebuyers can collaborate and connect with like-minded people is one of the most critical desires from buyers. As a result, prominent real estate property developers make sure to create cutting-edge environments while also fostering neighbourhoods where customers can feel at home.
Home-buyers want it all for an indulgent lifestyle, from well-structured clubs for gatherings and seminars to fine-dining events and restaurants, mental well-being areas, art & cultural programs, spa and other leisure offerings. For long-term associations, this trend toward fostering communities rather than independent living has become critical.
A self-sustaining sanctuary
Sustainability is shaping the future of luxury, with an emphasis on gentler aspects like creating emotional bonds and relishing the feeling of doing good for the world.
Investors with a more conscientious mindset want more in the way of services that emphasize holistic wellness and environmental stewardship. This entails energy management, water recycling, clean air, and buildings that have earned the highest degree of environmental certification.
Furthermore, buyers are constantly seeking to live in a green oasis in the middle of a city environment. Homes that open up to green spaces like Gulshan Lake Park and park near Banani, Dhanmondi Lake etc. for example, are gaining momentum faster than others. The resulting boom in sustainable construction is undeniably propelling architectural creativity and aesthetics to new heights.
The COVID-19 pandemic changed the way people live and work in the long run and their quality of life as a whole, so demand for luxury apartments and residential properties in Dhaka is expected to grow as people are constantly navigating the new standard and lifestyles.
The government is taking several steps to ensure the housing market and economy running, as it is a promising market in a developing country like Bangladesh. Therefore, investing in luxury housing now is a good idea amid the pandemic with proper research done beforehand about what makes a luxury apartment in Dhaka.
Prominent real estate development companies like Ventura effectively redefines the standard and aesthetics of real estate property developers in Dhaka by optimizing the design and architectural formation to customer requirements. Ventura Properties Limited has been one of the industry’s leading players in the construction of luxury enclaves in the search for a better quality of life for all.
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