Real Estate Industry in Chittagong (Bangladesh): A Survey on Customer Perception and Expectation

Abstract

Bangladesh is an over populated country and day by day population is increasing rapidly which created the housing problem. Land prices skyrocketed. Due to high price, insufficiency of land, high cost of land registration, and high price of building materials, people are now not interested to buy a land for building their own house. This article shows the customer perception and expectation in different dimensions - budget, types of apartment, size of apartment, favorable location in Chittagong city, favorable facility in an apartment, factors related to purchase decision, factors in selecting developer company, how customers determine about quality, company brand selection, desired services from a particular company, preference between apartment and land, the risk factors perceived by the customers. Geographically, this study focuses on the Chittagong, and can be considered as a little contribution to the understanding of the real estate industry, particularly in Chittagong and particularly from the customer perspective. But the findings may be relevant for other cities also. Real estate companies and developers can take these factors into consideration while making their business strategy and marketing strategy.  On the other hand, Policy makers can take the customer perception and expectation cited in this study, into consideration while making related regulatory policies and framework.

Keywords: Real Estate, Bangladesh, Chittagong, Customer perception and expectation