House rent drops in Gulshan after café tragedy

Land and real estate businesses in Gulshan have taken a hit in the aftermath of the terrorist attack on the Holey Artisan Bakery restaurant last month.

Gulshan has been a prominent and upmarket area in Dhaka for decades. But things began changing after the terrorist strike, affecting the prospects of community organisations and other businesses in the area.
The neighbourhood had prided itself as being a safe and secure spot in Dhaka city. But that sense of security appears to have been eroded, with residents feeling unsafe since the attack. 
Typically, the house rent in Gulshan area is between Tk 70,000 and Tk 250,000 for 2,000 to 3,500 sft apartments. But rents have steadily dropped over the past weeks.
“Our apartment has remained empty. Before the incident, people used to come frequently but now things have changed. We hardly see anyone coming to enquire about renting it,” said the manager of an apartment in Gulshan, Abdul Karim.
“Our apartment is fully covered by security cameras and CCTV video surveillance systems. There are security guards on duty 24 hours in our condominium. Despite so many security arrangements, we have failed to attract lodgers,” he lamented.
“The rent of each of our apartments is Tk 70,000, the lowest. But after this tragedy, we have been compelled to drag it down by 10 to 15 per cent,” he explained.
“The rent of most houses has been cut after the tragedy that took place at Holey Artisan Bakery in Gulshan,” said a long-time Gulshan resident.
Liton, an apartment security guard, said, “Our tenants don’t go out at night anymore. They do so only in case of emergencies.”
“We used to permit commercial use of spaces at our apartment. But after the incident, our landlord has decided to rent out only to family tenants because of security reasons,” he said.
Gulshan is known to be one of the lavish places in Dhaka city. The per-square-feet price is Tk 12,000 to Tk 20,000, but it has come down by 10–15 per cent.
“Since the Holey Artisan Bakery incident, sales of flats have remained stagnant. Business will certainly pick up, but it won’t happen overnight. The market speculation is that prices will climb back to the earlier position but only after a temporary dip,” said Mahabub Hasan, real estate agent of a well-known company.

House rent drops in Gulshan after café tragedy

Land and real estate businesses in Gulshan have taken a hit in the aftermath of the terrorist attack on the Holey Artisan Bakery restaurant last month. Gulshan has been a prominent and upmarket area in Dhaka for decades. But things began changing after the terrorist strike, affecting the prospects of community organisations and other businesses in the area. The neighbourhood had prided itself as being a safe and secure spot in Dhaka city. But that sense of security appears to have been eroded, with residents feeling unsafe since the attack. Typically, the house rent in Gulshan area is between Tk 70,000 and Tk 250,000 for 2,000 to 3,500 sft apartments. But rents have steadily dropped over the past weeks. Our apartment has remained empty. Before the incident, people used to come frequently but now things have changed. We hardly see anyone coming to enquire about renting it, said the manager of an apartment in Gulshan, Abdul Karim. Our apartment is fully covered by security cameras and CCTV video surveillance systems. There are security guards on duty 24 hours in our condominium. Despite so many security arrangements, we have failed to attract lodgers, he lamented. The rent of each of our apartments is Tk 70,000, the lowest. But after this tragedy, we have been compelled to drag it down by 10 to 15 per cent, he explained. The rent of most houses has been cut after the tragedy that took place at Holey Artisan Bakery in Gulshan, said a long-time Gulshan resident. Liton, an apartment security guard, said, Our tenants dont go out at night anymore. They do so only in case of emergencies. We used to permit commercial use of spaces at our apartment. But after the incident, our landlord has decided to rent out only to family tenants because of security reasons, he said. Gulshan is known to be one of the lavish places in Dhaka city. The per-square-feet price is Tk 12,000 to Tk 20,000, but it has come down by 1015 per cent. Since the Holey Artisan Bakery incident, sales of flats have remained stagnant. Business will certainly pick up, but it wont happen overnight. The market speculation is that prices will climb back to the earlier position but only after a temporary dip, said Mahabub Hasan, real estate agent of a well-known company.