The ongoing turmoil in the Middle East and African states, which is threatening the livelihood of millions of Bangladeshis dependent on remittances from abroad, is also hitting the real estate industry, one of Bangladesh's biggest growth sectors.
Sales of residential plots both big and small have sharply declined in recent months as thousands of Bangladeshis returned home - mostly empty handed - trying to escape battles between democracy and freedom seekers against rulers holding on to power for decades.
Toufiq M. Seraj, a past president of the Real Estate and Housing Association of Bangladesh, said on Sunday that a large portion of remittances sent by the expatriates are spent on buying apartments and land, but that over the past three months sales declined by about 25 percent. "The influx back home started from Egypt and spread to neighbouring countries, and lastly from Libya," he told.
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