The Real Deal New York

Dhaka rents eclipse Manhattan’s

April 13, 2014 11:00AM

Despite being slum-ridden and overcrowded, Bangladesh’s capital Dhaka not only rivals the real estate prices of Manhattan—it eclipses them more than fourfold.

According to Policy Research Institute housing analyst Ahsan Mansur, the price of an acre of land along Gulshan Avenue in the city’s central business district is equivalent to $75 million. That breaks down to roughly $1,700 per square foot.

By comparison, New York brokerage firms estimated that land in Manhattan averaged $400 per square foot at the end of last year.

In addition, homes in Dhaka are also not likely to get any cheaper, as the population is expected to continue to grow at a rapid rate over the next few years.

Dhaka currently has an estimated population of more than 15 million people, making it the eighth largest city in the world. [BI] —TRD