Impact of COVID-19 Pandemic in the Real Estate Industry of Bangladesh: A Study on the Prospective Buyers

This study intends to analyze the adverse impact of Corona Virus Pandemic on the real estate industry of Bangladesh for which the study has analyzed how the spread of COVID-19 pandemic has affected the organizational activities of different professions and other related issues. Purposive random sampling technique has been adopted and primary data have been collected through a structured survey among the prospective buyers of the real estate properties in Bangladesh. 180 respondents participated in the survey. The collected data were analyzed by using SPSS software to perform required test. Different statistical tables are used to display the research results. The study finds a moderate positive correlation between Corona virus pandemic and detrimental effect on organizational activities. This pandemic has greatly interrupted the regular activities of the organizations and as a result the income level of the employees of private organizations has been affected very much although the public sector employees are still safe. The research result reports that in next six months only 6.11% prospective buyers are ready to buy real estate property but good thing is that 60.55% respondents have plan to buy real estate property. To tackle the situation the study suggests formulating different strategies by the real estate companies and other stakeholders. The researchers suggest to initiate low cost apartment projects at small flexible installments facility and trusted joint venture with the banks, finance companies and other creditors so that long term housing loan facilities may be offered to the buyers.