Real estate developers in Bangladesh participating in REHAB Fair-2024 were unsure of the event's potential outcome until yesterday, when the sparse presence of visitors, let alone potential buyers, gave a reality check of the persistent economic challenges.

However, they still wish to keep up their hopes, claiming that though the industry may not get to meet its expectations, there was a rise in participation at the five-day fair organised by the Real Estate and Housing Association of Bangladesh (REHAB) at Bangabandhu International Conference Centre since last Monday.

In essence, there was a good number of queries regarding midrange flats, but none for high and low-end units, they continued.

"Only the upper middle-class who badly need an apartment to escape from their monthly house rent are coming to search for affordable ones," said KM Shapnik Mahmud, assistant general manager and cluster head of sales at Rangs Properties Limited.

He said they had anticipated that there would be a low number of potential buyers prior to participating in the fair.

"It is true that we are yet to get any response," he said.

However, he hoped for a last moment miracle, saying they may get some on-the-spot bookings as a number of people inquired about flats.

Mahmud said clients of high-end flats rarely visit the fair, but this year none have arrived.

Talking to The Daily Star, Liakat Ali Bhuiyan, senior vice-president of REHAB, said the response of visitors gave them confidence about the business for the future.

"We were really apprehensive over the slowdown of the business as sales of apartments and assets declined substantially during the last five months," he said.

However, he said the fair gave them a bit of a relief as inquiries and bookings have given hope to the realtors.

According to him, the clients and realtors got a scope for networking among asset buyers, sellers, financiers and backward linkage industries through the fair.

But he could not provide any figure about the number of on-the-spot orders received from clients.

Mohammad Akhter, managing director of Akhter Properties Ltd, said there were a lot of queries for flats in Uttara as it has a metro rail station that helps in commuting through the capital Dhaka.

Some people were looking for flats in Mirpur due to their comparatively low prices, he said.

He said the housing sector would be able to make a turnaround through the fair if the Detailed Area Plan of Rajdhani Unnayan Kartripakkha (Rajuk) was amended.

Abdul Latif, managing director of Basic Builders Ltd, appeared at the fair with small to midrange projects.

Latif, also a vice-president of REHAB, said he did have high-end flats, but the customer segment was very low, for which queries involved a personalised approach and not through events like fairs.

He was optimistic of securing a booking on the concluding day of the fair today.

Real estate company Haque Home and Builders Ltd participated in the fair.

The company's managing director, Imdadul Haque, is hoping to receive a better response today because it is the last day of the fair and a weekend.

"All things considered, I would say that this fair is successful and will help us overcome our crisis," he said.

Tropical Homes Limited, a top real estate company in Bangladesh, is showcasing an under-construction Tropical TA Tower at the fair.

Meant to be 45-storey high, Tropical TA Tower in Malibagh, which has been approved by Rajuk, could be the tallest building in Bangladesh, standing at 529 feet once erected.

Already 50 percent space of the building has been booked by high-end commercial clients, claimed Razibur Rahmann Rony, additional general manager (sales) at Tropical Homes and in-charge of the company's stall at the fair.