United News of Bangladesh

Shahjalal Khan, a retired school headmaster from the bustling Mohammadpur neighbourhood, had long cherished the dream of securing a modest apartment in Dhaka—a peaceful corner to call his own after decades of service to the nation’s youth. His wife, Rayea Akter, also on the cusp of retirement, shares the same aspiration. But despite their combined savings of Tk75 lakh—accumulated over years of dedication—the dream now seems distant, even elusive. “After the change in government, I no longer feel confident withdrawing our savings to purchase a flat,” Shahjalal told UNB. “My pension, our combined earnings—it all adds up, yet it still falls short. And the registration fees add another 15 percent. It’s simply out of reach," he said. Like many others in Bangladesh’s middle class, Shahjalal finds himself paralysed by economic uncertainty and political instability. The couple, once hopeful, now hesitate to act—fearful of what the future might hold. Stifled Growth in the Face of Crisis The housing sector—once a cornerstone of urban development—is now faltering under the weight of multifaceted challenges. The recent political transition, coupled with an interim government, a rise in construction costs, and unresolved issues surrounding the Detailed Area Plan (DAP), has plunged the real estate industry into a prolonged slump. Besides, the silence from the authorities regarding the continuation of the provision allowing investment of undisclosed income in housing—by paying a 15 percent tax—has cast a shadow over the sector’s short-term future. Buyers and investors, uncertain and wary, are choosing to wait. Hope in Numbers, Not on the Ground Yet amid the turbulence, global projections paint a more hopeful picture. According to market research firm Statista Market Insights, Bangladesh’s housing market is projected to reach US$2.75 trillion by the end of 2025. With an anticipated annual growth rate of 1.99 percent, the market is expected to expand to US$3.07 trillion by 2029. DAP stalling housing sector, threatening economy: REHAB The residential segment alone is forecasted to hit US$2.07 trillion in 2025, climbing to US$2.21 trillion by 2029 at a steady CAGR of 1.63 percent. While China is poised to dominate the global real estate landscape with an astronomical US$115.4 trillion in 2025, Bangladesh’s sector is seen as steadily rising—driven by urbanisation and population growth. Flat Sales in Free Fall Md. Rasel Mukul, Assistant General Manager (Sales & Marketing) at Basic Builders Ltd, offered a sobering reality: flat sales have plummeted—down by 40 percent among middle-income buyers and by as much as 70 percent among the affluent. “Flat bookings have dropped drastically. Even the sale of plots has dwindled,” he told UNB, reflecting the despair of countless small and medium-scale developers struggling to stay afloat. Adding to the crisis is a steep hike in raw material costs. “There are 280 types of materials needed to construct a flat. Prices of some key items, like rods and cement, have soared by 25 percent due to inflation and land costs in DAP-affected areas,” explained Dawn Shahenul Kabir, Director (Construction), Eastern Housing. This cascading cost inflation has effectively halted many new projects, while private home construction has stagnated. The ripple effect is being felt across the supply chain, with plummeting demand for core materials. For the past five months, the flat market has remained frozen, prompting some developers to sell units below cost just to stay solvent. Many are struggling to cover operational expenses—paying staff salaries, managing office overheads—and praying for a turnaround if the economic tide turns. One managing director from a midrange real estate company, requesting anonymity, shared that over 200 flats in their 30-plus projects across Dhaka remain unsold. Prices vary: in Banasree, flats go for Tk5,500–6,000 per square foot; in Bashundhara, Tk7,000–8,500; and in Jalsiri Housing, Tk9,000–9,500. These units range from 1,300 to 2,850 square feet. “Sales in 2025 are already down by 20 percent compared to last year,” said Shahjahan Raihan, Chief Operating Officer of Sheltech (Pvt.) Limited. “Customers are simply not ready to invest amidst the prevailing political and economic uncertainty.” REHAB Blames the DAP: A Sector Under Siege The Real Estate and Housing Association of Bangladesh (REHAB) is sounding the alarm. “After the change in government, many of the key investors—businessmen, bureaucrats, even politicians—have gone quiet,” said Liakat Ali Bhuiyan, REHAB’s senior vice president. “The window to invest undeclared money has closed, cutting off a major flow of capital into the sector," he said. Bangladesh signs $289.52 million loan agreement with IsDB for housing finance project At the heart of the controversy is the Detailed Area Plan (DAP), a blueprint designed by RAJUK to reshape Dhaka into a more liveable city. Enforced since August 2023, the plan has sparked intense debate. Developers argue that the new zoning laws are discriminatory and have crippled the industry. “This DAP is nothing short of a death trap,” Liakat warned. “If not amended, the very industry that fuels employment across the nation is at risk of collapse," he said. A Tug of War Over Dhaka’s Skyline A RAJUK official, preferring anonymity, confirmed that a revised version of the DAP is nearing finalisation and will soon be gazetted following ministerial approval. While REHAB welcomes the revision, urban planners express grave concern. They allege the government is capitulating to business interests at the expense of public welfare. The most contentious changes involve a relaxation of the Floor Area Ratio (FAR), allowing buildings to rise higher than before: Mirpur: from 5 to 7 storeys Uttara Phase III: from 6 to 10 storeys Mohammadpur: from 5 to 7 storeys Bashundhara: from 6 to 8 storeys Gulshan-Banani: from 11 to 12 storeys Besides, water bodies will be categorised solely as such—prohibiting any filling—and agricultural land will be distinctly marked and protected without sub-classifications. Urban Planners Cry Foul Mohammad Fazle Reza Suman, former president of the Bangladesh Institute of Planners (BIP), did not mince words. More than 6,000 abandoned houses are in Dhaka city: Housing Minister “No consultation was held with urban planners or city residents before increasing building heights,” he said. “The authorities are bending to the will of vested interests, sacrificing Dhaka’s livability.” He warned that RAJUK’s apparent vision to turn Dhaka into a city of endless high-rises defies environmental logic and social equity. “If the DAP and building codes must be amended, it should be through a transparent, consultative process. We’ve seen how height regulations were loosened in 2007 and 2008, then reined in again in 2022. Now, further loosening will only intensify population density and overburden the city’s fragile infrastructure,” he added. A City Caught Between Growth and Gridlock As the nation’s real estate sector hangs in limbo, torn between ambition and reality, the future of Dhaka’s urban landscape remains uncertain. Will the city rise, resilient and reimagined? Or will it collapse under the weight of its contradictions—soaring towers above, and faltering trust below?

South Korean President Yoon Suk Yeol’s legacy may now hinge on his controversial decision to impose martial law, citing vague claims of “anti-state forces” influenced by North Korea. The move has sparked political outrage and raised questions about the motivations behind his decision, as he faces impeachment proceedings and mounting criticism. A Career Rooted in LawYoon, a conservative leader and former prosecutor, ascended to the presidency in 2022 after a meteoric rise in politics. Despite his legal expertise and reputation for being tough and uncompromising, critics argue that his temperament and reliance on a close-knit group of loyalists make him ill-suited for high-level leadership. Born to academics, Yoon studied law at Seoul National University. In 1980, as a student, he participated in a mock trial condemning dictator Chun Doo-hwan, only to flee to the countryside when martial law was extended. This early brush with military rule contrasts sharply with his current actions. Impulsive Leadership StyleObservers describe Yoon as impulsive and emotionally driven. His presidency has been marked by friction with an opposition-controlled parliament, scandals involving him and his wife, and escalating tensions with North Korea. Choi Jin, director of the Institute of Presidential Leadership in Seoul, noted, “President Yoon tends to handle issues with a small group of loyalists and expresses emotions too directly.” A Presidency Defined by TensionYoon’s declaration of martial law is seen as a response to prolonged gridlock with the liberal opposition. He accused his political rivals of undermining his administration by attempting to impeach officials and blocking next year’s budget. He also labeled them “North Korea followers” plotting rebellion. Read: Who is South Korean leader Yoon who sought martial law? The opposition-controlled parliament has been a significant obstacle for Yoon, who narrowly won the presidency in 2022 in one of South Korea’s closest elections. His tenure has been fraught with domestic political strife and bitter rhetoric on both sides. Scandals and CriticismYoon’s administration has faced multiple scandals, including allegations of influence-peddling involving him and his wife. Critics argue that his martial law declaration was an attempt to distract from these controversies. “Whether Yoon will survive politically or not, his declaration of martial law was a desperate move to shift focus,” Choi added. North Korea and the Return to Hardline PoliticsYoon’s presidency has also been defined by a hardline stance against North Korea. Early efforts to offer economic incentives in exchange for denuclearization were met with hostility. Pyongyang ramped up weapons tests and personal insults, calling Yoon a “diplomatic idiot.” North Korea’s perceived role in domestic destabilization echoes South Korea’s past, when authoritarian leaders used the threat from the North to suppress dissent. Yoon’s martial law declaration has revived fears of a return to those times. Read more: Key facts about martial law and the push to impeach South Korea’s president A Troubled LegacyYoon’s decision to invoke martial law has raised alarms in South Korea’s vibrant democracy, with many questioning the legitimacy of his claims. Whether this move will define his presidency or mark its end remains uncertain, as public and political opposition mounts. Source: With inputs from agencies

Tourism businesses in Sunamganj are bouncing back gradually after suffering significant losses for over two months due to three rounds of flood and political instability. Restrictions in several tourist areas of the Chittagong Hill Tracts redirected tourists to Sunamganj’s famed Haor region, including Tanguar Haor and the Tahirpur border areas, providing a much-needed boost to local businesses. Houseboat owners said they suffered losses amounting to around Tk 50 crore during this period. Tour operators said they are now facing overwhelming demand, with all houseboats fully booked in advance. Travel ban hits tourism businesses in CHT hard Popular tourist destinations like Tanguar Haor, Shaheed Siraj Lake (Niladri), Shimul Garden, and the Jadukata River are now filled with visitors. Aziz Sarkar, a banker from Rajshahi, expressed his amazement after exploring the region for the first time. “The Tanguar Haor has amazed us greatly. We are overjoyed. We have never seen such large haor before. The diversity of the haor, especially the settlements on its shores, and how they survive and live, has left a mark on our minds,” said Aziz, who came with a group of 36 people, most of whom are bank employees. Tourist Mahbuba Rahman Sathi, a tourist from Dhaka, said, “We had been planning to visit Tanguar Haor for a long time. The weather is good now, so we came. Our group consists of 12 family members. Sylhet is always beautiful, but the haor is even more beautiful. We’ve been touring in a houseboat since morning. It feels great.” However, the region’s poor road infrastructures are challenge for visitors, said some tourists. Moulvibazar Travel Guide: Explore the Top Tourist Attractions “The road from Sunamganj to Tahirpur is in bad shape. Women and children, in particular, had a hard time getting here. These things stand as obstacles to the development of tourist areas,” said Manjurul Islam Soumik from Feni. He also raised concerns about the lack of visible tourist police and disconnected phone numbers listed on safety sign boards. Responding to these complaints, Habibur Rahman, Officer-in-Charge of the Tourist Police in Sunamganj, explained that his mobile phone had been out of service due to damage but is now operational. “We have 8 members. The tourist police are working round the clock to ensure the safety of tourists,” he said. Arian Emon, CEO of Haimanti Houseboat, said, “We have incurred losses of around Tk 50 crore in the past two months. Currently, due to the restrictions in Rangamati, Bandarban and Khagrachhari tourists are coming to the Haor. All our boats are fully booked. Many are still trying to book. There’s now a festive atmosphere in the Haor,” he said. Trip to Tanguar Haor, Sunamganj: Majestic aquatic beauty soaking the horizon

Political instability ahead of the national election appeared as a big blow to Bangladesh’s tourism sector as most popular tourist destinations including Cox's Bazar, St. Martin, and Kuakata see sharp drop in the number of visitors. With up to 90 percent of advance bookings canceled, the once-bustling establishments face unprecedented vacancies as people are reluctant to travel amid the countrywide ongoing blockades and hartals enforced by the BNP and some other like-minded opposition parties. Tourism industry insiders claimed they had to count losses worth Tk 1.5 thousand crore  in the last several weeks due to cancellation of advance bookings in hotels, motels, and resorts across tourist hotspots until mid-January. Women's participation in the tourism industry should be increased: Speakers Hotel and motel owners said prior to October, over 50-60 percent of rooms in more than 500 hotels and motels in Cox's Bazar were booked daily. However, recent weeks have witnessed a drastic decline in tourists, reducing the number from half a lakh to a mere 5-10 thousand. Most of the visitors are predominantly locals. Similar circumstances prevail in Kuakata and St. Martin. Hotel and motel owners expressed concern about the ripple effect on their employees, as business downturns force layoffs and hinder salary payments. President of the Tour Operators Association of Bangladesh (TOAB), Shiblul Azam Qureshi, laments the impact on tourist spots like Cox's Bazar, St. Martin, Rangamati, and Kuakata. “Now is a critical period for the tourism sector. Bookings for November, December, January, and February—the prime tourist months—have been canceled,” he said.   He said Cox's Bazar, Kuakata, Sundarbans, Sylhet, Ratargul, Jaflong-Tamabil, Rangamati, and Patenga Beach, which should be bustling with tourists at this time, now lie empty. Bangladesh, Maldives, Nepal should promote mutual tourism: PM Hasina He also said he has a hotel at St. Martin but its 90% rooms are lying vacant now. “With the tourism season typically starting in October and reaching its peak in November, the ongoing political unrest has resulted in nearly empty hotels and motels this month, with bookings canceled due to the blockade,” he said. Salim Newaz, General Secretary of  Cox's Bazar Hotel Motel Guest House Owners' Association, said over 500 hotels and motels are empty now due to the continuous blockade progrmame. 230 BGB platoons deployed on day 2 of blockade Mukhim Khan, general secretary of the Kalatali Marine Drive Road Hotel-Motel Owners' Association, estimated a staggering Tk 1000 to 1500 crore losses due to the prolonged blockade. He urged the concerned to keep tourist vehicles out of the purview of  hartals and blockades to salvage the tourism sector. Similarly, Motaleb Sharif, General Secretary of the Kuakata Hotel-Motel Owners’ Association, said, safety concern has led to widespread booking cancellations, as people are reluctant to embark on risky journeys with their families amidst political instability. 48-hour blockade: Miscreants set fire to 3 buses in Natore

Eminent economist Dr Ahsan H. Mansur has said that political instability or uncertainty always affects the economy adversely. Dr Mansur, executive director of the Policy Research Institute (PRI), a Dhaka-based think tank,  was talking to UNB on the ongoing political situation centred on the 12th national election and the opposition's hartal-blockade programs. “Bangladesh's macroeconomy is facing challenges not seen in the last 25/30 years, so tackling the grave situation politically is very important,” he said. The political unrest alongside the macroeconomic instability is a double blow for the domestic economy, so the current domestic situation is different from any other election period in the history of Bangladesh, Dr Mansur pointed out. Read: Blockades are bad for economy, scare foreign investors: FBCCI President He said, “If the national election is not credible to the international and domestic people, the concern will grow over what steps and reaction come from western countries, which is the export destination of most Bangladeshi products.” Meanwhile, the foreign countries have expressed concern over a decent working environment for labour, security of labour organisations' leaders, and desired wages in the export-oriented garment industries, he said. Bangladesh's human rights record was reviewed for the fourth time under the Universal Periodic Review (UPR), an important UN human rights mechanism. Bangladesh's human rights record is under the scrutiny of the UN, EU, and USA, in this case, the steps for a political resolution and securing labour rights are very crucial, he opined. Regarding releasing the second instalment of the IMF’s USD $4.70 billion loan, Dr. Mansur, who is also a former senior economist of the IMF, said that there is no reason to delay the second instalment of the loan as Bangladesh met most of the conditions set by the global lender. Read: Economy bears brunt of ongoing blockades and hartals ahead of polls: Dr Atiur Rahman He said double-digit inflation has been prevailing in Bangladesh for a long time, while the South Asian countries including Sri Lank had succeeded in controlling inflation. In this area, Bangladesh has to do more to reduce the inflation rate to 4-5 percent.    He focused on a market-based foreign exchange rate to make the exchange rate sustainable instead of being controlled by the Bangladesh Bank or Bangladesh Foreign Exchange Dealers Association (BAFEDA). Dr. Masur suggested policy reform and effective measures to stop money laundering or capital flight for a sustainable domestic foreign exchange market, in that the central banks have to apply their regulatory authority without bias or influence. “Despite a huge workforce and advantage of geographical location, Bangladesh cannot attract big volume foreign direct investment (FDI) due to lack of policy reforms and weak regulatory authority. Political unrest will work as another barrier for FDI,” he pointed out. Read: An innovation leap: Nagad Digital Bank aims to extend reach to the unbanked and underbanked Regarding political resolution, he said that there is no alternative to dialogue amongst major political parties, and tolerance of opposition for those who are in strong positions or in power is very important. Dr Mansur said all parties' participation in the upcoming election is the best option for Bangladesh in consideration of the overall current situation, while dialogue and level playing field for political parties are important issues. He thinks that the situation is not normal, as what is happening in Bangladesh is being keenly watched around the world, so the authorities must proceed with reason.