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 of 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%. 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.

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% tax- has cast a shadow over the sector's short-term future.

Buyers and investors, uncertain and wary, are choosing to wait.

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%, the market is expected to expand to US$3.07 trillion by 2029.

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.

Md. Rasel Mukul, Assistant General Manager (Sales & Marketing) at Basic Builders Ltd, offered a sobering reality: flat sales have plummeted- down by 40% among middle-income buyers and by as much as 70% among the affluent.