The turmoil in the Middle East and African states, which is threatening the livelihood of millions of Bangladeshis dependent on remittances from abroad, is also hitting the real estate industry. A large portion of remittances sent by the expatriates were spent buying flats and land, but that over the past 3 months sales fell about 25%.

Bangladesh earned almost US$11 billion in the fiscal year to June 2010 from about 7 million expatriate workers – more than  half of it sent from Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Oman, Qatar, Libya and Iran.

At present, the turnover of the property sector stands at about US$14 billion a year, while the sector contributes more than 15% to the economy.

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