House-hunting is moving online in the emerging markets as property-seekers embrace the internet as a tool for finding their dream home, according to a new report from global real estate portal Lamudi.
Lamudi, the real estate classifieds marketplace focusing on the emerging markets, this week released its second annual research report. The 2015 real estate market report provides expert insights into the future of real estate in countries including Pakistan.
The report found that the house-hunting process is shifting online in emerging markets, with both property-seekers and real estate agents reporting increasing use of online tools including real estate portals and social media within the sector. While using property portals is common practice in developed markets, it is a relatively new phenomenon in emerging markets where internet penetration remains low but is rising fast.
Lamudis 2015 real estate market report found that in the Philippines, a dramatic increase in Internet penetration has had a profound effect on local businesses, including those in the real estate industry. A survey of local brokers revealed that 91 percent of all professionals observed a significant increase in online inquiries. In addition, 59 percent of those surveyed cited online listings platforms as their channel of choice to advertise properties.
Similar trends have been observed in Pakistan where a survey of local house-hunters revealed that 85 percent of respondents believed the role of the Internet in house-hunting has increased. Likewise, in Sri Lanka, a customer survey showed that 75 percent of property-seekers believed the internet has dramatically transformed the way people find a home to buy or rent.In Indonesia, onsite data reveals that online property searching is driven by people between age 25 and 34, which is the primary age bracket for first-time home buyers.
Lamudi Global Co-Founder and Managing Director, Kian Moini, said: “Lamudis annual report is the only comprehensive overview available for real estate in the emerging markets. We have an extensive amount of data at our disposal, which provides a unique global perspective of the future of property in Asia, Latin America and beyond. Over the coming weeks, we will be releasing further country reports for the Middle East and several key markets in Africa.”
Other highlights from the country reports include:
• In Myanmar, the outcome of elections in late 2015 is critical for the countrys economic and political future. The results reveal the countrys development potential over the coming years, with significant implications for the real estate sector.
• A strong labour market with favourable investment opportunities and an aggregated growth rate are positive indicators for the future of the real estate sector in Bangladesh.
• In Mexico, the average cost per square meter for buying houses is highest in the Miguel Hidalgo borough, which is part of Mexico City. Houses in this area cost on average 26,157.44 MXN (1,624.68 USD) per square meter.
The annual report was compiled from the analysis of Lamudis on-site data, expert interviews in each market and a series of surveys with house-hunters and real estate professionals. Spanning 2014-15, each country report covers topics including real estate price trends, foreign investment and the growing importance of sustainability issues in emerging countries.
Lamudis 2015 Real Estate Market Report is presented in an easy-to-read online format and is available for free viewing. Read the country reports online for Mexico, the Philippines, Pakistan, Bangladesh, Sri Lanka, Myanmar and Indonesia.
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 34 countries in Asia, the Middle East, Africa and Latin America, with more than 800,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.
The author is Communications Manager in Lamudi. He can be reached at firstname.lastname@example.org
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