PropertyGuru has reported a strong start to 2015 with the highest number of monthly visits in Singapore in January. The number of consumer enquiries for January also increased 16% in on a YoY basis. This happened despite Singapore residential property market experiencing a slowdown for the past six quarters, with a 51.8% decline in private property transactions in 2014.
The record-breaking January traffic follows the highest annual market share achieved for PropertyGuru in 2014 at 87% (source: ComScore), ending the last quarter with 88% of all visits to property portals in Singapore. On a monthly basis, PropertyGuru continues to record over four million consumer visits and 52 million page views – in Singapore alone.
“We’re really proud of these results,” says Steve Melhuish, CEO of PropertyGuru Group, “and we’d like to see them as the consumer rewarding us for our relentless innovation towards new and beneficial services to them. In the past 12 months, we launched over eight major products and enhancements to help consumers make better property decisions. These included mobile app improvements (2 million downloads to-date), launching a floor plans database to improve property listings, a new listing quality ranking algorithm, SmartSelect for easier property comparison and introduction of a whole suite of financing tools and calculators. Our strong position in market also means we deliver far more leads to our customers than any other property portal,” Steve goes on to add.
The Company just published its latest Property Market Outlook 2015. “The report aims to help property seekers find some direction in an uncertain market,” says Steve. In the document, PropertyGuru shows that there is a strong positive correlation between enquiries on its website and the actual volume of sales transactions in market. The company estimates that property prices will continue to slide, while volumes for private non-landed may pick up in the second half of the year. “The analysis also proves that there’s a fantastic opportunity for growth if we start to leverage our ‘Big data’ for a next wave of consumer-driven innovation. We will have more exciting news on that front in months to come,” Steve concludes.
Source: Press Release