The iProperty Group has launched that its latest product offering - iPropertyIQ - a big data solution that simplify information access and discovery, is enabling real estate professionals to quickly turn data into business value.
Elaborating on the iPropertyIQ offerings, iProperty.com Singapore General Manager, Mr Sean Tan said, "iPropertyIQ gives real estate professionals simplified access to trends on consumer behaviour in the property market. With the data, they are able to discover new insights, predict outcomes in real time, and build developments that cater to the needs of property buyers.”
He added that the data provided is a combination of structured and unstructured data that comes from internal and third party sources.
“The data provides the real estate industry with an in-depth understanding of consumers as it provides user demographics and behaviours. These findings enable understanding of buyer-interest towards specific property types, understanding their search trends, as well as monitoring property demand in all areas. Users can also to monitor the price trends of properties. The insights offered by iPropertyIQ are immense,” explained Mr. Tan.
More companies, both large and small, are beginning to utilise big data and analytical approaches as a way to gain information to better support their company and serve their customers.
“As the leading online property portal in Asia, with more than 50 million page views and three million unique visitors per month, the data we provide our developers, real estate agents and agencies provide valuable insights across several markets in Asia,” said Mr. Tan.
The iPropertyIQ Singapore data revealed that the three most searched type of properties were condominiums, hi-rise apartments and low-rise apartments. The most popular districts consumers searched for were Ardmore, Bukit Timah, Farrer Road, Holland, Tanglin Road, Balmoral, Grange Road, Orchard Boulevard and River Valley.
“While Singaporeans aspire to stay in condominiums, hi-rise apartments and even low-rise apartments, these developments can easily be priced above SGD1 million and hence reduces the number of buyers who can afford them. In 2014, iPropertyIQ shows that close to 56.85 per cent of property listings on iProperty.com Singapore were priced above SGD1 million. This partially explains why Singaporeans look at investing outside Singapore, as they are able to purchase a property at a cheaper price due to currency exchange,” shared Mr. Tan.
“These are just some of the findings revealed by iPropertyIQ. The data is very useful not only for real estate professionals and developers but also for property buyers and investors. With the information, they will be able to see which areas have seen the most price appreciation, which areas are most in demand and the property preferences,” concluded Mr Tan.