Hungarian property portal Ingatlan says it has achieved double-digit growth with the announcement of its 2021’s financial results.
Highlighted figures include net sales of HUF 3.8 billion (EUR 10 million), with a 17% revenue increase over 2020.
“This significant, double-digit growth was supported by the recovery of the real estate market and the rising number of visitors and advertisers. The pandemic has adversely affected the economy, including the real estate market. But the economy has been reactivated and a recovery period started in 2021," commented József Keleti, Chairman of the Board.
Interestingly, Ingatlan says an uptick in the FSBO segment led to 27% of the company’s revenue in 2021, with users foregoing listing agents for a more streamlined sale.
Ingatlan is one of the most dominant one-nation property portals in the world, with an average of more than 3.7 million visitors — a vast majority of the total traffic for Hungarian home-searchers.
Their figures indicate the re-emergence of property markets around the world post-pandemic. Ingatlan says it published more than 620,000 listings in 2021 — by comparison, just 130,000 housing transactions were made in 2020.
Ingatlan was founded in 1997 and is the major property portal in Hungary, with limited competition.
The company made the news last year for its use of Restb.ai, an AI product that tags and categorises real estate images in real-time. Ingatlan says that 90% of its image moderation is now completely automated, with 1 million images processed by restb.ai.