iProperty Group CEO Georg Chmiel plans to reveal his insights into the workings of the high-growth south east Asian property portal market at this year’s Property Portal Watch Conference in Bangkok.
Chmiel says Data Services and Project Marketing are the company’s latest innovations.
“iProperty Group was founded in 2003, did an IPO in 2007 and has shown an amazing growth since then,” he says.
“The company has and established itself as leader in South East Asia and Hong Kong and is now part of the world’s largest group of real estate portals and service providers.”
Arguably one of the company’s biggest milestones to date was its acquisition by REA Group in February this year.
At the time, Chmiel said iProperty and REA Group have strong synergies.
“This acquisition is a major accelerator as it significantly enhances the growth profile for both companies, while giving our customers, property buyers and investors the opportunity to tap into a wider market,” he said.
With a population of more than 500 million people, South East Asia is the world’s fastest-growing real estate market. Average property prices in Singapore and Hong Kong are already higher than in Australia, and the volume of transactions also exceeds that of Australia, with more than a million property transactions per year in South East Asia.
The total advertising spend is at a similar level to Australia however in the key South East Asian real estate markets, online only accounts for between 2- 12 per cent of the total advertising spend.
“We know that consumers in South East Asia are online and connected. We would therefore expect that the advertising spend will migrate rapidly towards online channels to mirror consumer media consumption,” REA Group COO Arthur Charlaftis said of the acquisition at the time .
“These factors have driven our interest in the South East Asian market, and in particular, in iProperty Group, which has a demonstrated understanding of the market, the customers and what it takes to continue to grow and succeed in this industry.”