The BetterHome Group has increased its shareholding in the South African real estate portal Private Property.
According to a report on the local agent-facing publication Property Professional, the move is designed to "solidify the Group’s expressed intention that the platform should be an open marketplace that creates opportunities for all industry stakeholders, thereby ensuring that all real estate professionals can continue to transact with more than one major portal in South Africa."
BetterHome Group CEO Rudi Botha praised the portal's management in comments accompanying the news.
“The Private Property management team has made a number of constructive changes to set the business up for greater success in the future. Aside from increasing operational efficiency and investing in employee development, is has also brought in industry experts with specialist skills to move the business forward. Private Property has always been a long-term investment for our Group and we are entirely committed to seeing the platform grow over time to ultimately compete successfully to ensure the sustainability of all stakeholders in the property market,”
BetterHome is a Johannesburg-based financial services company while Private Property is the number two portal player in South Africa behind Prosus-owned Property24.
BetterHome may have been able to extend its shareholding in Private Property following an unprecedented recent ruling from South Africa's competition commission. After an extensive investigation, the authority concluded that the two leading portals were impeding competition in the market and decreed that major agency groups must divest from Private Property.