The pan-Asian real estate marketplace business Juwai IQI has released its results for 2022. The Kuala Lumpur-based company saw a 38% boost in completed transactions compared to 2021.
"In 2022, Juwai IQI completed 42,912 transactions, which is up 38% from the 2021 total of 31,000. By comparison, Juwai IQI's completed 22,000 transactions in 2020," said co-founder and Group CEO Kashif Ansari.
Those transactions accounted for $3.1 billion in real estate sales in the period and Ansari is forecasting a further uptick in sales, especially in its home market.
“The residential market has started to firm up. We believe transaction activity will increase in 2023 by up to 3%. The global environment is one of high inflation, rising interest rates, and lingering supply chain challenges. Malaysia is weathering the difficult global situation in relatively good shape, thanks to high commodity prices, exports, and strong employment.
“Developers tell us they are confident about the 2023 to 2025 period. In the third quarter, developer residential starts and planned new supply both hit their highest levels in at least five quarters. Residential starts soared by 71% from about 18,000 in Q2 to 31,000 in Q3. Meanwhile, developers’ pipelines in terms of new planned supply also jumped 35% to a new high."
Formed through the merger of Juwai and Malaysia-based IQI in 2019, Juwai IQI operates an end-to-end real estate marketplace targeting primarily Chinese buyers and operates Juwai.com (a global property portal available in Chinese) and Juwai.asia (Asia-wide portal for global real estate).
The company's commission-based model relies on real estate agents and Juwai IQI now claims to have a network of over 30,000 real estate professionals in 20 countries around the world.