A surge of interest in the Middle East from Chinese buyers has prompted UAE-based real estate cloud software company PropSpace to partner with Chinese international property website Juwai.com.
The deal will make it now makes it easier for real estate agents to sell property to Chinese buyers by enabling agents to upload their listings directly via PropSpace to Juwai.com.
PropSpace users must be customers of Juwai.com for their listings to be successfully uploaded from PropSpace to Juwai.com.
Having invested US$52 million last year in international property, Chinese buyers are the largest international real estate buyer group today, with spend expected to rise to $220 billion per year by 2020.
The most popular destinations for Chinese buyers are the US, Australia and Canada.
Despite their taste for the west at home, the Middle East is increasingly popular for Chinese investors abroad with the demand for UAE property accounting for 50 per cent of total regional demand.
In 2015, enquiries by Chinese buyers for UAE property on Juwai.com increased by 15 per cent with Dubai the No. 1 destination for Chinese buyers despite stiff competition from Europe, Southeast Asia and North America.
The PropSpace-Juwai.com partnership reflects this growing prominence of the Middle East real estate sector, particularly cosmopolitan destinations such as Dubai and Abu Dhabi, and the increasing role played by Chinese investors looking to diversify their property portfolios in the region.
PropSpace CEO and Founding Partner Alex Nicholas says the mutually beneficial partnership will bring tremendous value to PropSpace clients, allowing them easier access to the influential Chinese investor segment.
“The Middle East is an increasingly preferred destination for property investment by Chinese investors, from high net worth individuals down to the US$300,000 range,” Nicholas says.
“Juwai.com is an ideal partner in that regard, offering unparalleled access to this powerful investor group.
“Moreover, expanding and enriching the lead pool for our agents and brokers remains of utmost importance to PropSpace, and we look forward to progressing our partnership with Juwai.com.”
Juwai.com CEO Charles Pittar adds the United Arab Emirates is considered the principal safe and appealing destination in the region.
“It is the most popular Middle Eastern country for Chinese real estate buyers, accounting for more than half of total regional demand in 2015, followed by Turkey and Egypt,” Pittar says.
“Besides the advanced infrastructure and cosmopolitan lifestyle, the UAE is a huge drawcard for Chinese students and their families owing in part to the prestigious global university brands in the country.
Pittar says PropSpace is a growing technology leader in the integration of marketing and management tools to make life easier for agents..
“We’re very impressed with PropSpace’s innovation and glad to be working with the region’s leading real estate software to maximize results.”
“Juwai.com” (pronounced Joo-why) means “home overseas.” Forbes magazine called the website “China’s biggest real estate source for those looking to buy overseas.”
PropSpace is considered the Middle East’s first integrated full-featured cloud-based real estate software and is the most popular industry enterprise software in the UAE, with over 95 per cent of the nation’s real estate brokerages utilizing the cloud-based system.