Lamudi, the real estate classifieds marketplace focusing on the emerging markets, this week released its second annual research report. The 2015 real estate market report provides expert insights into the future of real estate in countries including Mexico, the Philippines, Pakistan, Indonesia, Myanmar, Bangladesh and Sri Lanka.
The report found that the house-hunting process is shifting online in emerging markets, with both property-seekers and real estate agents reporting increasing use of online tools including real estate portals and social media within the sector. While using property portals is a common practice in developed markets, it is a relatively new phenomenon in emerging markets where internet penetration remains low but rising fast.
Lamudi’s 2015 real estate market report found that in the Philippines, a dramatic increase in Internet penetration has had a profound effect on local businesses, including those in the real estate industry. A survey of local brokers revealed that 91 percent of all professionals observed a significant increase in online inquiries. In addition, 59 percent of those surveyed cited online listings platforms as their channel of choice to advertise properties.
Similar trends have been observed in Pakistan where a survey of local house-hunters revealed that 85 percent of respondents believed the role of the Internet in house-hunting has increased. Likewise, in Sri Lanka, a customer survey showed that 75 percent of property-seekers believed the internet has dramatically transformed the way people find a homes to buy or rent. In Indonesia, onsite data reveals that online property searching is driven by people between age 25 and 34, which is the primary age bracket for first-time home buyers.
Lamudi Global Co-Founder and Managing Director, Kian Moini, said: “Lamudi’s annual report is the only comprehensive overview available for real estate in the emerging markets. We have an extensive amount of data at our disposal, which provides a unique global perspective of the future of property in Asia, Latin America and beyond. Over the coming weeks, we will be releasing further country reports for the Middle East and several key markets in Africa.”
Other highlights from the country reports include:
● In Myanmar, the outcome of elections in late 2015 are critical for the country’s economic and political future. The results reveal the country’s development potential over the coming years, with significant implications for the real estate sector.
● A strong labor market with favorable investment opportunities and an aggregated growth rate are positive indicators for the future of the real estate sector in Bangladesh.
● In Mexico, the average cost per square meter for buying houses is highest in the Miguel Hidalgo borough, which is part of Mexico City. Houses in this area cost on average 26,157.44 MXN (1,624.68 USD) per square meter.
The annual report was compiled from analysis of Lamudi’s on-site data, expert interviews in each market and a series of surveys with house-hunters and real estate professionals. Spanning the years 2014-15, each country report covers topics including real estate price trends, foreign investment and the growing importance of sustainability issues in emerging countries.
Lamudi’s 2015 Real Estate Market Report is presented in an easy-to-read online format and is available for free viewing. Read the country reports online for Mexico, the Philippines, Pakistan, Bangladesh, Sri Lanka, Myanmar and Indonesia.