Online house-hunting has become more popular than traditional methods
Online property searching has grown at a tremendous rate across the Asian region. The whole real estate industry has driven online according to an international property website Lamudi report. The recent survey by Real Estate in the Emerging Markets shows that there are 6 countries in Asia which are Pakistan, Indonesia, Myanmar, Philippines, Bangladesh, and Sri Lanka having an increased trend in searching the property online.
The report is available in simple web format and basically created on the basis of some online reviews and analyses of the real estate agents, the house hunters and the survey conducted by Lamudi’s global network of websites.
The same report showed a difference in the property search customs across Asia. Among other Asian countries, Indonesia has the highest rate of online house-hunting i.e. 96% agents reviewed and concluded that the internet in Indonesia is most frequently used in house hunting. In Philippines 90 percent agents’ reports said that the internet is most commonly used by people for searching the new house. In Myanmar, the internet is very rarely used but the survey showed that 65 percent agents reviewed about the rare use of internet by house searchers but some agents that summed up to 29 percent reported that it is commonly used by them.
The common ways of property research like through newspaper classified ads are more popularly used in Pakistan but the trend of using the internet in this regard has also started and continuously rising with time. There are also some different house hunting behaviors found among these regions. In Pakistan and Bangladesh safety is the major concern of the house hunters where as in the Philippines, Myanmar and Indonesia affordability is the major concern. The country like Sri Lanka, house hunters are majorly concerned about the locality.
As the internet has become the most commonly used tools so it has been estimated that in the next 10 years more amount of people will move towards the online search for real estate.
Kian Moini, Lamudi’s Global Co-Founder and Managing Director explained,
“With 2015 just around the corner, the report also highlights the phenomenal growth that we expect to see in Asia’s property markets in the coming months. This is largely due to strong economic growth, combined with an expanding middle class and increasing wealth, which are trends we are seeing across all Lamudi’s Asian markets.”
Therefore it has been concluded from the survey report that Indonesia stands at the top among other countries of Asia having highest online property search trend in Asia where three quarters of the property dealers analyzed that the property sector is likely to be raised by 8 percent or higher during 2014 and the same report is expected for Philippines by two-third of the agents. The result of the report is based on the assessments of the individuals who finalized the surveys or being a part of the research procedure they were interviewed for this report.
Launched in 2013, Lamudi is a global property portal focusing exclusively on emerging markets. The fast-growing platform is currently available in 28 countries in Asia, the Middle East, Africa and Latin America, with more than 750,000 real estate listings across its global network. The leading real estate marketplace offers sellers, buyers, landlords and renters a secure and easy-to-use platform to find or list properties online.