Specialist property portals are gaining market share however and both EMPG (recently renamed Dubizzle Group) and Propetyfinder are two examples of companies in the region that have had success while specialising in online real estate marketplaces.

Turkey - Emlakjet

Emlakjet overtook Hepsiemlak last year and has stayed on top in 2023. Emlakjet is owned by iLab Ventures while Hepsiemlak (which was formerly known as Hurriyetemlak) is owned by the powerful local media company Demirören Group.

Georgia - Myhome.ge

Run by the company Top.ge which also runs an auto portal, marketplace site and several other sites. Myhome beats fellow Georgian portal Place.ge to top spot.

Azerbaijan - Bina.az

Much like in neighbouring Georgia, the top portal in Azerbaijan is part of a group of portal and classifieds sites. Bina.az is the most popular portal and is run by the same people who run the top job (Boss.az) and car (Turbo.az) portals as well.

Armenia - Estate.am

In terms of purely real estate vertical websites, Estate.am seems to be the leader in Armenia. Horizontal player List.am is very strong in the country though and a big brand in Armenia for all kinds of classifieds.

Syria - sy.OpenSooq.com

The Syrian version of Jordanian-headquartered imena’s classifieds site OpenSooq seems to be where Syrians go to buy and sell property in the absence of OLX or any dedicated property portals in the country.

Lebanon - Propertyfinder.com.lb

Horizontal OLX Lebanon may well have more traffic overall, but it’s tough to tell which categories that traffic is from. UAE based Propertyfinder bought realestate.com.lb in 2013 and can be considered the country’s biggest specialist property portal.

Israel - Madlan.co.il

On researching property portals in Israel we found a very high number of sites ranking highly on Google but then leading to error pages. The general marketplace site Yad2.co.il (owned by Axel Springer) has a lot of traffic, but Madlan.co.il seems to be the top specialist portal in the country.

Jordan - Bayut.jo

In 2019 EMPG-owned Bayut bought out Lamudi, which was controlled by Berlin-based Rocket Internet, to become the most important property portal in Jordan.

Saudi Arabia - sa.Aqar.fm

Neither Bayut nor Propertyfinder dominates in Saudi Arabia. The top spot goes to Riyadh-based Aqar.

Bahrain - Propertyfinder.bh

Again, the general classified sites OLX and Opensooq are big here, but as for dedicated property portals, the prize goes to Propertyfinder.bh.

Qatar - Propertyfinder.qa

Another Gulf state in which Propertyfinder seems to be the only legitimate specialist property portal in town. Shout out to Boshamlan.com though which has my favourite logo of any property portal.

Kuwait - kw.OpenSooq.com

The marketplace site seems to be the place where Kuwait goes to buy and sell property. As for specialist portals, there are a couple but we can hardly include them on this list as Similarweb says they have fewer than 5000 visits per month.

UAE - Bayut.com

It's tight at the top between Propertyfinder and EMPG-owned Bayut. Bayut's stablemate the horizontal classifieds site Dubbizle is also a big player in the UAE.

Yemen - ye.OpenSooq.com

Once again the marketplace site triumphs in a less developed market. OpenSooq seems to be the only site worth using to find property in Yemen.

Oman - Mawa.om

Oman is another market where horizontal players like OLX and OpenSooq are big. In terms of specialist property verticals though, locally owned Mawa.om is the market leader and the closest thing to a coherent-looking property portal.

Iraq - iq.OpenSooq.com

Another Arab country that does its property shopping on OpenSooq. Although there are some rudimentary local portals such as Dallal.online, none have anything like the traffic that OpenSooq has in Iraq.

Iran - Kilid.ir

Iran is another Middle Eastern market where a horizontal classifieds player dominates. The horizontal site Divar.ir is a huge presence in the country where consumers can buy anything from houses to rugs to bicycles

There are several specialist property verticals in Iran though and they all have slightly different business models. 2021  saw the previous leader Ihome go out of business leaving Kilid as the biggest portal in terms of traffic.

]]> https://www.onlinemarketplaces.com/articles/infographic-top-property-portals-of-the-middle-east-and-west-asia/feed/ 0 https://www.onlinemarketplaces.com/articles/yandex-market-revenue-up-23-year-over-year-for-q2-2021/ https://www.onlinemarketplaces.com/articles/yandex-market-revenue-up-23-year-over-year-for-q2-2021/#respond Wed, 28 Jul 2021 19:28:20 +0000 https://www.onlinemarketplaces.com/yandex-market-revenue-up-23-year-over-year-for-q2-2021/ Yandex, the parent company of Auto.ru, Yandex.Realty and Yandex.Jobs, has released its Q2 financial results ending June 30, 2021. The group announced that for the first two quarters of 2021, there has been a 23% increase in revenue year-over-year for its Yandex.Market channel.

Yandex reported that the share of GMV sold by third-party sellers on Yandex.Market spiked to 70% in the second quarter of 2021, compared to 56%, year-over-year.

The jump in numbers is due to a number of reasons that Yandex listed including audience growth (that of which increased 78% year-over-year, reaching 7.1 million active buyers, recorded at the end of the Q2 period, 2021.), significant expansion in assortment and logistics infrastructure, swift transition of merchants from CPC to CPA (powered by dropship by seller “DBS” model), as well as support from the integration with our Yandex Plus program.

Yandex said in a statement on its financial results, that the Russian economy, like many around the world, is showing resilience and gradual recovery in Q2 2021. The statement said:

“The businesses that saw an acceleration of demand during the pandemic continued to demonstrate solid growth trends on the back of fewer COVID-19 restrictions, including our FoodTech businesses, Yandex.Market marketplace and Media Services. We believe this is related to the change in consumer behavior and habits, and low penetration of these services in Russia.”

REA Group Chief Audience and Marketing Officer, Melina Cruickshank, said:

“We’re delighted to welcome Eleanor as we continue to drive our ambitious data strategy forward. Bolstering critical economic and data capabilities will form the foundation to REA’s future growth as a property data powerhouse."

Creagh will work with REA Group’s Director of Economic Research, Cameron Kusher, and will take the lead when it comes to driving the company’s economic research program and keeping consumers up to date via market analysis and commentary. She will work out of the REA Insights team, alongside specialist economists Anne Flaherty and Paul Ryan.

Cruickshank said:

“Eleanor will play a key role within the REA Insights team, utilizing proprietary data to deliver unparalleled market intelligence to help support our customers and consumers make the most informed property decisions.”

Creagh has held a number of leadership positions, including Senior Market Strategist at Saxo Markets Asia Pacific where he provided real-time economic updates, data analysis, and insights into what moves and drives capital markets.

Commenting on her appointment, Eleanor said:

“I’m excited to join a dynamic team in a global growth business. REA Group has the most comprehensive view of the Australian property market with millions of people around the country visiting realestate.com.au each month. I’m looking forward to bringing a fresh analytical lens to the team and helping deliver value to our customers and consumers.”

The move to bring on a new economist could be part of REA’s recent agreement with PropertyGuru, where REA shifted its Thai and Malaysian assets to the Malaysian real estate giant.

What is the problem that Deskimo solves?

As professionals adapt to the new normal of flexible work, many are in need of affordable workspaces near their homes. Deskimo provides exactly that: On-demand work desks at professionally managed workspaces across Singapore and Hong Kong.

Our pay-as-you-go model also aids businesses in their move towards a remote-first or hybrid strategy. Businesses can reduce long-term office leases and substitute them with flexible Deskimo accounts. This helps companies to save costs, and also allows fast-growing companies to expand without having to move offices or add floor space as the workforce grows.

Deskimo is an asset-light replacement of the traditional office, giving employers and employees a lot more flexibility to execute.

How did the idea come about?

Before Deskimo, I co-founded a few high-growth tech startups in proptech and hospitality, most recently GuestReady, the leading urban short-term rental management company in Europe. When the pandemic started, we swiftly gave up our office leases to save costs; the team was already equipped to collaborate seamlessly across markets, working from home was not a problem.

Unlike at GuestReady, for many corporate employees the change has been dramatic. However, while they needed a period of adjustment, after a short while many started to see the benefits of flexible work.

The COVID-19 crisis may come to an end, but a complete return to the pre-pandemic workplace isn’t realistic. Professionals and businesses across the globe have been decisively sobered to the benefits of hybrid work. In short, flexible work is here to stay and we’re ready to continue building the post-pandemic future of work beyond the four walls of a traditional office.

What is Deskimo’s USP?

Deskimo users can simply download the app and get to work at any workspace of their choice in Singapore and Hong Kong. We charge by the minute and users don’t need any membership or enter other long-term commitments. Deskimo offers the flexibility that many have previously been missing from co-working spaces.

What is Deskimo’s biggest challenge?

Continued COVID-19 restrictions have definitely posed a challenge to Deskimo. As the number of clusters and infection rates fluctuate, many cities, including Singapore and Hong Kong have been put through repeated soft lockdowns and tightened measures. Of course, this has also impacted some of our workspaces.

Do you have experience building online marketplaces?

For a decade, I have collected a lot of experience in building two-sided marketplaces. I was a co-founder of Foodpanda, Asia’s leading online food delivery company, originally a Rocket Internet venture. I then co-founded HotelQuickly, which turned into the leading last-minute hotel booking app in Asia-Pacific at the time of the company exit in 2017. Thereafter, I co-founded GuestReady, which I’ve already mentioned.

My co-founder at Deskimo is Raphael Cohen, who most recently was the Head of Asia at Rocket Internet. Before that, he was the founder of GoBee.Bike, which was a leading bike-sharing company in Hong Kong. Raphael was already my co-founder at HotelQuickly and we know each other from Foodpanda, where Raphael was looking after the Vietnamese market.

Who are Deskimo’s backers?

Deskimo has been admitted into the Summer 2021 batch of the Y Combinator accelerator program, which is currently taking place. Aside from Y Combinator, we already have a few high-profile angel investors on board.

Deskimo’s relevance in the current market has caught the attention of many investors. We will raise our first official round in September this year.

What is Deskimo currently working on?

We've made significant progress across the different app markets. For example, with our entry into the alternative Android markets, the Deskimo app is now available on Huawei, Samsung and Xiaomi devices. Moving forward, we also have ideas on how to further refine the app based on months of collecting feedback, which we’re excited to share with users.

What is the most common request from clients?

There has been a frequent request to add the ability to pre-book meeting rooms via the app. Right now it’s possible to reserve private offices and meeting rooms for 2-10 people directly with the workspace, but there seems to be a desire to be able to do this ahead of time and ideally directly via Deskimo. We’ll work on implementing this feature over the coming weeks.

How do you see the market evolving and what will you be doing to be ahead of the curve?

The online workplace market will have a much greater role to play in the future as businesses migrate towards flexible work systems. We’ve always envisioned Deskimo to be more than a listing platform for workspaces. We’re also here to help businesses improve the employee experience by equipping them with tailored enterprise solutions.

This can be in the form of providing businesses with greater insight into the needs and preferences of their employees in terms of workspaces and in-demand amenities. We also hope to optimise our platform to cater to the collaborative needs of our users.

To celebrate the occasion, Matterport held an event in Time Square, showcasing a digital copy of the Nasdaq Marketsite which allows passerby's to experience the 3D technology offered by Matterport. On the event, RJ Pittman, CEO of Matterport, commented:

"What better way to mark this historic milestone of Matterport's IPO than to digitize the Nasdaq MarketSite, a flagship place where disruptive industry players like us become listed companies.

“We have been leading the digital transformation of the built world for over a decade, so it is only fitting for us to demonstrate the power of our platform by inviting anyone to experience the Nasdaq site through this digital twin. one of a kind. So, we invite the world to celebrate our debut on the stock market, and continue to be committed to helping clients digitize and manage any physical space from any device, anywhere in the world."

The driving force behind its public debut stems from recent successes seen in the face of the COVID crisis, which put many real estate companies under great stress. Matterport reported that its subscriber numbers grew 500% in 2020. Matterport has digitized 5 million spaces since its launch in 2011, comprising over 4.57 billion square meters of space. It has done 4 billion building scans, making it the largest assets catalog in the world, which represents $230 trillion in value.

Matterport, like many other companies in recent months, chose to take the SPAC route instead of the traditional IPO avenue. The merger involved Matterport joining up with Gore Holdings VI. Together, the combined company will strengthen Matterport’s position as the market leader in spatial data.

Other companies which have recently gone public via SPAC include PropertyGuru which will merge with Bridgetown 2, German rental marketplace HomeToGo, and Sonder.

Leading proptech company for Southeast Asia, PropertyGuru, has announced it has joined with SPAC Bridgetown 2 Holdings Limited. Once the agreement closes (between the fourth quarter of 2021 and the first quarter of 2022), the combined company will begin trading on the NYSE as a public company.

On the deal, Chairman of the Pacific Century Group and Thiel Capital LLC brainchild, Bridgetown 2, explained that choosing PropertyGuru was a simple choice. Matt Danzeisen, Chairman, Bridgetown 2, said:

“We evaluated a number of very impressive companies across Southeast Asia and PropertyGuru is the perfect fit for us. The Company is a category leader and category creator – they helped define the PropTech industry in Southeast Asia and have taken it to new heights by leveraging technology and data to create a trusted and transparent digital property marketplace. We believe PropertyGuru is just scratching the surface of what it can deliver as Southeast Asia’s property market continues to accelerate, and we are excited to work with Hari [V. Krishnan, CEO of PropertyGuru] and his talented team to capture the incredible opportunities that lie ahead.”

Southeast Asia is among one of the fastest growing markets in the world. PropertyGuru has not only benefited from the market trajectory but has also focused exclusively on technology innovation in the face of the COVID crisis to offer its users transparency and some of the best proprietary data and technology out there.

Hari V. Krishnan, Chief Executive Officer and Managing Director, PropertyGuru Group, said:

“We have established a market leadership position in the Southeast Asian property ecosystem and a track record of revenue growth. Much of our success is the result of our investment in technology over the years and capturing strategic growth opportunities in recent times.

“We have a story to be told and found the right partner to help us tell it to public market investors. We are delighted to partner with Bridgetown 2 as we accelerate our mission to be the trusted advisor for property. This process of becoming a public company will provide us with greater financial resources to do what we do best – helping people find, finance and own their homes in an efficient and transparent manner. We believe the strategic, proactive steps that we have taken over the past 18 months will enable us to stay ahead of the market’s evolving needs, which are increasingly being shaped by the growth of affluent and digitally-enabled populations living in cities across Southeast Asia.”

Peter Thiel, President, Thiel Capital, said:

“The market for property is probably the oldest market in the world, and only now is it beginning to change rapidly. As PropertyGuru spearheads that change in Southeast Asia, Bridgetown 2 will provide capital and expertise to accelerate it even further.”

Richard Li, Founder and Chairman, Pacific Century Group, said:

“Southeast Asia is a unique market in that it has very high economic growth but lacks quality services in many sectors. Fast growing middle-class, increased urbanization and technological disruption create a unique combination. We recognize the transformational impact of these long-term trends and are focused on operating our own core business and investing in local champions that are successfully leveraging technology to reshape the region’s economy and how people carry out their everyday lives.”

The SPAC-driven IPO is expected to deliver up to US$431 million of gross proceeds through the contribution of up to US$299 million of cash held in Bridgetown 2’s trust account.

Advising the transaction is Merrill Lynch (Singapore) Pte. Ltd. as exclusive financial advisor to PropertyGuru, and Latham & Watkins LLP and Allen & Gledhill LLP as legal advisors to PropertyGuru.

Merrill Lynch (Singapore) Pte. Ltd., Citigroup Global Markets Inc., KKR Capital Markets Asia Limited and TPG Capital BD, LLC are serving as placement agents to Bridgetown 2. Skadden, Arps, Slate, Meagher & Flom LLP and Rajah & Tann Singapore LLP are serving as legal advisors to Bridgetown 2.

PropertyGuru has seen a number of positive developments within the last year, including acquiring REA Group’s Malaysia and Thailand assets, acquiring MyProperty Data, launching an immersive content experience, launching a digital mortgage marketplace and brokerage, and launching a new visual search feature. All have boosted the company’s reliability and cinching its place within the market and beyond.

OwnHome has raised $3.6 million from investors Global Founders Capital, Entrée Capital, AfterWork, and InVentures. This comes after another seed funding round where it received support from Commonwealth Bank’s x15 Xccelerate program. 

Property prices in Australia, like most markets, are on the up and it makes the average renter feel like becoming a homeowner is nothing more than a pipedream. OwnHome wants to bring confidence to these renters. 

Co-founder James Bowe, explained:

“It takes up to a decade longer to save a deposit than it did 50 years ago and more and more homebuyers, if they have the option, are relying on the bank of Mum and Dad to get onto the property ladder. OwnHome is the only rent-to-own model that provides a path to home ownership in the area you want to live in that doesn’t require hundreds of thousands of dollars for a deposit.”

How OwnHome accomplishes this is simple. The company buys a property for the customer and allows for that customer to move in immediately. Then they can set up a monthly payment plan to pay back OwnHome for the property. High credit customers can move in with no deposit while continuing to build their credit scores while they live in the new home that they own.

The other draw of OwnHome is that the monthly amount is equal to what the now-homeowner would pay as rent. OwnHome says that between three and seven years, the customer would have paid off the property to OwnHome at the pre-agreed price.

Avi Eyal, an investor in OwnHome and the Managing Director for Entrée Capital, said: 

“We believe James and Tim [the two founders of OwnHome] have the vision, experience, and drive to deliver this new path to homeownership for Australians. Residential housing represents the world’s largest asset class at $160T – the size of the opportunity for OwnHome is enormous. Australia stands out as a country with one of the most acute homeownership issues globally, and OwnHome is forging a new way for hard-working Australians to realize their dream of homeownership.”

Currently, OwnHome is available in Sydney with plans to expand in the near future. The company has reported that there is already a waitlist filled with prospective homeowners.