Thailand's Real Estate Market: Challenges and Opportunities in the Online Space
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Thailand's real estate market overview and its major issues: from home-buyer’s and property agent’s perspective. Thailand’s online real estate landscape: major players and how they compare to their counterparts in mature online real estate markets. Hipflat – a real estate portal, aiming to boost effectiveness and transparency of Thai and Southeast Asian property industry.
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Thailand's Real Estate Market: Challenges and Opportunities in the Online Space
- 1. Thailand’s Online Real Estate Market Denis Nemtsev CEO & Founder denis@hipflat.com www.hipflat.com
- 2. About me Computer Programmer International Realtor Certified Residential Specialist 2006 2010 2012 now Real estate agency Hipflat
- 4. Market data
- 5. Bangkok condo search trends
- 6. Bangkok condo search trends 9% 33% LOOKING TO RENT 17% 17% 14% 9% 34% 0–10 K 77% LOOKING TO BUY 34% 14% 10% 4% 37% 1% 0–1 Mb
- 7. How big is Thai real estate market? $27,000,000,000 Annual property transactions volume* * Statistics by Bank of Thailand
- 8. Offline is still the king in Thailand 5% online ad spendings
- 9. Mature online real estate markets $4.3 billion $1.7 billion 90% of homebuyers start their property search online Online is a dominant advertising channel for real estate industry
- 10. Australia vs Thailand Both countries: ~ 18 mil internet users Mature online property market Emerging online property market Top property portal: realestate.com.au Top property portal: ddproperty.com 12.5 mil monthly visits* 1.2 mil monthly visits* Market cap > $5 Billion IPO planned in 2015, valuation ~ $150 mil *Stats by SimilarWeb
- 11. Thailand’s online real estate landscape Vertical search websites: thaihometown.com ddproperty.com prakard.com
- 12. Thailand’s online real estate landscape General classifieds: olx.co.th kaidee.com pantipmarket.com
- 13. Thailand’s online real estate landscape Other sites: thinkofliving.com banidea.com forfur.com
- 14. The problems with Thai real estate market 1. Huge market fragmentation 2. Zero transparency
- 15. Property search in the US
- 16. Property search in Thailand
- 17. How market fragmentation affects consumers • Property search takes a lot of efforts • Homebuyers do not “see” the whole market • Cannot make fully informed decision • Often end up overpaying • Some developers use it in their own interests • Low liquidity
- 18. Is this a fair price? I have no idea.
- 19. Past sales data available in mature markets
- 20. How market fragmentation affects real estate agents • No access to all the listings available on the market • Unable to serve customer needs • Takes a lot of effort to collect own database • Property valuation is hard • Managing expired listings is a big headache • Ineffective property viewing arrangement process
- 21. How Hipflat tries to solve the problem: automatic property listings syndication
- 22. Market data
- 23. Q & A Denis Nemtsev CEO & Founder denis@hipflat.com