MANILA, Philippines - Online property portal Lamudi has reported robust growth in its business a year after starting operations, with the Philippine market becoming one of the key drivers in its rapid development.
Lamudi said the number of listings on its website, which is present across 28 countries around the world, now totals more than 670,000 properties to buy or rent.
The listings, it said, grew by 116 percent between April and September this year.
The online real estate listing site said more than half of the property listings from across the Lamudi network come from its Asian websites, namely Pakistan, Bangladesh, Indonesia, the Philippines, Myanmar and Sri Lanka.
The company is now the leading property portal in Bangladesh and the Philippines after investing $7 million in April to grow its operations in Asia.
“As competition over the online property space within the emerging markets has intensified, Lamudi has maintained a leading position within key regions, particularly Asia,” it said.
In the Philipines alone, Lamudi said it currently has over a thousand brokers and developers on board and a growing number of over 80, 000 unique listings online.
The company has established three offices in NCR, Cebu and Davao since starting with a small office table in Makati.
“Our goal from the very beginning has been to deliver a high-quality property portal in markets where searching for real estate online is a relatively new phenomenon,” said Kian Moini, Lamudi global co-founder and managing director.
Lamudi was founded in October 2013 by German startup incubator Rocket Internet. The property platform was launched in 16 countries one year ago and has since grown to cover 28 countries across Asia, Africa, the Middle East and Latin America.
“House-hunters in these regions should not be underestimated; as the internet becomes more widespread, they are seeking out the same services that are already commonplace in more established markets,” Moini said.
“It is for this reason that we believe our product has resonated so strongly with property seekers around the world. Lamudi is innovative because we tackle markets that other property portals have so far ignored. We expect Lamudi’s growth spurt to continue for the remainder of 2014, and beyond,” Moini added.