Property24 follows a business-to-consumer (B2C) platform that lets real estate agents and brokers attract potential buyers by listing properties on the site. Originally operating in four locations in Africa, Property24’s entry into the Philippines through its partnership with Sulit is its first expansion to Asia.
Since both Sulit and Property24 are backed by Naspers, it looks like a good move for both classifieds platforms to gain ground in the Philippines. Property24 Philippines is already in talks with developers to get their properties listed. In addition, all items posted on Property24 will be viewable both on the desktop and mobile sites, and will be shared on Sulit as well.
Sulit already has property listings on its Sulit real estate site, but those will remain separate as a classifieds section for regular people to post listings.
Property24 CEO JP Farinha told Malaya that it’s also looking at expanding into other Southeast Asian countries in the fututre.
Property24 is set to compete with a number of online real estate listings in the country such as MyProperty and RealtyCheck. In a recent survey by Urban Land Institute, the Philippines emerged as a top four location for property investment among 23 Asian countries. It’s a further sign that online property listings are set to be a crucial tool for people in the hunt for properties in the Philippines.
(Editing by Paul Bischoff and Steven Millward)