Big Data Reveals More Demand Than Supply
Kuala Lumpur, June 9, 2015 AEST (ABN Newswire) - The iProperty Group (
ASX:IPP), Asia's leading online advertising business serving the real estate industry, revealed that its latest innovative product offering, iPropertyIQ, big data solutions that simplify information access and discovery, is enabling real estate professional to quickly turn the data into business value.
Elaborating on the offerings of the iPropertyIQ, iProperty Group's Managing Director & Chief Executive Officer, Georg Chmiel said, "iPropertyIQ gives real estate professionals simplified access to how trends and consumer behavior in relation to the property market. With the data, they are able to discover new insights, predict outcomes in real time, and develop developments that caters to the needs of property buyers,"
He added that the data provided is a combination of structured and unstructured data that comes from internal and third party sources.
"The data generated provides the real estate industry with an in-depth understanding on consumers as it provides users demographics and behaviour. These findings enables us to understand property buyers interest towards specific property types, understand their search trends as well as monitor the demand of properties in all areas. Aside from this, we are also able to monitor the price trends of these properties. The potential offered by iPropertyIQ is immense," explained Chmiel.
He also explained that the term and use of big data is nothing new. In fact, more and more companies, both large and small, are beginning to utilize big data and associated analysis approaches as a way to gain information to better support their company and serve their customers.
"That's exactly what we are doing. As the leading online property portal in Asia, with more than 50 million page views and 3 million unique visitors per month, the data we can provide our developers and real estate agents and agencies valuable data across the markets in Asia," said Chmiel.
He also shared that for example, the iPropertyIQ data revealed that in Kuala Lumpur alone, there are 4.44% supply of houses priced between RM200,000 and RM300,000, a 9.70% supply of houses priced from RM300,001 to RM400,000 and 13.98% priced between RM400,001 to RM500,000. The remaining 71.88% supply of houses are priced more than RM500,000.
When asked about the property prices in Selangor, he explained that while there were 65.8% supply of houses priced more than RM500,0000, there were 7.94% supply of houses priced between RM200,000 and RM300,000, a 12.33% supply of houses priced frim RM300,001 to RM 400,000 and 13.93% supply of houses priced between RM400,001 and RM500,000.
"With affordability being a prime concern amongst Malaysians, the iPropertyIQ findings have shown that there is not enough supply of affordable homes to meet the rising demand," added Chmiel.
When asked whether there is enough supply to meet the high demand, Chmiel explained that the data from iPropertyiQ revealed that there is more demand than supply.
"In 2014 alone, there was a 40x more demand than supply of property in Kuala Lumpur and Selangor. Property buyers want to stay in Kuala Lumpur and Selangor but there is just not enough supply to meet their demand, more so in the affordable property price range," shared Chmiel.
He also added that the top ten areas that consumers search for are Bangsar, Puchong, Cheras, Ampang, Johor Bahru, Petaling Jaya, Serdang, Shah Alam, Klang and Mont Kiara. The preferred type of residential properties searched for include, terrace houses, condominiums/serviced residences, apartments, bungalows and semi-detached houses.
"These are just some of the findings revealed by iPropertyIQ. The data revealed is very useful not just for real estate professionals and developers but also for property buyers and investors. With the information provided, they will be able to see which areas have seen the most price appreciation and which areas are most in demand as well as property preference." concluded Chmiel.
About iProperty Group Ltd
Headquartered in Kuala Lumpur, Malaysia, iProperty Group Ltd (ASX:IPP) is focused on developing and operating leading real estate portals and delivering the most comprehensive set of related real estate services and project marketing across the Region. The Group owns portals which are market leaders in Malaysia, Thailand, Indonesia and the Hong Kong Region and a leading portal in Singapore. The iProperty Group is continuously working to capitalise on its market-leading positions and the rapidly growing online property advertising market throughout the region.
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