With a population of 5.4 Mn during 2020 and being a key financial hub in the Asia Pacific region, Singapore has earned a reputation as one of the world’s most improved economies. It is a front-runner in Southeast Asia with more than 80 Property Classifieds companies, the majority of which are efficaciously creating a powerful and transparent digital integration and augmenting a double-digit CAGR of 36.1% throughout 2015-2020. From project funding to management down to design, property technology across Singapore covers a variety of sub-industries in the real estate sector.
Growth of residential & commercial requirement, value-added services like expert advice and financing support proposed by Property Classified companies are some of the foremost trends observed in the market. However, the industry is extremely vulnerable to fraud owing to its complex nature, reliance on technology, and interaction between stakeholders and third parties. Companies such as Property Guru. SRX Property, Carousell and Cove are poised to take advantage of current pain points across Singapore Property Classifieds Market.
According to the report analysis, ‘Singapore Property Classifieds Market Outlook to 2025 – Driven by Consumer Preference and investments from VCs along with Exponential growth of smartphone penetration’ states that the market is temperately fragmented for listings and classifieds companies with key players entailing Property Guru Group, SRX Property, Carousell, ST Property, Mogul, Greyloft, etc. The market is extremely concentrated market for aggregators & co-living companies with finest players namely Cove, Hmlet and Easy City holding more than 60% market share in terms of revenue. Players are challenging on the basis of Rental Pricing, Room Types, Locations, Services, Community Events, etc. Aspects such as expensive rentals, fixed one- to two-year tenancy contracts and the hassle of dealing with the intermediaries, have propelled the growth of co-living concepts across Singapore.
Above mentioned companies in the Singapore Property Classifieds Market are effectively working more proficiently for keep maintaining the governing position, leading the highest market growth, generating the highest percentage of revenue, and obtaining the competitive edge by analysing the strategies and policies of government as well as contenders, increasing the features and benefits of real estate, implementing the policies of profit making and strategies of expansion, improving the qualitative and quantitative measures of such, spreading the awareness connected to the applications and advantages of such, delivering the better customer satisfaction, decreasing the associated prices of such and establishing the several research and development programs.
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Singapore Property Classifieds Market is predicted to rise at a massive rate of 30.16% CAGR during 2020-2025 delivering a lucrative opportunity for Property Classified investors. Technology has been progressively becoming an attractive asset for landlords, potential real estate investors and tenants looking for an efficient and safeguard the opportunity in the Commercial Real Estate segment (CRE). This presents a profitable opportunity for Property Classified investors to observe the high returns on their investment. The real estate digital categorized space is still in the early stages of growth and the listings are registered by builders and brokers. Further, with newer technology-based services likewise 360-degree view, listing convenience, subscription management etc., the focus is probable to be on educating individual users. Therefore, the advertisements are more probable to be to aim on the individuals on both the purchasing and selling side, which could help decrease the resistance of online real estate tractions by individual users.
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Related Report: –
Singapore Real Estate Market Outlook to 2023 – By Residential Market (New Sales, Re-Sales and Sub-Sales), By Retail Market (Private and Public Retail Space), By Office Market (Private and Public Office Space) and By Hotel Market (Gazetted and Non-Gazetted Hotels)
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Ankur Gupta, Head Marketing & Communications