Online classifieds portal unveils property platform

CEBU, Philippines — Online classifieds portal OLX Philippines has launched a new platform for real estate properties dubbed as Property24, this after inquiries for property listings have been increasing.

“As the industry develops, online real estate plays a crucial role in supporting the equilibrium of the market," said Ferdie Perez, head of operations and real estate of OLX Philippines.

Prior to the opening of a physical office here, over 6,000 listings from Cebu, mostly condominium units already registered in their system, reported Perez.

By providing more options to buyers and accommodating more sellers, Property24 becomes a key factor in matching the demand with the supply, said Perez expressing optimism that this step will allow the company to contribute to the growth of the local real estate sector in Cebu.

In a press conference, Perez bared a study conducted by OLX Philippines, which revealed that most of the real estate buyers or considerers are females, married and employed with an average budget of P1.5 million for a property to live in.

Perez said Property24 sees a consistent increase in property purchases online as more Filipinos turn to online platforms when planning to buy, lease or just rent out a property.

In Cebu in particular, about 47 percent look for properties in the province’s capital, followed by Mandaue City at 17 percent, Lapu-Lapu City at 12 percent, Talisay City at seven percent and five percent look for properties in Consolacion.

The same study showed that there are many property buyers searching online (43 percent) as those searching offline at 57 percent.

Thus, sellers now utilize online tools to complement traditional methods, including face-to-face and onsite selling.

Property24 provides a virtual common ground for sellers, developers and buyers to meet online in closing deals, regardless of distance and time difference.