Upcoming Residential Projects to drive the Real Estate Market in Singapore with Increase in Listings on the Website: Ken Research
1. The increased investment in the region, rapid population growth, and Increasing Smartphone Penetration are some of the major growth drivers in the market.
Demographic data affects the real estate market through property-type demand and supply, pricing, migration, and investment. People are moving away from private areas and opting for shared office spaces, hotel stays, co-living units, and others due to increasing rent. Additionally, over 50% of the current Singapore Property Classified market is influenced by the internet. This widespread digitization of the region alongside the deployment of 5G means Property Classified startups can seamlessly offer their real estate solutions to the public via mobile devices. Further, there is a massive demand for new properties, which is boosting the real estate sector. In Singapore, for example, the Urban Redevelopment Authority’s (URA) data showed that newly built private home sales went up by 82.2% in July 2020.
2. Singapore Property Classified market has evolved and has achieved high acceptance among customers, a few players dominate the market, but many new players are still entering with innovative products.
With a population of 5.4 Mn in 2020 and a major financial hub in the Asia Pacific region, Singapore has earned a reputation as one of the world’s most advanced economies. Also, Singapore is a leader in Southeast Asia with more than 80 PropTech companies, the majority of which are successfully creating a powerful and transparent digital integration. Most full-stack Property Classified players in Singapore have remained focused on the residential property segment considering the burgeoning housing shortage, rapid urbanization, and urban migration trends. Additionally, property classified companies in Singapore range from crowdfunding websites to smart building firms, property search engines, market research companies, asset management companies augmented reality service providers, and video analytics solution providers to track human traffic in retail malls.
3. Singapore Property Classified Market is expected to grow at a massive rate of 30.16% CAGR during 2020-2025 providing a lucrative opportunity for Property Classified investors.
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Singapore’s Property Classifieds Market is predicted to rise at a staggering 30.16% CAGR between 2020 and 2025, creating a profitable potential for Property Classified investors. For landlords, potential real estate investors, and renters searching for an efficient and safe opportunity in the Commercial Real Estate market, technology has become an increasingly appealing asset (CRE). This gives a profitable chance for Property Classified investors to see substantial returns on their investments. Builders and brokers dominate the real estate digital classifieds industry, which is still in its early phases of growth. Furthermore, with emerging technology-based services such as 360-degree view, listing convenience, subscription management, and so on, the emphasis will most likely be on teaching individual consumers. Therefore, the advertisements are more likely to be to focus on the individuals on both the buying and selling side, which could help reduce the resistance of online real estate tractions by individual users.
4. As privacy and cyber security concerns arise for the Property Classified market, its growth is hindered by its dependence on the data.
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Property Classified technology uses and relies on information for optimal performance. As a result, it generally collects and uses data, including personal information, from users of the Property Classified. As the data may need protection as confidential information/trade secrets. Due to this, property classified companies may become targets for cybercriminals because of the sheer amount of information they possess and the sensitive nature of that information. In the digital classifieds space, impulsive purchases by offering deals and discounts are yet to arise. Customers, mobilized through marketing and activation activities, have a high acquisition cost. Additionally, most of these portals have a long lead time between two transactions from the same customer, limiting their unit economics. Responding to these challenges will require greater cooperation and collaboration among technology firms, property companies, and the industries they serve, as well as national and urban governments.
