The iProperty Group, Asia's online advertising business serving the real estate industry, has unveiled that its latest product offering, iPropertyIQ big data solutions, helps enable real-estate professionals to quickly turn their data into business value.
iPropertyIQ gives real estate professionals simplified access to trends on consumer behaviour in the property market. With this data, they are able to discover new insights, predict outcomes in real time, and build developments that cater to the needs of property buyers.
"The data provided is a combination of structured and unstructured data that comes from internal and third party sources. It provides the real estate industry with an in-depth understanding of consumers as it provides user demographics and behaviours," said Sean Tan, General Manager of iProperty.com Singapore.
"These findings enable understanding of buyer-interest towards specific property types, understanding their search trends, as well as monitoring property demand in all areas. Users can also use it to monitor the price trends of properties," he added.
The iPropertyIQ Singapore data revealed that the top three searched property types were condominiums, hi-rise apartments and low-rise apartments. In addition, the most popular districts consumers searched for were Ardmore, Bukit Timah, Farrer Road, Holland, Tanglin Road, Balmoral, Grange Road, Orchard Boulevard and River Valley.
"While Singaporeans aspire to stay in condominiums, hi-rise apartments and even low-rise apartments, these developments can easily be priced above S$1 million. Hence, this reduces the number of buyers who can afford them," said Tan.
He added that in 2014, iPropertyIQ showed that close to 56.85% of property listings on iProperty.com Singapore were priced above S$1 million. This partially explains why Singaporeans look at investing outside Singapore, as they are able to purchase a property at a cheaper price due to currency exchange.
In conclusion, these data generated by iPropertyIQ is deemed useful not only for real estate professionals and developers, but also for property buyers and investors. With these information, they will be able to see which areas have seen the most price appreciation, which areas are most in demand and the property preferences.
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