Lamudi, a real estate portal with an emerging- and frontier-market network covering more than 30 countries, has gained the leading position in the Philippine’s property market by acquiring the country’s online real estate trader MyProperty.ph.
As a result of the buyout, Lamudi Philippines and MyProperty.ph formed a consolidated company that has become the number one property portal in the country and “gives house-hunters access to the largest inventory of high-quality property listings in the Philippines,” Lamudi said in a statement.
“The companies will continue to operate individually, as both seek to grow their existing brands in the Philippines’ thriving online property sphere,” the Berlin-headquartered online company said. “While changes at an operational level will be limited, the acquisition will result in knowledge sharing between the two businesses and improvements to the overall customer experience.”
“We are combining the two strongest players in the Philippines to create the go-to destination for both house-hunters to find their new dream home, and for brokers and developers to market their properties online,” the statement quoted Paul Philipp Hermann, Lamudi Global’s co-founder and managing director, as saying.
“This acquisition consolidates the market to improve the value provided to all Lamudi and MyProperty users: that is, house-hunters, real estate brokers, and developers. This added value is in terms of an increase in the number of quality listings by merging the controlled content.”
Lamudi Philippines hosts more than 80,000 residential and commercial property listings.
In February this year, Lamudi Global received 16m ($18m) in investment to expand its operations in Asia and Latin America. In Asia, Lamudi is currently the market leader in Myanmar and Bangladesh as well as in the Philippines.
“The Philippines has a rapidly rising Internet penetration rate, a tech-savvy population and a buoyant real estate market. Lamudi is committed to becoming the leading property portal in the Philippines, which we see as one of our key markets,” Hermann said.
Lamudi’s network covers countries in Africa, Asia, the Middle East and Latin America.