The overall revenue contribution via online classifieds & listings in 2021 amounted to $ 61 Mn, says a report by Ken Research
1. Three forms of technologies: Blockchain, AR and AI in Malaysia are being adopted by startups, global corporations and the government.
Recent Trends in Malaysia Property Classifieds Market
Inclusion of advanced technologies such as BlockChain, AR & AI in the market is picking up pace. With more than 10 companies having their own website & mobile application, going digital is the new trend. Features such as 3D-Printed buildings in which 3D printers will be capable of printing building components from a wider variety of materials & AR, VR for home viewing in which the technology will be able to offer immersive viewing experience, especially when the buyer or property is overseas, are being included in order to make the property buying experience hassle free & efficient.
2. “Benefit for all:” Both Developers and Consumers are set to benefit from technologies under PropTech Market in Malaysia
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With the inclusion of new technology, both the developers & consumers are bound to benefit. Technologies such as Virtual Reality in which viewers can get an experience of property and surrounding areas without physical site visits & Cloud Computing in which there is an enhanced user experience with integrated solutions such as payment gateways, chatbots, customized search, etc are being included that not only benefit the consumer but also the developer who in turn churns out more profits. Moreover, with an internet penetration rate of more than 88% with 61 Mn smartphone users, technology inclusion is something that will result in ease of business & property viewing.
3. “Technology Upgradation to be the trend:” inclusion of technology & the overall infrastructure improvement is expected to be witnessed in the upcoming years.
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Technology has been increasingly becoming an attractive asset for landlords, potential real estate investors and tenants looking for an efficient and secure opportunity in the Commercial Real Estate segment (CRE). This presents a lucrative opportunity for Property Classified investors to witness high returns on their investment. Further, with newer technology based services such as 360 degree view, listing convenience, subscription management etc., the focus is likely to be on educating individual users. Therefore, the advertisements are more likely to be to focused on the individuals on both the buying and selling side, which could help reduce the resistance of online real estate tractions by individual users. All in all, upcoming projects such as Minest Residence($ 100 Mn) which involves involves the construction of a residential complex comprising two 43-story blocks in Kuala Lumpur are expected to have more property listings on website in order to attract individuals according to their own choices.
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