What is Lamudi, and Why Did Investors Give Them $7 Million to Expand Their Reach?
Ever find yourself wondering if international real estate markets utilize the same online selling tools as we do here in the U.S.?
Founded in 2013, the Lamudi online real estate marketplace offers sellers, buyers, landlords and renters a platform to buy and sell homes, land and commercial properties online in areas such as Colombia, Indonesia, Kenya, Nigeria and Mexico.
Lamudi currently has over one million monthly visitors from across around the world, and is considered the #1 international real estate platform.
Cities in Pakistan, Mexico and North Africa are among the most popular markets for international house hunters investing in emerging global markets.
Capital cities have been the most popular locations for house-hunters, for example, Karachi tops the list of most searched cities in Asia, while Mexico City and Lagos are the most sought-after locations in Latin America and Africa.
"With buoyant economies, it is little surprise that capital cities prove to be the most popular locations for our customers," said Paul Philipp Hermann, co-founder of Lamudi. "Whether you are looking to buy or rent residential or commercial property, these capitals have a wealth of opportunities. This is reflected in the numbers of people searching for property there."
The cities which made the top five 'most searched' areas in each continent are:
1. Karachi, Pakistan 26% of searches
2. Lahore, Pakistan 22% of searches
3. Yangon City, Myanmar 20% of searches
4. Dhaka, Bangladesh 20% of searches
5. Islamabad, Pakistan 12% of searches.
1. Cuauhtémoc, Mexico City 28% of searches
2. Benito Juárez, Mexico City 28% of searches
3. Miguel Hidalgo, Mexico City 22% of searches
4. Coyoácan, Mexico City 10% of searches
5. Santiago de Cali, Colombia 10% of searches
1. Lagos, Nigeria 37% of searches
2. Casablanca, Morocco 32% of searches
3. Nairobi, Kenya 19% of searches
4. Marrakech, Morocco 5% of searches
5. Rabat, Morocco 4% of searches
Pakistan is also booming, as users are uploading more than 15,000 new listings in Pakistan per month.
There was also a large interest from buyers in Yangon City, Myanmar, as Myanmar's GDP growth is expected to hit almost 8% this year (that's more growth than all other Asian countries, including China).
What makes Lamudi so popular?
Lamudi has earned it's place as the top real estate site for two main reasons: They drive a high volume of traffic to the site, so agents that list on Lamudi get serious inquiries. Secondly, they have an entire department devoted entirely to verifying listings, and removing listings once they are no longer on the market. Thus, real estate agents and brokers consider Lamudi a trusted partner, and potential buyers are confident that Lamudi is a reliable and accurate property source.
Lamudi just received $7 million in funding from investors to expand into other emerging international markets. The new investment comes from a range of investors who are not being disclosed at this time.
It's also not clear how much capital Lamudi has raised to-date in total, nor whether the recent $7M is a seed round or later stage funding, but in any case, it is clear that Lamudi is viewed worldwide as a market leader, poised to replace local online real estate marketplaces.