Real estate has become prominent on online retail site OLX where it registered growth in the last six months.
The trend is largely attributable to a deliberate focus on the sector, which has seen a number of investors venture online to buy and sell property.
As a result, the demand for both residential and commercial property has gone up, leading to a sharp increase in the number of those transacting on the website. Real estate is now the second largest sub-category after cars on OLX.
OLX Country Manager Peter Ndiang’ui says the firm hopes to grow this category by double digits to become the leading realtor.
“Out of all property that exchanges hands in Kenya, two per cent find their way online. Many people search for property online. Out of those visiting other major online sites for property, the number of buyers coming to OLX with intent to buy is over 80 per cent. Rival online platforms have recorded over 60 per cent of such transactions,” says Ndiang’ui.
Use desktops
Olx says that on average, potential buyers on the site spend 15 minutes, an indication of the depth and variety of content the site has to offer. On average, a buyer looking for items other than property spend an average of 10 minutes browsing for what they are looking for.
According to statistics from the online retailer, most of online shoppers access the site through desktops or mobile phones. OLX notes that 45 per cent of their buyers searching for property use desktops, 23 per cent (mobile) while 22 per cent use an application.
Interesting to note is that majority of sellers on OLX are unregistered real estate agents who comprise 39 per cent of all closed deals. Property owners make 20 per cent of all closed deals.
“There is a lot of demand for office space and this has created higher demand for office equipment on our site,” says Ndiang’ui.
According to OLX, over 80 per cent of buyers who use the platform are looking for houses for rent, which on the platform ranges from Sh10,000-Sh150,000.
The most sought-after locations are around Ruiru, Kilimani, South B, Mombasa and Ongata Rongai.
