Proptech bullish of prospects in PH

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    Property technology startup Ohmyhome expects to replicate in the Philippines its success in Singapore and in Malaysia as it advances its technological capabilities in the real estate industry in the country.

    Ohmyhome has over 5,000 property transactions in its Singapore and Malaysia markets and a customer satisfaction rate of 99 percent.

    Ohmyhome said it has modified the platform and designed the application and website for Filipinos to make sure the technology is suitable and relevant to the market.

    Rhonda Wong, company chief executive officer said the Philippines is a growing market.

    “In the last three years, Manila has seen an increase in condominium property prices of 11.9 percent each year on average. The number of transactions has also been steadily growing—reaching a record high of 54,000 condominium units sold in Metro Manila in 2018, surpassing 2017’s 53,000 units,” Wong said.

    But Ohmyhome notes property transactions in the Philippines are marked by drawbacks such as a lack of transparency, untrustworthy agents, slow feedback, and decentralized services.

    Through Ohmyhome’s do-it-yourself platform, Filipinos and buy, sell, and rent by themselves, free-of-charge. There are also professional agents that can personally assist clients Ohmyhome also features a unique algorithm that efficiently matches buyers and sellers based on the buyer’s search criteria and the seller’s property details.

    Ohmyhome team started in the Philippines back in 2017, serving Singapore and Malaysia markets. Since then, the team expanded its presence locally.