Thailand’s Dot Property, which runs a slew of real estate portals across Southeast Asia, has fully acquired property listing startup Hipflat for an undisclosed amount.
As per a statement, the acquisition allows Dot Property, which runs Thailand-Property.com and dotproperty.co.th in the domestic market, to further increase its presence in the Kingdom.
With this deal, which was closed last week, Hipflat has become the 13th website to join Dot’s network since its inception in 2013.
As part of the agreement, the whole Hipflat team, including its founder and CEO Denis Nemtsev, have now exited to join Lifull Connect, a global real-estate aggregation network
Dot Property is a digital media company that owns and operates 10 property portals and complimentary offline media throughout Southeast Asia.
The group claims to have recorded significant growth in Thailand over the past few years. In 2019, the number of visits to its English and Thai language websites rose by 71 per cent while enquiries increased 63 per cent.
Launched in 2013, Hipflat currently boasts more than 200,000 property listings from all over Thailand. It has English, Thai, Japanese and Russian language versions to better serve clients in strategic overseas markets.
Despite being two prominent players in Thailand, the overlap in people enquiring about properties on Dot Property and Hipflat is less than five per cent, a statistic highlighting the fact each platform has tapped into a unique market segment.
In terms of operations, the Hipflat search experience will be empowered by support from Dot which has more than 70 staff members posted across Southeast Asia. Several upgrades to improve the Hipflat experience are already in the works with these to be announced in the coming months.
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