CoStar Group has announced it will acquire the industry-leading real estate tech firm Matterport for $1.6 billion subject to shareholder approval. No timeframe has been specified but the deal is expected to conclude in 2024 with Matterport's Board of Directors voting unanimously in favour of the acquisition. Under the terms of the agreement, which CoStar broke via its website, CoStar will pay Matterport $5.50 per share with Matterport shareholders receiving $2.75 in cash and an equivalent share of $2.75 in CoStar stock. Matterport is the company behind some of the most cutting-edge technology ..read more

Chinese portal FangDD has released its full-year financial results for 2023, with optimism despite China's slow recovery post-pandemic. Highlights include: Full-year revenues rose 16% year-on-year, from 246 million Yuan in 2022 to 285 million Yuan (USD 40 million) in 2023 Gross profit margin in 2023 increased to 14.5% (10.1% in 2022) Net losses shrunk from 240 million Yuan in 2022 to 93 million Yuan in 2023 However, revenues are 70% lower than they were in 2021 (942,380 Yuan, or $130M) FangDD outlined a slight recovery in China's real estate market as a driver of improved performance for the ..read more

Indian-based Proptech platform and real estate marketplace Square Yards is in talks to raise $100 million ahead of flotation in 2026. Indian tech and startup news publication Inc42's exclusive, citing internal but unnamed sources, says Square Yards is discussing an equity+debt deal that would value the business at $1 billion, which would make Square Yards a unicorn The fundraiser is suggested to be a "pre-IPO" round ahead of flotation in the 2026 financial year, with more than one private equity firm in talks to raise as much as $120M to take a stake in Square Yards. The marketplaces' previous ..read more

Alma Media has released a new-look financial analysis for its Q1 2024 results. Highlights include: Adjusted operating profit decreased by 5.2% in an uncertain operating environment. Revenues reach €76.2M, up 1.2% year-on-year Classified revenues decreased slightly, from €30.7M in 2023 to €30.2M in 2024 Alma Marketplaces experienced decreased profitability, but revenues increased 10.5% YoY Kai Telanne, President and CEO at Alma Media, said: "Alma Media’s business developed well in the first quarter in spite of the subdued operating environment. Revenue was on a par with the comparison period ..read more

This week's product roundup includes another great initiative from Domclick—the second in consecutive weeks. And interestingly, we've spotted three big moves in Germany in the past week alone. Meanwhile, it's not quite a product update from Dubizzle, but they have shared some solid numbers that we thought were worth sharing. In France, SeLoger has earned praise from a French real estate developer, and there's a new AI search tool in Iraq.   ImmoScout24 partners with Keller Williams for realtor membership services The German branch of the United States-based real estate franchisor Keller W ..read more

US number two portal Realtor.com has announced a new marketing campaign that will champion the value and skills of independent buyer agents against the backdrop of industry-shifting lawsuits. Realtor.com's campaign will pitch itself as the friend of buyer agents in the United States, who have come under increased scrutiny for charging commissions to property sellers. Multiple, multi-million dollar commission lawsuits continue to dominate the real estate industry in the US, and Realtor.com will take a punt on framing itself as a friend to agents by highlighting a "111 item to-do list that an in ..read more

We have spotted some C-suite comings and going this week, starting with...   Fang CFO resigns Peng Cui has resigned from his position as CFO at Chinese portal Fang to pursue other opportunities, after two years in the role. Richard Jiangong Dai, chairman of the board, commented: "I want to thank Peng for his leadership and his many contributions to Fang through this period of unprecedented change. "He has played an important role helping the company to get through the tough times while building a strong finance team with deep expertise, and I remain as confident as ever in the future of ..read more

Singapore is well known for its obsession with property and the market dynamics there are pretty unique...   There can't be many markets in the world in which there are more real estate agents than transactions in a year. Even the US market, which is swamped with part-time agents, has a better ratio than the Lion City. In a nation with 35,251 agents looking to catch a commission, there were only 19,044 transactions registered by the Singaporean government in 2023.   Agents chasing their Dream Commission On average each agent in Singapore gets one transaction commission every two yea ..read more

U.K. hybrid agency Strike, which acquired (and subsequently rebranded as) Purplebricks last year, recorded operating losses of $23.5M according to filings submitted to Companies House on 11 April 2024. Highlights include: Strike/Purplebricks achieved a turnover of £13.2M, a 65% YoY increase Operating losses reached £18.9M ($23.6M) Total losses were steady at £19.7M (£19.8M in 2022) EBITDA losses narrowed by 4% Regarding the acquisition of Purplebricks, which went through for a nominal fee of £1 last year, Strike said there remains "a compelling opportunity for the business to significantly d ..read more

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