Regional News

Latin America: With the purchase of Properati, OLX looks to grow in the real estate market

By Silvia Castro Betancourt 0 Comments NEWS, Regional News

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Founded by the Argentinian Alec Oxenford, OLX is one of the leading online classifieds platforms worldwide, and now it will carve out a position in the real estate market as well, thanks to the purchase of Properati, another online platform born in Argentina but focused on the supply of property, with more than 10 years of experience.

As announced by both companies, the purchase agreement will be ready in the next 30 days and strengthens the presence of OLX in the real estate market in the region. In addition, it includes all of Credirati, a platform that compares online mortgage credit options.

It is a huge step to consolidate in the real estate market, not only in Argentina but throughout Latin America.
The strategy of OLX is to expand the offer for its professional clients that are currently more than 2,500 throughout the region. "This acquisition and the addition of a team with excellent technical capabilities is a huge step to consolidate in the real estate market, not only in Argentina but throughout Latin America," said Ariel Meyer, leader of OLX in Latin America, and He was in charge of the negotiation.

The growth potential estimated by OLX in the real estate sector is very broad: in 2016 the region had more than 68,000 professional salespersons and the spending of online classifieds in the category exceeded USD 43 million. "A platform like Properati and the different business units that they have makes it possible for us to join efforts to deliver a much more sophisticated product to our users," Meyer added.

Gabriel Gruber, co-founder, and CEO of Properati, will lead the brand along with Martin Sarsale, also co-founder and current CTO, within OLX. "We are very happy to join forces and excited to contribute our experience and knowledge of the market but now from within OLX, this investment will allow us to take Properati to the next level," said Gruber.

The agreement is valid for Argentina, where Properati already has a good position within the market, and for other 13 countries in Latin America. But the negotiation excluded the markets of Brazil, Chile, and Mexico, where the brand will continue its business independently.

The OLX Group is today a global company that operates a network of platforms in more than 40 countries, with over 330 million monthly users around the world. On their sites you can buy and sell online products for the home, phones, cars and houses or apartments. In addition to the OLX brand, it has others such as Avito, dubizzle and letgo.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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