Global classifieds company Mitula Group recently published its first housing price trends report for the Spanish real estate market, drawing on big data collected by a dedicated business unit. Company CEO Gonzalo del Pozo tells PPW about the report's key findings.
“The report is used more as a starting point for us to do some branding - it's more the idea that this report will be used for the industry rather than for the end-consumer,” del Pozo told PPW.
The focus, in the inaugural report, was mainly on the local and coastal housing markets in Spain, del Pozo explains. He says that one of the report's trends was that coastal home prices rose last quarter because of European buyers who purchased properties within these tourist areas.
Although the report focuses on the Spanish property market, the idea is that other countries in which Mitula operates will eventually have their own individual report, to give property searchers in those countries an indication of indexed pricing. These reports will differ to the housing price trends report.
“We won't replicate the same report in other countries,” del Pozo notes. “We believe that in other markets the needs will be different. “What we are trying to do is to work to a different index that can be compared to different cities, not even countries,” he says.
“The idea is that we can release a report with the Mitula index; so to speak, that will compare properties in different cities around the world.
“We have portals in 50 countries and in real estate we don't have enough data in all of them. For most of the countries and most of the important cities, we can create an index based on the product research and development - you normalise the incomes and you can get information about how cheap or expensive it is to buy a house in cities rather than countries.”
One of Mitula’s significant advantages in regards to its report is the way the data is stored.
“There are a lot of real estate portals that have their own reports and usually those portals are based around what the user is looking for,” del Pozo says. “But the main difference with us is that we have all the listings in Spain in the same database. It's different because in our case we can analyse anything that users are searching for.”