Other real estate marketplaces highlighted in the 141-page report included Schibsted, Naspers, Rightmove and CoStar, while themes including AI and consolidation were also analysed.

An Overweight label indicates the bank's opinion that the corresponding company's stock will outperform the sector average moving in 2025. The other labels are Neutral and Underweight.

REA Group was deemed Overweight with JP Morgan saying that, at the core of its thesis, "REA [continues] to take vendor wallet share from [rival portal Domain]."

Domain was labelled Underweight and is expected to underperform in 2025, with the bank saying downgraded offers and free listings led to Domain's average revenue per listing (ARPL) falling by more than 50% from Q4 2024 to Q1 2025. In other words, according to JP Morgan, Domain stock has limited upside in the next 12 months.

In the United Kingdom, Rightmove was also deemed Underweight after it became embroiled in an unexpected tug-of-war with REA in September 2024. JP Morgan said:

On the short side, we stay cautious on Rightmove (UW) - with the final curtain fallen on the Rightmove/REA deal, investor focus has shifted to Rightmove’s strategic execution in the next 12 months with a high bar now set on delivering shareholder value in years to come.

Through a European lens... Rightmove [is] overly expensive for low relative earnings growth over the outlook period.

Meanwhile, an Overweight tag was also reserved for CoStar Group, with JP Morgan on the record saying it has "high conviction" in CoStar's strategy:

We maintain a high-conviction call for CoStar.

The quality of [CoStar's] content is confirmed by over 100M monthly unique visitors (retail customers) across a range of online platforms. The majority of the revenues (>90%) are subscription based with an over 80%+ renewal rate, meaning a highly scalable operating model. CoStar Group already generates >$2.7B in revenue and sizable EBITDA margin (when excluding substantial spend on residential business expansion).

We think the company can deliver an 18% 3Y top-line CAGR. We like CoStar Group’s strategy of widening the audience of potential users of its must-have real estate information services through an online marketplace platform.

In mainland Europe, Overweight marketplace operators included Prosus, Naspers, and Schibsted, while Scout24 was upgraded to Overweight earlier this year.

JP Morgan said:

We recently upgraded Scout to Overweight from Neutral, with the stock standing as one of our top picks across European Internet – pairing competitive top-line growth with ongoing margin expansion, and compounding attractive valuation against its peer-set.

At the same time, we believe the current market environment is likely to reward resilient, less cyclical earnings momentum – where we see the company as positioned to benefit from additional product launches next to a strong core business going forward.

JP Morgan also discussed core themes including digitalization, artificial intelligence, and the likelihood of consolidation in the coming years:

The benefits of AI continue to unfold with product development, content creation and consumer experiences now in focus. There remains a need to tap into new revenue streams, which have already started to unfold. New product offerings include: a) more digital capabilities (such as entirely virtual viewing in the property vertical); b) transaction models that offer entirely new, incremental revenue streams; c) dynamic pricing options; and d) plenty of ancillary services.

The scene looks set for consolidation in Europe and beyond. Strategic activity in the sector has remained high in recent years, with Private Equity showing a strong willingness to engage Online Classified models, with ongoing strategic M&A in play. We expect this narrative to continue, if not intensify.

The $13.4bn take-out of Adevinta in May this year may prove the catalyst the market has been waiting for, and we see growing opportunity to further European marketplace consolidation, while the recent separation of Axel Springer’s classifieds business (now fully to private equity) may see more assets come to market, not withstanding CoStar’s ambition to consolidate across the rest of Europe. Importantly, we continue to see scope for Prosus (OW) to deploy further capital into classifieds, should attractive options arise.

With Classifieds a capital-light asset model where personnel expenses take the lion’s share of costs, we see headcount efficiency under scrutiny.

Finally, Prosus achieved the highest share price increase from January-November 2024, up 41% for the period, while Domain shares dipped the most at -19%. Interestingly CoStar share prices went down by 14%, while REA shares were up 36% for the period.

Europe: LeBonCoin up for sale? Not Yet, says CEO Antoine Jouteau

LeBonCoin CEO Antoine Jouteau has hinted that the marketplace may be up for sale, but insists "it is not a subject for now." [translated from French]

Jouteau told the French business channel BFM Business that a sale could be a "possibility" for LeBonCoin, the Adevinta-owned generalised marketplace.

Adevinta has already begun transitioning itself to divest from its diverse marketplace portfolio, beginning with Jouteau returning to his previous post if heading up LeBonCoin after Adevinta opted to operate without a centralised CEO.

In a wide-ranging interview, Jouteau also confirmed that LeBonCoin is seeking damages from Google in a multi-mission dollar lawsuit, and said the platform grew by 10% to €550 million in 2024.

Cinven completes $3.1 billion takeover of Idealista

Private equity firm Cinven finally closed its €2.9 billion ($3.1 billion) acquisition of the international real estate portal operator Idealista this week.

Despite being all but signed, sealed and delivered since this summer, Expansíon has reported that the official transaction closed on December 10, 2024.

The newspaper claimed it is the biggest single deal involving a Spain-based internet business of all time, with the valuation rising from the agreed sale price after changes in Idealista's operating performance in recent months.

Cinven's took a 70% stake in the portal operator, a clear market leader in Spain and Portugal, and a close-run market leader in Italy against Immobiliare.it.

Idealista Global, Idealista's parent company, increased its revenues to €259 million in 2023, a 19% increase year over year.

Asia: MagicBricks takes majority stake in PropViz

MagicBricks has acquired a majority stake in the proptech PropViz for an undisclosed sum.

PropViz offers 3D visualisation and immersive technology solutions such as virtual tours and smart maps, an integrated bookings system and real-time inventory management tools.

The proptech has developed 125 million sq. ft. of virtual spaces, designed 1,800+ interactive spatial layouts, and works with over 100 developers in India.

Sudhir Pai, CEO at Magicbricks, said:

"We now offer a full suite of solutions tailor-made for both homebuyers and developers as part of our full-stack positioning. For developers, apart from our leading ad-sales solutions, we’ve launched Site Visits & Verified Leads as disruptive solutions. With PropViz, we will expand our range of solutions for developers covering the entire funnel from prelaunch to launch to sustenance selling of projects."

United States: Compass to acquire Christie's International for over $400 million

The top broker in the United States, Compass, has agreed to acquire @properties and Christie’s International Real Estate for $444 million.

Compass is a big-name, coast-to-coast brokerage operator in the States and also competes with Zillow across mortgages and other services.

The addition of @properties (Chicago) and Christie's (nationwide, luxury properties) will

Robert Reffkin, CEO at Compass, said:

"We’re operating two great companies ‘as is,’ and that’s a really important message. We want to make sure we get the best from each other but not necessarily change quickly."

United Kingdom: Dwelly acquires another U.K. lettings business

The AI-enabled lettings marketplace Dwelly has made another acquisition after a busy second half of the year which has seen the challenger marketplace close two significant investments in rentals businesses.

Dwelly acquired Gallant Richardson earlier this month, adding circa 450 rental properties to its portfolio.

The acquisition follows the purchase of Lime Property in September, which added circa 1,000 properties to Dwelly's marketplace.

United Kingdom: Zoopla launches suite of new ‘smart tags’ for property searches

Zoopla has improved its search experience for consumers with the launch of six new ‘smart tags’, driving more quality buyers for agents as a result.

Zoopla has used Natural Language Processing (NLP) to extract features from the description and computer vision to extract features from the images. Users can now filter by the six new criteria or smart tags; conservatory, cottage, en suite, kitchen island, patio and period property.

The tags, which can be used in conjunction with keywords to provide a more specific search experience, were added in response to their respective popularity with visitors to Zoopla's real estate portal.

Rich Hayes, Chief Operating Officer at Zoopla said:

"We want to make it as easy as possible for Zoopla users to make the next move, be it finding a suitable property to view, or submitting an enquiry. We’re confident that investing in a best-in-class search experience is a key way to unlock this and drive further ROI for our agent customers as a result."

United States: Zumper adds an AI assistant for renters

Rentals specialist Zumper has launched Zoe, a GenAI-based chatbot that responds to questions and requests from would-be tenants.

The new feature is based on ChatGPT-4o, the most up-to-date publicly available version of ChatGPT, and was developed by Zumper over six months.

Zoe, free to use for landlords, can answer virtually any question a prospective renter might have about a property or its neighbourhood—from pet policies to local amenities.

Users can also book viewings using the bot.

Anthemos Georgiades, co-founder and CEO at Zumper, said:

"At Zumper, we’re committed to building AI products that are transformational, not just headline seeking.

“We want to harness AI to empower both property managers and renters in a whole new way. Zoe is a game-changer for the rental industry — she offers 24/7 support to educate renters, narrow down their search and help set up their tours. Property managers should expect to receive far better informed and quality Zumper leads when Zoe passes them across."

Europe: Domclick adds subscription offer for agents with fewer listings

DomClick, the real estate vertical of Russia’s state-owned bank Sber, has added a subscription service designed for agents with fewer than 20 listings.

According to DomClick, 3 out of 4 real estate agencies post less than 20 properties for sale. Under the DomClick Pro package for agencies and private realtors, DomClick will offer fixed minimum subscription packages that include 19 placements and reduced rates for promoting their listings.

Domclick also adds video listings

Meanwhile, users of the DomClick app on Android can now view short video ads.

According to findings from DomClick's pilot test, such ads are up to 11 times more likely to be shared or added to favourites, and call conversions have doubled since their launch.

Asia: Singapore portal OhMyHome launches HomerAI

OhMyHome has launched HomerAI, an AI assistant the Singapore-based marketplace describes as “a one-stop shop for all home-related needs.”

Key features for the new assistant include home valuations, data on recent sales by area, monthly price averages, property insights for local neighbourhoods, highest and lowest sale prices by area, and a GPT-powered search function for creating a shortlist of suitable properties.

Lamudi Indonesia partners with Ray White

The Digital Classifieds Group-owned real estate portal Lamudi Indonesia has partnered with the realtor brand Ray White.

Under the terms of the collaboration, 297 agents in 78 Ray White offices have been integrated into Lamudi.

Johann Boyke Nurtanio, CEO of Ray White Indonesia, said:

"This collaboration is in line with our tagline in 2025: ‘Collaboration, consistency, perseverance.’ Collaborating with advanced technology from Lamudi, we can facilitate agents to work more efficiently and provide better services to clients.

"We believe that with the support of technology from Lamudi, our agents will be more effective and efficient in increasing productivity while facing the challenges of an increasingly competitive property market."

United States: Bilt Rewards launches new tools to boost homeownership

Bilt Rewards, the pioneering rewards program for renters, today announced a groundbreaking expansion that allows Bilt Members to earn substantial Bilt Points when purchasing a home through an eXp Realty agent.

This first-of-its-kind program awards one point for every $2 of a home's purchase price—meaning a $400,000 home purchase could earn up to 200,000 Bilt Points.

Ankur Jain, Founder and CEO at Bilt Rewards, said:

"Americans receive rewards for everyday purchases, but have never been properly rewarded for the largest purchase they will make in their lifetime. Bilt pioneered Bilt Points on rent payments to give members something back on their biggest monthly expense. Now, we're going to reward them when they buy a home—their largest lifetime purchase.

"This is part of our broader mission to make the path to homeownership more accessible and rewarding for our members."

Bilt has launched an innovative home search tool that shows available homes based on best estimates of an all-in monthly payment—making it easier for renters to compare the monthly cost of homeownership to their current rent.

Leo Pareja, CEO at eXp Realty, said:

"Our strategic relationship with Bilt enhances provides homebuyers the ability to earn significant rewards while making the most important purchase of their lives. This collaboration not only simplifies the homebuying process but also brings unprecedented value to the table, helping more people turn their dream of owning a home into a reality. Together, we're creating a future where homebuyers are rewarded for every step they take on the path to homeownership."

Bilt raised a massive $200 million funding round at the start of 2024 at a valuation of more than $3 billion. Bilt's platform lets customers earn rewards on rent and family neighbourhood spending—with annualized member spending "nearing $20Bn". The platform announced EBITDA profitability in 2023.

United Kingdom: Rightmove changes 'misleading' ad after ASA steps in

Rightmove changed an advertisement deemed misleading after the Advertising Standards Authority stepped in.

The advert, for a free property valuation, stated: "How much is my house worth? Get a free, no-obligation, accurate market valuation from local property experts you select."

However, an estate agent made a complaint saying all the featured local agents in the campaign had actually paid to be involved—which Rightmove had glossed over in the advertisement.

The ASA said the matter was resolved informally, with a spokesperson telling The Negotiator:

"A complainant, a local estate agent, who understood the listed estate agents were a small selection within the area who had paid to be featured, challenged whether the ad was misleading as it omitted material information.

"We approached Rightmove with the concerns that had been raised. It agreed to amend its website so that it was clear that featured agents had paid a fee to promote their valuation expertise.

"On that basis, we considered the matter resolved."

Rightmove is set to launch a decision engine to value properties

Rightmove is working with major mortgage practitioners Legal & General to build and launch a 'decision engine' that values properties.

Also in collaboration with Gen H—a homebuying service provider—the decision engine will guide Rightmove on whether it is time for a property to be revalued or physically inspected based on several factors.

Legal & General has already built and launched the basis service under its Surveyancing Service, which collects data about properties from its backyard as well as Rightmove itself.

The decision engine aims to minimise the time between the initial enquiry and mortgage application process by ensuring that surveyors are up-to-date on the most pressing needs of would-be buyers.

Ed Burgess, strategic manager in data services at Rightmove, said:

"By using Rightmove’s market-leading property data, the property decision engine will help lenders determine the type of valuation required for a home more efficiently and with a higher degree of confidence.

"There’s a lot of exciting innovation happening in this area that will impact the way decisions are made during a property transaction."

Decision engines are tools that help users make decisions by applying a set of predetermined rules to a given situation. It works by analyzing the data and input it receives and applying the relevant rules to determine the appropriate course of action. Decision engines are therefore particularly useful for high-volume, repetitive decisions.

Airbnb long-term rental marketplace launches in London

Airbnb has launched a long-term rental marketplace in London, allowing tenants to sublet their homes on a part-time basis, according to reporting by the Financial Times.

The initial launch in the capital will encompass circa 1,500 flats in the city as Airbnb tackles ongoing complaints about its platform driving up housing prices and housing shortages.

Under the terms of the sub-letting programme, renters can connect with landlords willing to allow hosting under specific conditions, such as limits on rental days and agreements to share 10–25% of the hosting revenue with the landlord.

Airbnb generated revenues of $3.7 billion in the third quarter of 2024, up 10% year-on-year at an Adjusted EBITDA of $2 billion.

The high-profile agency chain Knight Frank has already stated that alarm bells should be ringing with Airbnb's move.

Gary Hall, head of lettings at Knight Frank, said:

"Without proper verification, this initiative risks landlords being exposed to unauthorised property listings by tenants who do not have approval.

"To prevent potential abuse of the system, more robust security measures will be essential, extending beyond a simple landlord signature.

"While most tenancy agreements prohibit subletting, it remains an issue and this initiative may inadvertently highlight it as an opportunity for some to exploit."

Irish portal Propgen officially launches

The new Irish portal, Propgen, officially launched last week, and has already attracted circa 50 properties to its real estate marketplace.

Co-founder Shane Fleming took to LinkedIn last week to share numbers, including how Propgen attracted its first listing just 24 minutes after launch.

Fleming went on to say that 86 agents in Ireland have already signed up to the platform. A quick look at the portal shows 49 listings (at the time of writing), mostly in and around Dublin.

Propgen will take on the likes of Daft.ie in Ireland.

Europe: Avito to rank development projects based on Moscow building control authority data

Avito, Russia's largest generalised marketplace, has introduced a feature to its real estate vertical whereby it will rank the risks associated with buying off-plan properties in Moscow using data from the city’s building control authority.

A press release from the company stated how Avito will determine the reliability of off-plan properties according to the developer's reputation for delivering on-time or not.

Russian off-plan property developments have gained a notorious reputation for delayed completion dates compared to the original construction project implementation schedule. Avito's campaign against fly-by-night developers will therefore incentivise buyers to only purchase properties from reliable companies.

Anton Slobodchikov, head of the Moscow building control authority, said:

"In order to increase the transparency of the shared construction market and inform potential buyers, the online platform Avito Real Estate will feature the Mosgosstroynadzor marking for all capital shared construction projects according to their degree of risk. This will provide citizens with an additional opportunity to freely and correctly choose when buying housing and will increase the security of transactions."

Vlad Fedolov, managing director at Avtio, said:

"Every month, Avito Real Estate offers more than 700 thousand properties in new buildings across the country. We carefully check developers and residential complexes, and then display this information on the platform. Now in the capital region we will be able to receive additional data from Mosgosstroynadzor, which will make the checks even more informative."

504 projects in the field of shared construction with a total area of ​​28.2 million square meters are being implemented in Moscow.

Polish portal Gratka.pl adds AI assistant and other features to real estate segment

Gratka.pl, a horizontal marketplace owned by Morizon Gratka Group, which is itself operated by Ringier Axel Springer, has added an AI chat assistant to its real estate segment, among other new features.

The assistant offers advice on personalized property matching based on user preferences, and can also retrieve data points including average selling prices and mortgage estimates for particular properties based on their location.

Additionally, an interactive map with search capabilities has been added, including neighbourhood analytics and the number of listings in those neighbourhoods.

The interactive map also lets users explore local amenities like transportation infrastructure, noise pollution levels, and even upcoming developments.

Łukasz Szymak, President of the Management Board of Grupa Morizon, told BusinessInsider:

"At Gratka, we understand that searching for your dream apartment or house is one of life's greatest challenges, which brings both excitement and stress. That is why our mission is to simplify this process, so that the buyer can focus on their dreams, not on difficulties. Our goal is for Gratka.pl to be the most organized and transparent database of offers on the market. In the new service, we have introduced a number of advanced functions that facilitate navigation and the process of searching for real estate." [Translated from Polish]

Etagi says homeowners can achieve 30% extra rental income by investing in home staging

The Russian hybrid real estate portal operator Etagi claims homeowners who list their properties for rent can achieve up to 30% extra rental income simply by investing in home staging.

According to Olga Pavlinova, director of the residential and commercial real estate rental department at Etazhi, many owners who had previously planned to sell their apartments are switching to renting them out, which is gradually increasing the supply on the market.

And experts suggest that, according to data, landlords should take advantage of home staging and invest in making their homes more attractive for would-be tenants.

Lyubov Kasymova, Interior designer of the renovation and pre-sale preparation department at Etagi, said:

"Home staging allows finding tenants faster: apartments with an up-to-date interior receive up to 50% more views on the site and are rented out 30% faster. This will also help increase rental income: the maximum increase in value for short-term rent is up to 25%, for long-term rent—up to 30%."

Fotocasa launches machine learning feature for image interrogation

Fotocasa has launched an automatic suggestions feature to facilitate the sale of real estate.

The Machine Learning model identifies the relevant elements that appear in the images, such as the availability of terraces, air conditioning, or furniture. The new tool allows listings to be completed faster and more accurately, improving property visibility.

Fotocasa says the Automatic Suggestions feature is a first in Spain, whereby a Machine Learning model automatically detects the characteristics of a home by analyzing the photos that the user uploads, such as a terrace, air conditioning unit, or if it is furnished.

This way, the user can create an ad more quickly and easily, as the detected features are automatically suggested to be added to the ad effortlessly and in less time.

Maria Matos, director of studies at Fotocasa, said:

"This new functionality is a great advance to make ads more detailed and visible in specific searches, thus improving the possibilities of sale or rental. In this way, Automatic Suggestions speed up and facilitate the sales and search processes for users."

In Florance's case, this is true—literally. He founded CoStar in 1986 and has led the company since its inception, a rarity in any industry.

Now into his fifth decade as a CEO, Florance has built one of the most imperious publicly-owned real estate businesses globally and has embarked on an intercontinental expansion plan that will surely see him head up CoStar Group on both sides of the Atlantic for at least the next ten years. It would take a brave man to doubt Florance's ability to lead CoStar Group to further success in Europe and beyond—he has the track record to prove it. Again, this is true—Florance used to be a competitive runner before trading in sneakers for computers!

After a lengthy and wide-ranging interview on stage with Online Marketplaces chairman Simon Baker, Florance kindly agreed to go on the record so we could share some of his behind-closed-doors thoughts with readers and stakeholders globally—even though his schedule conflicted heavily with a follow-up interview.

I asked him if it was the nature of rivalries and competition that pushed him to even greater heights.

"I enjoy competing for sure," says Florance. "When I was a competitive runner, I never would have set a lap record without my competitors. I prefer to win, not lose."

I then suggest, perhaps unfairly, that he also enjoys lawsuits—CoStar Group has had its fair share of them in Florance's time.

After a surprised chuckle, Florance put his CEO hat back on and told me that, in fact, he does not enjoy lawsuits, "but I’m not afraid of them."

"There’s no sports team with a better track record than our legal track record. We know what we’re getting into, we know what we’re doing, and we overwhelmingly prevail in the things we go into."

This isn't the main topic of our conversation today, but I push him for more.

"I am a fierce protector of our shareholders’ interests. So I do not sit quietly by when someone comes to try and steal my shareholders’ equity. You’ll find that I can be quite assertive."

There are bigger fish to fry than CoStar's ongoing legal battle versus Move Inc.—but Florance did allow himself one small dig at rival CEO Damien Eales from Realtor.com.

First, the context. Amid an ongoing paradigm shift in the United States, Florance's residential portal Homes.com occupies a safe seat while rival portals Zillow and Realtor.com will need to work hard to circumnavigate a historic lawsuit that will effectively outlaw buyer agent commissions (paid for by home sellers who may never meet the agent).

How will Zillow and Move react to this seismic shift in the industry landscape?

"The United States is fascinating right now. I believe that you're not going to be able to do lead diversion by this time next year in the United States, which means Zillow and Realtor have to find a new revenue model in 2025.

"Homes.com, maybe by luck, didn't go anywhere near lead diversion because it violated one of our core principles which is to treat the customer with respect. And so we are focusing on what portals do around the world, which is helping people generate interest for their homes and generate traffic and leads to sell the home right and maybe to win listings.

"I believe you'll have a completely different situation in the United States in the next year or two or three. The existing business models will not be viable."

This begs the question: can Zillow and Realtor.com achieve these pivots? As always, Florance has an answer and wastes no time in sharing it.

"I would say that Zillow has acknowledged that our business model is the future. They've publicly said 'we're working hard to get rid of our lead diversion revenue, and we are trying to get to the 'Your Listing Your Lead' model like Homes.com'.

"They're watching what we're doing, and Zillow is trying to change to what we're doing."

It's here that Florance challenges Realtor.com:

"Uh, Realtor[.com] doesn't understand anything I'm saying and is just doing what they're doing."

We swiftly move on to CoStar Group's latest big-name acquisition target, Matterport. With a $1.6 billion takeover set to be completed in the next 3-6 months, where does CoStar Group see the use case for Matterport technology as part of a digital real estate journey in the future?

"I think exposing the capabilities of Matterport more broadly to the world is very valuable. Matterport is a great technology that has sub-5% penetration. As people see it more on our portals and see how fantastic it is, more portals will use it. The exciting thing about Matterport is that it is at the beginning of its development cycle, it is not an ageing technology that is ‘done’—it is in the beginning."

It is clear that Florance is excited by Matterport and enjoys talking about it.

"Matterport is a real implementation of AI. If I can take this room, for example, and ask Matterport to remove this table, remove these chairs, and just show me the carpet, that is real Artificial Intelligence. And as Matterport grows, it becomes more intelligent."

It appears that Florance's vision for Matterport is to bring sniper rifle accuracy to the industry's hitherto scattergun approach to property valuations.

"I believe that Matterport will be essential to valuation. The current valuation models fall short, modern-day Valuation Models are about as accurate as a hand grenade, but you’ll be able to do rifle shots eventually. When the model can assess the condition of the property effectively when you have an exterior Matterport that observes the neighbourhood and the software is looking at the renovations, the bedrooms, the walls, the wallpaper, the layout, the configuration—everything—it will surpass a human’s ability to value a property accurately."

Part two of my interview with Andy Florance—focused on Europe and other industry topics—goes live tomorrow. Read it for free on Online Marketplaces.

Zillow C-Suite changes continue with new COO

Zillow has appointed Jun Choo as the firm's new Chief Operating Officer.

Choo, promoted from within after 10 years at Zillow, fills the void created by new CEO Jeremy Wacksman, who stepped into Rich Barton's role earlier this year.

Wacksman said:

"Jun has long been an instrumental leader in our company, consistently creating and scaling innovative solutions across our business.

"He has been a key driver of our numerous technology investments to digitize the industry. Under his leadership, we will expand the integrated transaction experience to more customers – agents, movers, and industry professionals – and offer them a better way to transact in real estate."

Meanwhile, two senior executives will depart Zillow imminently, with Susan Daimler and Matthew Daimler, president and chief product officer respectively, both leaving the company.

Wacksman added:

"We're grateful for both Susan and Matt's many contributions and leadership over the last 12 years.

"They've each had a tremendous impact on Zillow's growth and success and we wish them all the best."

Adevinta to operate without Group CEO in favour of "Demerged" approach

According to AIM Group, Adevinta's rumoured new CEO, Jacob Fonnesbech Aqraou, will, in fact, not be taking up the position.

AIM previously revealed that Aqraou was to be the new CEO of the conglomerate but has now updated its reporting to say that sources within Adevinta have confirmed that the marketplace giant has no need for a centralised CEO given the impending breakup of the business.

Adevinta owns marketplace businesses throughout Europe and it is understood that new owners, Permira and Blackstone, see the future of the company as a "demerged" entity with individual brands operating accordingly.

An anonymous source told AIM: "If you decentralize and everything goes back to the country level, you don’t need a CEO," while another said, "They want to dismantle Adevinta and sell it in pieces, so the CEO position is not really needed anymore."

However, it is still understood that Antoine Jouteau has indeed returned to Leboncoin after two years as CEO at Adevinta.

CoStar has taken a 10-year lease and plans to relocate staff in August 2025.

The real estate giant already has an active London HQ, 42,254 square feet of office space shared between The Shard and the Blue Fin building.

But now CoStar will expand away from the Shard and wholly into the Blue Fin to a 51,721 square feet space. The new space will see CoStar consolidate its UK footprint into one space with extra room for expansion.

Assets including CoStar UK, the commercial real estate information provider; STR, the hospitality benchmarking data group; LoopNet, the commercial real estate online marketplace; and residential property portal OnTheMarket—are likely to be partly or wholly relocated to the new space.

CoStar has 6,400 employees.

Online Marketplaces has approached CoStar for a quote.

Europe: Etagi to take on market leaders as an Aggregator

Etagi, a hybrid brokerage and marketplace in Russia, is set to take on market leaders Cian and Avito by transforming into a real estate aggregator.

Founder Ildar Khusainov told Newslab that Etagi's core innovation this year was to support more real estate agents around Russia by pivoting into an aggregator.

Etagi will open its website to other real estate agencies to list properties and will provide tools for their promotion, including Etagi's popular mortgage offering, and over 1,500 strategic partnerships with developers and banks.

Khusainov said:

"For the Russian real estate market, where, as a rule, the real estate business is built on the principles of autonomous databases of properties, this is a revolutionary solution.

"We have long discussed this development option, now it has become more than relevant and will allow, among other things, to support small real estate agencies in these difficult market conditions. We are ready to provide the opportunity to use the resources of our site to place properties of other agencies and provide tools for their promotion. Only by creating competition for established models can the market be developed."

Cian and Avito are two of the largest marketplace businesses in the world.

Cian redomiciled itself in Russia in September after recording strong results in Q2, while horizontal marketplace giant Avito had its app unceremoniously removed from Apple's app store this summer.

United Kingdom: Zoopla adds agents' carousel for extra visibility

Zoopla has added a "property for sale" carousel at the bottom of listings pages for the listing agents, to add visibility to extra stock on the agent's books.

Zoopla listings also show the total number of properties listed on Zoopla. Agents also have the opportunity to highlight their membership in organisations like the Royal Institute of Chartered Surveyors (RICS), further enhancing their credibility.

Rich Hayes, Chief Operating Officer at Zoopla said:

"We recognise that a big part of why agents choose Zoopla is to gain additional reach and exposure for their property listings.

"This is why we’re doubling down on driving increased exposure for agents on the Zoopla website, which will deliver increased lead volume and quality in time. This is just the beginning of how we’re improving ROI for our brilliant agent partners, with much more to come in 2025."

Zoopla also announced improvements to its Find Agents page, whereby consumers can now search for an agent by geography, radius, agent type and even agent name simultaneously, delivering even more tailored results.

OneDome acquires mortgage advisory firm Albany Park

OneDome has acquired mortgage advisory firm Albany Park from HatBox Group to boost its homebuying services offering.

OneDome clients will benefit from widened access to expanded mortgage offerings and a further enhanced homebuyer journey.

Babek Ismayil, chief executive at OneDome, said:

"We are thrilled to welcome Albany Park Mortgages to the OneDome family.

"This acquisition enhances our ability to deliver seamless mortgage solutions to customers while offering greater choice and convenience. With Albany Park Mortgages’ expertise, we continue to push forward in our goal of transforming the home-buying journey and setting a new standard in the industry."

Steve Whatley founder of Albany Park, added:

"We are on the verge of exciting changes as we launch our new brand, Cignpost Insurance.  With this new focus on health and protection, we are very pleased to have found such a suitable home for Albany Park Mortgages and its mortgage advisers."

United States: Zillow launches Observed Rent Forecast

Zillow has released the Zillow Observed Rent Forecast (ZORF). ZORF provides forecasts for the Zillow Observed Rent Index (ZORI), which measures changes in asking rents over time.

ZORF data is available nationwide for single-family homes and multifamily residences.

Zillow said:

Rental prices and the rental market are inherently interconnected with the for-sale real estate market. To effectively capture the relationship between these two markets, and to leverage our industry-leading, for-sale market forecasting suite in ZORI forecasting, we pioneered a structural approach grounded in solid economic theory and well-supported by empirical evidence.

Oceania: REA Group to launch privacy first advertising products in 2025

REA Group has announced it will offer new advertising solutions to unlock actionable insights and deeper personalisation, enabling customers to better target their campaigns while giving consumers increased transparency and control over the use of their data.

Developed in collaboration with LiveRamp, a leading data collaboration platform, the solution will launch in early 2025 for media customers.

The LiveRamp Clean Room will create a secure and controlled data collaboration environment with approved partners allowing REA to deliver top insights to advertisers.

Rob Hudson National Sales Director (Media) at REA Group, said:

"We’re delighted to partner with LiveRamp to provide REA customers with optimised insights that support the execution of their advertising campaigns.

"Our personalisation strategy is at the core of realestate.com.au’s audience leadership, with more than 11.9 million Australians visiting realestate.com.au on average each month.

“We know the industry is grappling with audience fragmentation and upcoming privacy legislation changes will shine an even brighter spotlight on data use. REA is committed to privacy best practices, and we continue to invest heavily in uplifting our privacy capabilities while ensuring we have appropriate consumer consent."

Asia: MagicBricks adds Site Visit product for home buyers and developers

MagicBricks, the India-based real estate marketplace, has launched a Site Visit product for home buyers and developers to streamline property visits for new-build properties.

The company says the product has already been used 16,000 times resulting in more than 1,000 bookings

MagicBricks said:

The Site Visit product addresses key challenges for both home buyers and developers. Many homebuyers, due to busy schedules, miss out on visiting multiple properties while deciding on their ideal home. On the other side, developers face challenges in engaging high-intent customers effectively.

The Site Visit product offers a comprehensive experience, beginning with expert project recommendations tailored to buyers’ specific needs. By considering factors, such as budget, location, and configuration, MagicBricks curates a shortlist of properties that aligns with buyers’ preferences. Furthermore, the product provides logistical support, ensuring a seamless experience as buyers visit selected properties.

Sudhir Pai, CEO at Magicbricks, said:

"This initiative not only simplifies decision-making for buyers but also provides logistical support, benefiting developers by presenting a more focused audience and creating an effective sales funnel by bringing in high-intent buyers to tour new properties. It further adds value through repeat visits, signaling strong buyer interest. In some instances, buyers have viewed 4-5 properties in one day, reducing decision-making time by nearly 50%.."

MagicBricks competes with the likes of 99acres and Housing.com for market leadership in India, one of the most fiercely fought battles for number-one status in global marketplaces.

Emlakjet launches B2B service Emlakjet Link for member offices

Emlakjet, one of Turkey’s leading real estate marketplaces, has launched a B2B service for agents looking to gain sales authorization for branded projects in Turkey and abroad.

The new Emlakjet Link service allows real estate offices to work directly with partners' projects, offering their clients an extensive selection of vetted and profitable investment opportunities.

Through Emlakjet Link, agents can select the best project for investors; submit investor information to facilitate communications and transactions; and earn competitive commissions with each successful sale.

Emlakjet Link is only available to member agents.

Highlights include:

• Quarterly revenues increased 8% year-on-year, up to $43.8 million
• Subscription revenues increase to $25.3 million for the quarter and $73.5 million YTD
• YTD revenues of $125.8 million
• Net losses in Q3 reach $38.4 million
• Net losses for the year already surpass FY 2023

RJ Pittman, Chairman and CEO at Matterport, said:

"I’m pleased to share our third-quarter 2024 results, highlighting our continued success driving efficient growth.

"Total square feet managed reached 47.3 billion, up 34% year-over-year, with annual recurring revenue hitting a record $101.5 million, an 11% increase year-over-year.

"Our Fall 2024 Release introduced groundbreaking AI-powered tools designed to elevate digital twin applications and real estate listings. With one-click defurnishing and automated property descriptions from a Matterport digital twin, customers save time, streamline workflows, and enhance their listings. Features like 3D model merge, field tags, and bill-back processing bring unmatched speed, efficiency, and precision to managing spaces at scale for agents, contractors, and enterprise teams alike.

"We believe our innovation pipeline is the strongest it’s ever been, and with customers raving about our Fall 2024 Release, we’re setting the stage for more bold, product-led growth in 2025."

Matterport continues to increase its revenues steadily quarter on quarter, with admirable growth for its subscription packages now accounting for well in excess of half of the proptech's overall revenues. The good news for Matterport is that every quarter seems to deliver record revenues, if marginal.

Nevertheless, Matterport's net losses continue to be a problem. Firstly, there appears to be no obvious pattern proportionate to revenues, while Q2's exceptional loss of $141 million stick out like a sore thumb after Matterport incurred costs of $95 million in litigation costs.

In Q1 2024, Pittman suggested profitability was a realistic target for the digital twin specialist. This is not the case as the year draws towards its close.

In fact, losses appear to be widening as revenues go up. Even Q2's massive outlay on the courtroom, an exceptional one-time cost, somewhat masks what would ordinarily have been widening net losses $46 million—a $10 million quarter-on-quarter increase from Q1.

While full year losses for 2023 hit $199 million, Matterport's net loss for the first nine months of the year are $216 million (in part due to the one-off litigation cost). Nevertheless, full year losses would otherwise likely narrow for the Matterport's full year results due in February 2025.

Matterport and CoStar

Matterport is currently under offer by CoStar Group, with a $1.6 billion dollar acquisition expected to close by the end of the first quarter of 2025 after receiving approval from Matterport shareholders in July.

The difficult reality for CoStar CEO Andy Florance will be how to effectively absorb a market leader that can't turn a profit into CoStar's business and trim it down to a size that pleases the industry and shareholders alike.

With a career's worth of the "ruthless" moniker under his belt, Florance will almost certainly need to restructure Matterport to make it a financially sound investment in the long-run, especially given CoStar's lofty ambitions of evolving Matterport into a "something-for-everyone" technology widely available to the global real estate industry.

Is CoStar overpaying for Matterport? Watch the PPW Podcast episode below to find out what Online Marketplaces chairman Simon Baker thinks.

The layoffs—around 17% of Opendoor's total workforce—mark the third major round of layoffs since November 2022, when it laid off 550 staff (18%), with a further 560 cuts (22%) in April 2023.

Opendoor has now cut 1,400 jobs in two years as it looks to corner the iBuying market in the United States.

Opendoor operates one of the few remaining iBuyer specialists, increasing its buying activity by more than 10% last quarter. The business still clearly believes that its model has the stamina to push through its heavy losses, forecasting 2,200 home purchases in Q4.

In its Q3 letter to shareholders, Opendoor said:

Today we announced a reduction in force that impacted approximately 300 roles, or 17% of our workforce, as part of a reorganization aimed at prioritizing strategic growth initiatives, flattening reporting structures, and driving efficiencies.

We expect the fully-realized cost savings from this reduction to be approximately $50 million on an annualized basis.

This reduction, combined with progress we have been making on other cost saving measures, are necessary as we aim to reach Adjusted Net income profitability.

In defence of Opendoor, revenues jumped and losses closed by over $28million YoY in last week's Q3 financial statement—but the struggling iBuyer is fighting tough marketplace conditions on the one hand and self-inflicted bloatation on the other.