Property platform with Groupon-like model that offers discounts to investors who club together aims to shake up the market

Name: Promising “vertical forest” in China overrun by plants and plagued by mosquito infestation
Uploaded: 2021-01-05T02:00:19.000Z
Duration: 1 min 28 s
Description: Promising “vertical forest” in China overrun by plants and plagued by mosquito infestation

Auckland-based Du Val PropTech allows investors to receive sizeable discounts by grouping together to buy overseas properties

Proptech, which uses AI, blockchain and big data, has seen a sharp rise in adoption as the coronavirus has disrupted travel and made it hard to host traditional property exhibitions

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Du Val PropTech has sold some 40 homes in two new projects in the UK to overseas buyers, including 10 from Hong Kong. Photo: Reuters

Pearl Liu

Published: 10:00am, 5 Jan 2021Updated: 7:58pm, 5 Jan 2021

A new technology platform that allows investors to receive sizeable discounts by grouping together to buy overseas properties, is hoping to reshape the worldwide real estate market.

Auckland-based Du Val PropTech has sold some 40 homes in two new projects in the UK to overseas buyers, including 10 from Hong Kong, since it launched on December 15. It uses a model similar to that of Groupon – the more buyers join up to buy a block of units, the higher the discount the developer is willing to offer.

While discounts vary between projects, the biggest discount an individual buyer has received so far was £300,000, or 19.5 per cent off a flat in London.

“It is a win-win for both buyers and developers. The developers just offer [a discount equivalent to] what they used to spend on overseas marketing to buyers directly and can secure the volume through one online launch,” said Ashley Osborne, PropTech’s CEO.

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Promising “vertical forest” in China overrun by plants and plagued by mosquito infestation

Osborne, who used to be with Colliers International serving Hongkongers looking for international properties, pointed out that the biggest burden for developers selling in other markets is having to stage prestigious property exhibitions in luxury hotels.