Hipflat, an online real estate and rental search portal used by millions of home buyers and renters in Thailand, is using blockchain-based technology, creating a verified listing feature.
“On a global spectrum, in some areas up to 90 per cent of online listings are either not up-to-date, the full information is not provided or the properties are not available; creating confusion about what properties are currently on the market and at what price. The result of this cloudy market, which is an issue in Thailand, as well as Southeast Asia and other countries worldwide, is that it creates lack of trust and belief in property listings online,” said Denis Nemtsev, CEO of Hipflat.
Vast, diverse and highly competitive, Thailand’s property sales and rentals markets can also be obstructively unwieldy. Lack of market data equals less transparency in the market which hinders owners, buyers, landlords and renters in making valid transactions; leading to low liquidity with the market not able to reach its full potential.
Whilst Thailand is faring better in the region than just a couple of years ago, globally it is lagging behind countries like the US which are far more regulated.
Many mature economies are achieving advances in transparency and boosting liquidity through so-called proptech; pioneering blockchain technology applied to the property markets.
With real-estate investment at an all-time high in Thailand, Hipflat is adopting the blockchain-enabled protocol, Domus, to push Thailand over the border into the realm of transparency.
Meanwhile, property portals and real estate agents can also compound these market challenges, with out-of-date, inaccurate and missing information clouding transparency further and resulting in a marketplace that cannot be trusted and relied upon.
The Hipflat verified listings feature is a tool that ensures that property details have been independently validated by Hipflat members through either direct contact or site visits; dramatically improving accuracy and presenting trusted and reliable property data.