KUALA LUMPUR: Juwai IQI is upbeat about growth prospects this year and believes that single-digit growth in house prices in significant markets could lead to more transactions.
"Our 2024 residential outlook is positive, with single-digit home price growth. Factors holding price growth back include limited supply and persistently high interest rates in many countries.
"We expect demand to strengthen as rates fall, particularly in developing markets where housing is more affordable relative to household income," said Daniel Ho, the company's co-founder and group managing director.
According to him, Juwai IQI had reported a strong start to 2024.
He noted that global sales in January increased by 98 per cent over the previous year and that sales in Malaysia increased by 58 per cent.
Despite economic challenges, Ho cited the company's scale, technological prowess, and adept team as key factors driving exceptional performance.
Regarding the Malaysian market, he forecasted a stable interest rate environment maintained by Bank Negara Malaysia and anticipated a robust market with both prices and rents trending upward by year-end.
Juwai IQI achieved US$3 billion in property sales and expanded its global agent network by one third to 40,000 in 2023, amid economic obstacles.
The company executed 42,814 transactions, disbursing US$95 million in agent commissions last year.
Kashif Ansari, co-founder and group chief executive officer of Juwai IQI, said that despite facing inflation, high interest rates, and geopolitical tensions, the company managed to expand, close higher transactions, and recruit new agents in 2023.
"We completed nearly twice as many transactions in 2023 as we did in 2020, at the pandemic's on-set. That year, our transaction count was 22,000. Last year, we paid out commissions of US$260,000 per day, on average," he said.
Kashif credited the company's triumphs to the unwavering commitment of its partners worldwide.
He highlighted recent initiatives, including the establishment of Juwai Centres to facilitate Chinese outbound investment and the opening of new residential offices in Canada, Japan, India, and Brunei.
"We also rolled out AI-powered enhancements to our tech platform. All these accomplishments will contribute to our growth in 2024," he said.
