Property24

Last updated

Property24
Industry Real estate
Tech
Founded2000;25 years ago (2000)[ citation needed ]
FounderJP Farinha[ citation needed ]
Headquarters
Cape Town
,
South Africa
Area served
Africa [1]
Key people
Nalen Naidoo (CEO) [2]
ServicesProperty listings
Owner Naspers, via subsidiary Prosus [3]
Number of employees
118 (2025) [4]
Website www.property24.com

Property24 (stylized as property24) is a South African real estate listing website, with operations across 9 African countries. It is owned by Cape Town-based mass media company Naspers, via its majority-owned subsidiary Prosus, and is part of the OLX group of companies. [5] [4]

Contents

Property24 is South Africa's largest real estate listing website by monthly visitors, and had over 300,000 active property listings in May 2025. [6] [7]

History

In November 2016, parent company Naspers announced that Property24 had bought rival South African real estate listing website, Private Property. At the time, the latter was owned by One Africa Media (OAM). The deal was subject to approvals, and it was reported that because of the consolidation, the South African Competition Commission would likely review the sale. [8] [9]

However, in September 2017, Private Property announced that it had concluded a deal, with the assistance of industry body Real Estate Business Owners of South Africa (REBOSA), where its ownership would change from US-based OAM to a consortium of South African investors, which included publisher Caxton. [10]

Operations

Property24 operates a real estate listing website and mobile app, where estate agents can list both rental and sale properties of various types, including apartments, detached homes, townhouses, farms, vacant lots, and commercial property. [4] [7]

The company has listings across 9 African countries; South Africa, Mauritius, Botswana, Namibia, Mozambique, Zimbabwe, Zambia, Kenya, and Nigeria. [1]

The website is by far the largest property listing website in South Africa, and as of May 2025, had around 2.2 million visitors per month (26.4 million per year). [6]

Property24 has over 300,000 active property listings on its site, as well as over 800 independent property websites running on its platform, with 5,000 estate agencies and 40,400 estate agents using its systems on a daily basis, as of May 2025. [7]

The company features its properties on partner websites the Mail & Guardian, news24, and 24.com. [5]

Among the estate agencies and property developers using Property24 to list their properties are RE/MAX of South Africa, Lew Geffen Sotheby's, Pam Golding, Chas Everitt, Seeff, Harcourts, Rawson, Century 21, Engel & Völkers, AÏDA, trafalgar, Cosmopolitan Projects, Central Developments, Galetti Corporate Real Estate, OfficePlace, Standard Bank, and IWG. [11]

Controversy

In 2024, the South African Competition Commission instructed Property24 and its South African competitor, Private Property, to stop charging listing fees, and put an end to their multi-year contracts with large real estate agencies. This instruction came after the Commission's "Online Intermediation Platforms Market Inquiry", which was initiated in 2021 due to the belief that market features of online intermediation platforms may impede, distort, or restrict competition. [12] [13] [14]

See also

References

  1. 1 2 "Property24 - Property for sale in Africa". Property24. Retrieved 24 May 2025.
  2. ↑ Gugu Lourie (21 June 2021). "Prosus-Backed OLX Group And Owners Of Property24 Attracts 22 Million New Customers". TechFinancials. Retrieved 17 November 2024.
  3. 1 2 3 "Property24 Overview". PitchBook. Retrieved 24 May 2025.
  4. 1 2 "Property24 - About Us". Property24. Retrieved 17 November 2024.
  5. 1 2 "Competitive Research - Overview - Property24". SE Ranking. Retrieved 24 May 2025.
  6. 1 2 3 "Company Profile". Property24. Retrieved 24 May 2025.
  7. ↑ Siseko Njobeni (2016). "Property24's acquisition deal in spotlight". IOL go2africa. Retrieved 24 May 2025.
  8. ↑ Staff Writer (15 November 2016). "Property24 buys rival Private Property". MyBroadband. Retrieved 24 May 2025.
  9. ↑ Staff Writer (28 September 2017). "Private Property bought by South African consortium". MyBroadband. Retrieved 24 May 2025.
  10. ↑ "Property24 - Estate Agencies". Property24. Retrieved 24 May 2025.
  11. ↑ Bonny Fourie (2024). "Property 24, Private Property must end discriminatory contracts – Competition Commission". IOL. Retrieved 24 May 2025.
  12. ↑ Daily Investor (3 August 2024). "Crackdown on Private Property and Property24". MyBroadband. Retrieved 24 May 2025.
  13. ↑ Fatima Osman (10 October 2023). "The online property shake-up". Dentons. Retrieved 24 May 2025.
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