Juwai IQI hits US$3b in sales, expands global agent network to 40,000

PETALING JAYA: Juwai IQI, the Asia-headquartered global proptech, has set records in a year marked by economic challenges, achieving US$3 billion (RM14.3 billion) in sales and expanding its agent network by one third to 40,000 worldwide.

The company completed 42,814 transactions and paid US$95 million in commissions to agents in 2023. In Malaysia, it moved into its new Global Command Centre. Internationally, Juwai IQI increased its global footprint with the opening of its 52nd office.

Juwai IQI co-founder and group CEO Kashif Ansari said, “Despite inflation, high interest rates, and geopolitical tensions in the world, Juwai IQI managed to expand, close 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 onset. That year, our transaction count was 22,000.”

Last year, he added, Juwai IQI paid out commissions of US$260,000 per day, on average.

“Our success is a testament to the hard work and dedication of our incredible team and partners around the world. It’s also further evidence of the superiority of our technology, including our agent super-app Atlas and our marketing portals, iqiglobal.com, juwai.com, and juwai.asia,” said Ansari.

Daniel Ho, co-founder and group managing director, said they are excited about the prospects of further growth in 2024 as the year has started strong, with January worldwide sales 98% higher than a year earlier.

“January sales in Malaysia were 58% higher than in January 2023. Our focus this year is on increasing transactions, launching new tech to boost agent productivity, further building our team of agents, and extending our geographic reach. Economic conditions in the past year were difficult, but our scale, technology and team enabled us to deliver excellent results,” he added.

Ho said their 2024 residential outlook is positive, with single-digit home price growth and 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. In Malaysia, we expect Bank Negara to keep interest rates steady in 2024 and a stronger market, with both prices and rents higher by year-end,” he said.