OTP Bank-owned OTP Otthonmegoldások has acquired real estate sites Költözzbe.hu, Újotthon.hu and Startlak.hu from their owners for an undisclosed amount.
With the transaction, OTP Bank has entered a real estate classified market in Hungary. The company plans to merge the acquired sites and create one that will be able to challenge the market leader Ingatlan.com. For now, the previous owners of the sites and their entire teams have been incorporated into OTP Otthonmegoldások, according to a report on Hungarian news site Forbes.hu.
OTP Bank is the largest bank in Hungary and a leading banking group in Central and Eastern Europe. It operates in eleven countries, serving 16.3 million customers with modern tools and a wide range of financial products.
Startlak.hu saw 1.4 million visits in January, while Költözzbe.hu had 541,300 visits and Újotthon.hu 7,702 visits in the same month, according to SimilarWeb.
The real estate market in Hungary is dominated by Ingatlan.com, which had 12.9 million total visits in January. Other important property verticals in Hungary include Mapsolutions’ Ingatlantajolo.hu and Otthonterkep.hu (which together had 736,100 million visits in the same month) as well as Mediaworks Hungary’s IngatlanBazar.hu (876,500 visits).
Adevinta-owned Ingatlan.Jofogas.hu, which is part of the dominant general classified site Jofogas.hu, also holds a strong position in the real estate category in Hungary with 3 million visits in January, according to SimilarWeb.