Property Finder
 | |
| Industry | Technology and real estate |
|---|---|
| Founded | 2018 |
| Founder | Michael Lahyani |
| Headquarters | Dubai, United Arab Emirates |
| Services | Online real estate portal |
| Website | |
Property Finder is a pioneering property portal in the Middle East and North Africa (MENA) region.[1] Established in 2005 by Michael Lahyani, the company provides advanced tools and user experiences for home seekers, real estate brokers, and developers.[2] Property Finder operates in several countries, including the UAE, Qatar, Bahrain, Saudi Arabia and Egypt.[3]
History
Property Finder was founded in 2005 as a print magazine named Al Bab World in the UAE by Michael Lahyani. In 2007, Australia's REA Group acquired a 51% stake in the company and rebranded it as Property Finder. In 2010, the company was repurchased by Lahyani. In 2012, Property Finder launched Prestige Magazine, a luxury property publication.[4]
The company launched its first international website in Qatar in 2012, followed by expansions into Bahrain and Egypt in 2013, Morocco in 2014, and Saudi Arabia in 2019.[5]
Since its inception as a web-based property portal, Property Finder has achieved multiple firsts and industry benchmarks:
In 2015, Property Finder was the first company to introduce Verified Listings to enhance listing accuracy.[6]
In 2019, the company, in collaboration with the Dubai Land Department, launched Mo’asher, Dubai’s official sales price index.[7]
In 2020, Property Finder developed PF Flex, the first AI-driven subscription model.[8]
In 2022, the company launched Super Agent, the MENA region's first AI-driven agent ranking system.[9]
In 2023, Property Finder introduced Data Guru, a comprehensive solution for property seekers, offering valuable data and market insights to empower informed decision-making when searching for rental or sale properties. The same year, Property Finder hosted the Connect 2023 event, gathering UAE real estate industry leaders and also hosted the inaugural annual PF Connect event, gathering UAE real estate industry leaders to share market learnings, best practice and key insights.[10]
In 2023, Property Finder hosted the inaugural annual PF Connect event, gathering UAE real estate.[11]
Operations and services
Property Finder operates a web and app platform across five countries: the UAE, Bahrain, Qatar, Saudi Arabia, and Egypt. It facilitates over 14 million monthly visits and employs over 600 people across five regional offices. The platform provides real estate listings and services for buying, selling, leasing, and renting properties.[12]
The company has developed a reputation for innovation in the proptech sector, launching various innovative tools, including PF Flex, an AI-driven subscription model; Super Agent, an AI-driven agent ranking system; and Data Guru, a data insights tool for property seekers. Property Finder regularly publishes market-watch reports to highlight market performance and trends across each country in which it operates.[13]
Funding and acquisitions
Property Finder partnered with Yahoo! Maktoob in 2012, becoming the portal's exclusive real estate partner.[14]
Funding
In 2013, Property Finder closed a Series A funding round led by BECO Capital, involving investors from Turkey, Asia, Dubai, and Silicon Valley.[15]
In 2016, Sweden-listed investment firm Vostok New Ventures purchased a 10% stake in Property Finder for $20 million.[16]
In 2018, Property Finder raised $120 million from US private equity firm General Atlantic to invest in product and technology development.[17]
In 2024, Property Finder announced the successful raising of US$90 million in debt financing from Francisco Partners, marking its first regional investment, to facilitate the buyback of shares from BECO Capital.[18]
Acquisitions
In 2013, Property Finder Inc. acquired realestate.com.lb, a leading property portal in Lebanon, and expanded into Bahrain and Egypt, launching propertyfinder.bh and propertyfinder.eg.[19]
In 2014, Property Finder acquired esimsar.com in Saudi Arabia, rebranding it as propertyfinder.sa in 2019.[20]
In 2016, the company acquired a majority stake in Mortgage Finder, a mortgage advisory firm in Dubai. The platform within Property Finder now offers users limitless access to tools such as an affordability calculator and a mortgage calculator.[21]
Property Finder acquired a 17% stake in Zingat, a Turkish real estate company, in 2017, and increased that stake to 40% in 2019 and 100% by 2023.[22]
In 2019, Property Finder acquired the UAE-based JRD Group, which operates JustProperty and Propspace.com.
In 2022, the company acquired the UAE's proptech company, HomeValue.
In 2024, Property Finder announced a partnership with Hepsiemlak, a Doğan Holding company in Türkiye, under its local subsidiary - Zingat. As a minority partner in Hepsiemlak, Property Finder advises on regional best practices.
Awards and recognitions
- In 2012, the platform won the Arabia Fast Growth 500 Awards and two other regional awards.
- Gulf News featured Property Finder as one of the top 50 MENA leaders in 2023.
- Most recently, Property Finder was recognised as the best Business Product and Service at the inaugural regional edition of the Best in Business Awards, hosted by Inc Arabia
References
- ↑ "Dubai Real Estate Market: Top locations that are favourite for owners and tenants". Financialexpress. 10 July 2023. Retrieved 2 July 2024.
- ↑ "Property Finder Connect 2023 brings together Qatar's real estate industry leaders". Gulf Times. 11 June 2023. Retrieved 2 July 2024.
- ↑ Khan, Sarmad (2 June 2023). "Value of Dubai property deals surges 87% to $9.3bn in May". The National. Retrieved 2 July 2024.
- ↑ "F&C Properties: The rising star of property finder". Khaleej Times. Retrieved 2 July 2024.
- ↑ "UAE Real Estate Market in Q3: Dubai Achieves Best Quarter, Abu Dhabi Sees Sustained Demand". www.dubaichronicle.com. Retrieved 2 July 2024.
- ↑ "SheForShe: Property Finder champions gender equality in the real estate sector". www.constructionweekonline.com. Retrieved 2 July 2024.
- ↑ Staff, Entrepreneur Middle East (27 November 2018). "We Got Funded: UAE-Headquartered Property Finder Raises US$120 Million". Entrepreneur. Retrieved 2 July 2024.
- ↑ "How the founder of Dubai's propertyfinder.ae wrestled his company back from NewsCorp". Wamda. Retrieved 2 July 2024.
- ↑ "Property Finder partners with Hepsiemlak, a Doğan Holding company - Doğan Holding". www.doganholding.com.tr. Retrieved 2 July 2024.
- ↑ Newspaper, The Peninsula (30 May 2024). "Property Finder highlights market resilience in Qatar's real estate sector". thepeninsulaqatar.com. Retrieved 2 July 2024.
- ↑ "Property Finder Connect Event Launches Community-Focused White Paper And PF Academy". www.onearabia.me. Retrieved 2 July 2024.
- ↑ Santosdiaz, Richie (18 October 2020). "Tech Partnerships and Collaborations In The Middle East With Property Finder". The Fintech Times. Retrieved 2 July 2024.
- ↑ Salian, Neesha (22 June 2022). "Property Finder launches SuperAgent, an AI ranking system for agents". gulfbusiness.com. Retrieved 2 July 2024.
- ↑ "Inc. Arabia on LinkedIn: #bestinbusiness #businessawards #excellence #leadership #innovation | 11 comments". www.linkedin.com. Retrieved 2 July 2024.
- ↑ "Property Finder: A homegrown tech-led company revolutionising real estate in the region". gulfnews.com. 26 July 2023. Retrieved 2 July 2024.
- ↑ Staff, M. B. (7 April 2019). "Dubai's Property Finder invests ~$12 million in Turkish property portal Zingat to increase its stake to 37% in the company". MENAbytes. Retrieved 2 July 2024.
- ↑ Townsend, Sarah (8 April 2019). "Property Finder to buy UAE rival JRD Group". The National. Retrieved 2 July 2024.
- ↑ Godinho, Varun (20 January 2022). "UAE's Property Finder acquires proptech firm Homevalue". gulfbusiness.com. Retrieved 2 July 2024.
- ↑ "Property Finder, MoVlogs skydive in first Sky Home Search experience in the world". www.constructionweekonline.in. Retrieved 2 July 2024.
- ↑ "Property Finder closes $120 million in latest investment round led by General Atlantic". General Atlantic. Retrieved 2 July 2024.
- ↑ "UAE's Property Finder raises $90 million debt financing". Wamda. Retrieved 2 July 2024.
- ↑ "Bloomberg". www.bloomberg.com. Retrieved 2 July 2024.