Propertyfinder.ae, a leading UAE real-estate Website, has announced that Chief Executive Michael Lahyani has acquired 51% of the company which was formerly owned by the REA Group of Australia (ASX: REA, realestat.com.au Ltd). The move means that the leading property portal is now wholly owned by the Dubai-based entrepreneur.
“Since the launch of propertyfinder.ae in November 2007, the portal has grown exponentially and benefited greatly from the international expertise of the REA Group. The portal now firmly occupies the number one market position for online real estate advertising in the UAE and is well placed to continue this growth across the region. The decision to buy back the remaining 51% of propertyfinder.ae was based on long term growth and investment potential,” commented Michael Lahyani, CEO of propertyfinder.ae.
Under the terms of the acquisition, propertyfinder.ae will retain its widely recognised brand and URL and continue to service the region’s leading real estate developers and brokers. According to Google Analytic, propertyfinder.ae currently receives 100,000 unique visitors to the site per month viewing over one million property pages each month.
“Now more than ever before, real estate agents in the region are looking for cost effective marketing solutions such as online advertising to reach end users. The industry is in need of a strong, local website that can deliver results and has the investment behind it to support the industry during the current economic climate. popertyfinder.ae will continue to play a leading role in the development of the real estate market in the UAE,” added Lahyani.
Since its launch in 2007, propertyfinder.ae has expaned across the UAE and is available in both English and Arabic. The portal also signed strategic alliances with MSN Arabia and Maktoob
in 2008, successfully delivering even greater reach to its advertisers.