bai-based Property Finder raised $90 million in debt from Francisco Partners to help finance the buyout of its first institutional investor, signaling continued foreign interest in the United Arab Emirates’ thriving real estate market.
The online real estate platform bought back the stake held by BECO Capital, a regional venture capital firm that previously invested in ride-hailing app Careem — now owned by Uber — and failed logistics startup Fetchr. Property Finder said the deal allows BECO to exit “with a strong return on its investment.” It didn’t give details. (View Highlight)
Property Finder’s Lahyani said the domestic market is heading toward a soft landing with prices looking to stabilize.
“A real estate market that grows at 50% is not going to be sustainable for the long run and everybody knows that,” Lahyani said. “What we’re seeing right now is a transition from a hyper growth market to a market that is going to continue to grow but in a more sustainable way,” he said.
Started in 2007 to capitalize on Dubai’s booming real estate sector, Property Finder secured an investment from General Atlantic in 2018. It competes with other classified platforms such as Dubizzle and Bayut, whose parent company is backed by Affinity Partners, the investment firm of Donald Trump’s son-in-law Jared Kushner. (View Highlight)
