Property Finder, a real estate platform in the Middle East and North Africa, is likely to go public, according to its CEO, Michael Lahyani.
During the Abu Dhabi Finance Week, he said, “It’s not something that we’re actively working on, but Property Finder is likely to be a public company at some point.
“It’s just another way to get access to capital or bring liquidity to shareholders.”
Founded in 2007, Property Finder operates property portals across the Middle East and North Africa, serving more than 5.5 million monthly active users.
The platform, which is available in English and Arabic, caters to property seekers, real estate agents and developers.
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Previous Property Finder’s Funding
In May, the startup raised a whopping sum of $90 million in debt financing from Francisco Partners to buy back shares held by its first institutional investor, Beco Capital.
The transaction, one of the first of its kind in the region, marked the second billion-dollar exit for Beco.
The transaction valued Property Finder at roughly double the $500 million valuation it secured in a $120 million funding round led by General Atlantic in 2018.
Dubai’s residential market reported another solid performance in the third quarter of this year, with sale prices up 20 percent, rental rates up 18 percent in the first nine months of 2024 and off-plan sales accounting for 70 percent of transactions, according to a report by CBRE.
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