source Arabian Business
UAE real estate website propertyfinder.ae announced that its Dubai-based CEO has bought out the portal’s former Australian owners REA Group.
Michael Lahyani acquired the 51 percent stake in the property portal, the firm said in a statement released early to Arabian Business on Tuesday.
“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,” Lahyani said.
“The decision to buy back the remaining 51 percent of propertyfinder.ae was based on long-term growth and investment potential,” he said.
He told Arabian Business that REA Group had chosen to focus on their market at home in Australia.
Under the terms of the sale the website will retain its branding and website address.
The site, available in English and Arabic, receives 100,000 unique users and more than one million page views a month, according to the firm’s figures.
“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,” Lahyani added.
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