Dubai-based Property Finder has invested about $12 million (65 million Turkish Lira) in form of a capital increase in Zingat, one of the leading Turkish property portal, Zingat announced last week, adding that Property Finder now owns 36.65% of Zingat, which makes it the largest shareholder in the company. Property Finder had made its first investment in Zingat in October 2017 by acquiring 16.95% stake in the company. Michael Lahyani, the founder and CEO of Property Finder had joined Zingat’s board after the investment in 2017.
Property Finder had also announced the latest investment in a separate statement saying that the company now own close to 40% stake in Zingat, without disclosing the size of investment. It is the first significant investment by Property Finder after it raised $120 million from General Atlantic at a valuation close to $500 million. Property Finder has previously made acquisitions in Morocco, Saudi, and Lebanon.
Michael Lahyani, Property Finder’s founder and CEO, in a statement, said, “The partnership with Zingat has proved hugely successful, and has reinforced our confidence in the Turkish market and its economy. We are very happy with the healthy growth we’ve witnessed since the beginning of this journey and hence we have deepened our investment. Zingat’s proven track record in the Turkish property market is a good fit for our business and aligns with our vision of expanding market share in the MENAT region.”
Ahmet Kayhan, Zingat’s Founder and CEO, added, “Property Finder’s latest investment, and bringing their partner General Atlantic on board, further proves the fact that Turkey is still a very hot emerging market, and that we are on the right track to deliver our promise to make the Turkish real estate market a world-player. In the coming years, we will invest most of these new funds into extending and improving our business, products and services to help our consumer clients find the right properties more easily and real estate professionals work more efficiently.”
Zingat, according to stats available on Similar Web, receives about 4 million visitors every month.
Emerging Markets Property Group, the parent company of Dubai-based Bayut.com, one of the biggest competitors of Property Finder has also acquired different property portal across MENA & South Asia recently including Lamudi Bangladesh earlier this year.