One of the UAE’s leading property portals has acquired Lebanese portal realestate.com.lb, after successfully raising capital for expansion.
Propertyfinder.ae made the 100 percent acquisition of realestate.com.lb following the website’s first round of investment since 2009, designed to help it grow into new markets.
The deal will allow Lebanese brokers and developers to use Propertyfiner’s vast network, as well as its advanced technology, and gives Propertyfinder greater reach throughout the region.
Founder and CEO Michael Lahyani said: “We see great potential in this portal as Lebanon’s residential market continues to thrive with diverse projects being developed for local residents and the large community outside of the country, for whom Lebanon will always be home.
“We believe that the current management of realestate.com.lb has done an amazing job with limited resources. This, together with our technological muscle and extensive knowledge of online marketing, means we are confident we can facilitate foreign investment back to the country by exposing the Lebanese property market to a larger global audience.”
Wissam Moubarak, CEO of realestate.com.lb said of the acquisition: “After visiting the Propertyfinder.ae headquarters in Dubai, I was very impressed by their technology and level of expertise and am looking forward to applying these to our market and servicing our agents with international standards.”