Dubai-based Propertyfinder Group, a leading real estate portal in the Middle East and North Africa (Mena) region, has bought around 17 per cent stake in Turkish property portal Zingat.
One of the fastest growing property and information marketing platforms in the country, Zingat was founded in 2015 by Ahmet Kayhan and Mehmet Erkek, the duo behind the Dubai-based real estate data provider ReidIn.com, alongside with Turkish conglomerate Doğuş Group.
The portal was officially launched in January last year and since then, it has grown by leaps and bounds attracting over 6 million monthly visitors and more than 18,000 real estate agents.
With this key investment, Michael Lahyani, the founder and CEO of Propertyfinder Group, joins Zingat’s board of directors.
On the key deal, Lahyani said: "We already knew Erkek and Kayhan from their former start-up, Reidin in Dubai. We are happy to become a shareholder of Zingat."
"We will work together to make Zingat the most prominent property portal in Turkey by sharing our experience and resources. We firmly believe in Turkey and Turkey’s stability," he added.
Kayhan said the company's goal was getting consumers together with the right property professionals using the power of data and information.
“Lahyani and his team, with the help of an impressive list of shareholders, built Propertyfinder Group to be the biggest and strongest real estate portal network in the region. Now, proudly, Zingat has become a key part of that network,” he added.
According to Lahyani, the Dubai group had been closely following Doğuş Group chairman Ferit F. Sahenk’s vision and ventures into new sectors. "We believe this new partnership will prove to be very successful," he noted.
Husnu Akhan, the CEO of Doğuş Group, said: "Although Zingat is relatively new to the market, Propertyfinder Group’s investment into Zingat proves that this venture is on the right track."
"Furthermore, our platform is the first among the Turkish property portals to attract major foreign investment. We have been putting much emphasis on real estate investments; Propertyfinder Group’s experience and extensive Mena network will strengthen Zingat and become the most significant platform for property investors," he added.
Zingat’s chairman and advisor to Doğuş Group’s chairman Izi Adato said the Emirati group’s investment in Zingat is an outstanding opportunity for promoting Turkish property market to Middle Eastern investors, he observed.
"Property professionals will have the opportunity to introduce their inventory in multiple markets including UAE, Qatar, Bahrain, Saudi, Lebanon, Egypt, and Morocco where PFG has on the ground operations and a large audience of investors," he noted.
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