Property Finder: A Decade Plus Journey to Unicorndom

In today’s AI-powered era, where the average startup that achieves unicorn status does so in 6 to 7 years; Michael Lahyani's eleven year journey to build Property Finder to achieve the 1 billion dollar valuation threshold reminds us all of another time. 

What’s even more, is that seventeen years later, he’s still at the helm of the business he founded in 2007. Lahyani's experience and Property Finder’s journey, reminds us all of how long the entrepreneurial journey often is, and the beauty that can be found in riding out the waves of “the long haul”; which stands contrasted against the backdrop of a world where convenience culture, instant gratification, and dopamine depletion is the name of the current game.

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Birthed through Print Classifieds

In 2005, Swiss entrepreneur Michael Lahyani identified a significant gap in the Middle East's property market. Traditional brokers and print listings dominated the scene, making property searches cumbersome and inefficient. Determined to revolutionize this process, Lahyani launched Al Bab World, a bi-weekly real estate classifieds magazine in Dubai, distributing 70,000 copies to connect buyers with agents.

Recognizing the potential of the digital landscape, Lahyani transitioned from print to online in 2007, rebranding the venture as propertyfinder.ae. This strategic move not only modernized property searches but also set the stage for rapid regional expansion. By 2014, Property Finder had established its presence in Qatar, Egypt, Bahrain, Lebanon, Morocco, and Saudi Arabia, adapting to diverse real estate landscapes and catering to a broader audience.

The journey wasn't without challenges. The 2008 global financial crisis led to a sharp decline in UAE property prices. However, Lahyani and co-founder Renan Bourdeau saw an opportunity amidst the downturn. In 2010, they reacquired REA Group's stake in the company, regaining full control over the company. This decisive action allowed for agile decisionmaking and reinforced their commitment to innovation. Innovation remained at the heart of Property Finder's  strategy. In 2012, the company introduced myCRM, a bespoke customer relationship management tool enhancing data handling for real estate professionals. Recognizing the region's high smartphone penetration, they launched mobile applications in 2014, enabling users to search for properties on the go. These technological advancements solidified Property Finder's position as a market leader.

The company's growth trajectory attracted significant investments. A notable $20 million infusion from Sweden-listed Vostok New Ventures in 2016 valued the company at $200 million. This was followed by a substantial $120 million funding round led by U.S. private equity firm General Atlantic in 2018, propelling Property Finder into the esteemed unicorn club with a valuation surpassing $1 billion.

Under Lahyani's leadership, Property Finder has consistently leveraged data analytics to understand customer needs and market trends. This data-driven approach has enabled the company to offer tailored solutions, such as personalized property recommendations and real-time market insights. In 2022, they launched 'SuperAgent,' the region's first AI-driven ranking system for real estate agents, followed by 'Data Guru' in 2023, a comprehensive tool providing insights into historical transactions and community data.

Property Marketplace Wars: Property Finder vs EMPG’s property subsidiaries

"I wouldn't say that they've taken market share away from Property Finder,” Lahyani commented in 2024 when asked about competition from Dubizzle Group and others in the Emirates. “The business is growing in the UAE above 60% year on year for three consecutive years. And we're starting our fourth consecutive year of that growth. So it's a very healthy, vibrant market. There's clearly room for more than one and it's okay as long as everybody's able to grow and grow profitably." 

Beyond business growth, Property Finder is committed to corporate responsibility. Initiatives focused on sustainability and education within the real estate sector underscore the company's mission to make property transactions more transparent and ethical. With over 600 dedicated employees across six regional offices, Property Finder facilitates more than 14 million monthly visits to its platforms, connecting buyers, renters, and agents across the Middle East and North Africa. As the company looks to the future, it remains steadfast in its commitment to innovation, customer satisfaction, and market expansion. Property Finder's journey from a startup to a billion-dollar unicorn exemplifies the potential of tech enterprises in the Middle East, setting a benchmark for others in the real estate technology industry

 

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