Introduction
The UAE real estate market is expected to be worth $ 710 billion in 2024. Dubai, one of its biggest cities is its real estate and PropTech hub. Dubai’s real estate and construction sector already makes up 14.4% of UAE’s total GDP. Among the factors contributing to the city’s growing popularity among professionals and investors from all over the world are: tremendous growth in finance and commerce over the last decade, excellent urban infrastructure, and supportive policies and regulations. Along with global counterparts like Hong Kong and Singapore, Dubai is the new affordable luxury destination.
SUMMARY
- Dubai’s real estate and construction sector constitutes 14.4% of UAE’s total GDP.
- With the tremendous growth in finance and commerce over the last decade, excellent urban infrastructure, and supportive policies and regulations, Dubai’s property markets are attracting buyers and investors from all over the world.
- PropTech companies in Dubai are leveraging cutting-edge technologies in online property listings, real estate marketplaces, mortgage lending, luxury homes brokerage, property management software with innovative features, digital fractional investment platforms, short-term luxury rentals, and online real estate databases and analytics and attracting funds worth millions.
- This exclusive list of PropTechBuzz media features FazWaz UAE, Smart Crowd, Bayut, DXB Interact, Keyper, Stake, Silkhaus, Huspy, Property Finder, and Nomad Homes.
Dubai’s Ten Most Promising PropTech Companies
Founders: Michael Kenner, Paul Trayman, and Brennan Campbell
Founding year: 2015
Headquarters: Bangkok, Thailand
Valuation: Undisclosed
Revenue: $ 41.7 million (FazWaz revenue estimated)
Investors: CAV Investment, 500 TukTuks, Aries Capital, Alpha Founders Capital, and others
FazWaz UAE is the quintessential online real estate marketplace that connects millions of buyers and sellers on its platform. Its internationally acclaimed products and services include property listings, dedicated agents, and data-backed insights throughout the process of buying, selling, or renting verified properties in Dubai.
Founders: Abdul Kadir Faizal, Musfique Ahmed, and Siddiq Farid
Founding year: 2017
Headquarters: Dubai
Valuation: $ 3.6 million (total funding)
Revenue: $ 2.5 million (est.)
Investors: Mad'a Investment, 500 Global, Village Capital, and others
The Smart Crowd platform promotes a crowdfunded real estate investment model in which individuals can buy a fractional share of a property. The platform lists properties vetted by third-party experts and manages transactions and documentation on behalf of the investors. Investors can buy a share of properties and monitor their investments using the Smart Crowd app.
Founders: Imran Ali Khan and Zeeshan Ali Khan
Founding year: 2008
Headquarters: Dubai
Valuation: Over $ 500 million (total funding)
Revenue: $ 20 million (est.)
Investors: Affinity Partners, Acacia Partners, Naspers, KCK group, and Exor
A part of the unicorn Dubizzle Group, Bayut is a leading online property listing platform in Dubai. Bayut’s vast repository of informative content, property valuation tools, data-driven market intelligence, and the AI chatbot BayutGPT make it a favorite among various sections of the real estate industry including buyers, property sellers, investors, and agents.
Founder: Fateh Al Msaddi
Founding year: 2021
Headquarters: Dubai
DXB Interact is a comprehensive source of data related to the Dubai real estate market. Backed by the Dubai Land Department, DXB Interact’s database contains credible information related to the status of properties (i.e. bought, sold, or rented), property history, a summary of transactions, price range, etc. It aims to maintain data transparency, prevent misinformation, and safeguard buyer and investor interest. The platform also maps Dubai’s real estate investment scenario using advanced data analytics.
Founders: Omar Abu Innab and Walid Shihabi
Founding year: 2022
Headquarters: Dubai
Valuation: $ 4 million (total funding)
Investors: BECO Capital, Middle East Venture Partners, Annex Investments, Vivium Holding, Jabbar Group, Signature Developers, Pin Investment, Al Qahtani Investment, and others
Keyper is a futuristic property management SaaS solution for property owners in the rental sector. Its innovative rent now pay later (RNPL) option allows owners to receive upfront payments while tenants can continue paying in monthly installments. Property owners can manage their properties across portfolios, monitor payments, store documents, and access data-backed insights through Keyper.
Founders: Rami Tabbara, Manar Mahmassani, and Ricardo Brizido
Founding year: 2021
Headquarters: Dubai
Valuation: $ 26 million (total funding)
Revenue: $ 11.6 million (ets.)
Investors: MEVP (Middle East Venture Partners), Wa’ed Ventures, Mubadala Investment Company, Republic, BY Ventures, Vivium Holding, and Combined Growth Real Estate
Bringing the concept of fractional investments to Dubai’s high-value real estate market, Stake has established itself as a visionary enterprise at the intersection of FinTech and PropTech. The platform allows investors to buy shares in profitable properties, starting from as low as AED 500. Investors can await appreciation or sell their stakes during the Exit Windows offered every six months. Stake offerings are fully compliant with existing regulations.
Founders: Aahan Bhojani and Ashmin Varma
Founding year: 2021
Headquarters: Dubai
Valuation: $ 7.8 million (total funding)
Investors: Partners For Growth, Global Founders Capital, VentureSouq, Nuwa Capital, Nordstar, and others
Silkhaus is a short-term rental platform highly preferred by digital nomads and business travelers. Their ready-to-move chic apartments with tech-first amenities like online bookings and keyless entry. Silkhaus also aligns with property owners to maximize their returns from short-term rentals.
Founders: Jad Antoun and Khalid Ashmawy
Founding year: 2020
Headquarters: Dubai
Valuation: $ 45 million (total funding)
Revenue: $ 1.8 million (est.)
Investors: Sequoia Capital India, Founders Fund, Fifth Wall, and others
Huspy makes the process of buying or selling a home simpler, faster, and affordable. Sellers can list their properties on the platform and buyers can choose their dream home from the listings. However, what sets apart Huspy from other digital real estate marketplaces is its special focus on mortgage lending. In partnership with major banking institutions, Huspy helps buyers find the most competitive interest rates and the most rewarding deals.
Founder: Michael Lahyani
Founding year: 2007
Headquarters: Dubai
Valuation: $ 140 million (total funding)
Revenue: $ 37.3 million
Investors: General Atlantic, Vostok New Ventures, and others
Property Finder is one of the largest property portals providing a host of services under one roof. The property listings site offers dedicated agent search, AI-powered ranking and valuation system, data-driven insights, and mortgage services for buying and renting both residential and commercial property across the Middle East and North Africa (MENA) region.
Founders: Helen Chen, Dan Piehler, and Damien Drap
Founding year: 2019
Headquarters: Paris, France
Valuation: $ 44 million (total funding)
Investors: AstroLabs, 01 Advisors, Acrew Capital, Alta Park Capital, Asymmetric Capital, Spruce House Investment Management, and others
Nomad Homes provides buyers and investors with the most privileged access to luxury homes in Dubai. As a trusted real estate agent and investment advisor, Nomad Homes discovers best-suited homes and investment opportunities. For highly valued clients looking for properties priced over 10 million AED, the company provides exclusive Nomad Private Client services.
Conclusion
PropTech companies are fueling the next stage of growth of Dubai’s real estate industry. With crucial offerings in the fields of property listings, property management, mortgage, online real estate database, analytics, and short-term rentals, and innovative products like ‘rent now pay later’ and fractional real estate investments, Dubai is full of PropTech success stories. The city with its vibrant economy and cosmopolitan culture has a great potential to nurture start-ups that can maximize growth and efficiency, unlock investment opportunities, and introduce green technologies in real estate.
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