Dubai’s Property Finder Secures $90 Million Debt Financing from Francisco Partners

Dubai’s Property Finder has recently announced securing $90 million in debt financing from Francisco Partners. This move comes as part of the company’s strategy to facilitate the buyout of its first institutional investor, marking another instance of foreign investment in the thriving real estate market of the United Arab Emirates.

Property Finder has repurchased the stake previously held by BECO Capital, a regional venture capital firm known for its investments in prominent startups like Careem and Fetchr. While specific details of the transaction remain undisclosed, Property Finder affirmed that BECO Capital exits with a substantial return on its investment.

Michael Lahyani, CEO and founder of Property Finder, emphasized the significant growth observed in the UAE’s real estate market, transcending Dubai alone. With a valuation of approximately $1 billion, Property Finder joins the ranks of Middle Eastern unicorns, reflecting the region’s burgeoning tech landscape.

The surge in Dubai’s real estate sector post-Covid owes much to governmental initiatives aimed at attracting global wealth. This growth stands out amidst a backdrop of sluggish markets elsewhere.

Lahyani forecasts a transition from hyper growth to a more sustainable trajectory, anticipating a soft landing in the domestic market with stabilized prices.

Established in 2007 to capitalize on Dubai’s real estate boom, Property Finder received backing from General Atlantic in 2018. Competing with platforms like Dubizzle and Bayut, it now eyes expansion in Saudi Arabia and Turkey, building upon its existing presence in Qatar, Bahrain, and Egypt.

Property Finder’s debt deal, advised by JPMorgan & Chase Co. and White & Case, marks Francisco Partners’ inaugural investment of this nature in the UAE.

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