The Malaysia-based Catcha investment group announced today that it has invested in propertyfinder.ae, a top middle eastern property portal that features homes in Dubai and Abu Dhabi. The amount of the investment and the size of Catcha’s stake have not been disclosed, but the move is a part of a clear attempt on Catcha’s part to push out of Southeast Asia and engage in emerging markets in other parts of the world.
Propertyfinder.ae, for its part, features more than 50,000 listings and boasts 16 million property views per month. The site has been around since 2005, when founder Michael Lahyani started it after local real estate prices began to take off. And at least as far as Catcha is concerned, the company has won the local property portal market battle already. According to Catcha Group CEO Patrick Grove:
Classified is a winner-takes-all category. It’s a great model but only if you’re number one. Propertyfinder.ae is the market leader, number one in a dynamic emerging market, positioning it perfectly for immense success and outsized returns.
It sounds like the Catcha Group is expecting big things from Propertyfinder.ae, and it will be interesting to see what other companies outside Southeast Asia Catcha may choose to invest in.
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