Property Finder, a leading real estate portal in the Middle East and North Africa region, has announced that it has increased its stake from 17 percent to close to 40 percent in Zingat, a Turkish property and information marketing platform. This makes Property Finder the largest shareholder in Zingat.
Michael Lahyani, Property Finder’s CEO and Founder who has been part of Zingat’s Board of Directors since 2017, said, “The partnership with Zingat has proved hugely successful, and has reinforced our confidence in the Turkish market and its economy. We are very happy with the healthy growth we’ve witnessed since the beginning of this journey and hence we have deepened our investment. Zingat’s proven track record in the Turkish property market is a good fit for our business and aligns with our vision of expanding market share in the MENAT region.”
The investment will facilitate deeper synergies between the two leading property portals in the Middle East, North Africa and Turkey. The funding will also be invested by Zingat in products and resources. It will be used to enhance the real estate journey for consumers, real estate agents and developers.
Zingat was founded in 2015 by Ahmet Kayhan and Mehmet Erkek, the duo behind the Dubai-based real estate data provider ReidIn.com, alongside Turkish conglomerate Doğuş Group.
Ahmet Kayhan, Zingat's Founder and CEO, said, “Property Finder’s latest investment, and bringing their partner General Atlantic on board, further proves the fact that Turkey is still a very hot emerging market, and that we are on the right track to deliver our promise to make the Turkish real estate market a world-player. In the coming years we will invest most of these new funds into extending and improving our business, products and services to help our consumer clients find the right properties more easily and real estate professionals work more efficiently."
Lahyani added: "We are very confident with what the future holds for Zingat. The combination of knowledge and expertise we have acquired from 12 years in the region, along with having Doğuş as a strong local partner will definitely help us support Zingat in becoming the most prominent portal in Turkey."
As part of the transaction, Tom Hussey from General Atlantic will be joining Zingat’s Board as a Director.
SOURCE Property Finder