The Turkish real estate portal scene looks set for a shakeup after it emerged Monday that the Middle Eastern portal operator Property Finder sold its Turkish asset Zingat to a rival.
According to local news outlets, Doğan Holding, the parent company of the real estate portal Hepsiemlak, has agreed a deal to acquire Zingat for an undisclosed sum.
The deal, which is subject to approval from the Turkish competition authorities, will see Property Finder become an investor in Hepsiemlak.
Commenting on the deal, Eren Sarıçoğlu, a member of the Executive Committee, of Doğan Holding said:
“Our goal is to develop solutions that meet the needs of both the domestic market in Türkiye as well as foreign real estate investors from neighboring regions, while further refining our services for our stakeholders and users,”
This strategic partnership with Property Finder, a global leader with a strong presence, especially in the Middle East and North Africa, conveys important messages. Property Finder’s investment in Hepsiemlak through this agreement not only demonstrates the company’s confidence in the potential and future of the Turkish economy and real estate sector, but also the global interest in it. Our goal is to develop solutions that meet the needs of both the domestic market in Türkiye as well as foreign real estate investors from neighboring regions, while further refining our services for our stakeholders and users.”
For its part, Property Finder believes that the Turkish market holds a lot of potential with Ozan Sayar, Chief Strategy and Transformation Officer, saying:
"This step is the strongest indicator of our belief in Türkiye’s potential. We believe that the synergy brought about by the merger of two major players at the forefront of the real estate sector’s technology, combined with Property Finder’s global experience, will make a significant contribution to the sector’s growth and development.”
Zeynep Tandoğan, CEO of Hepsiemlak, said:
“I believe that the outcome of this merger will be much greater than the sum of its parts. Both Zingat and Hepsiemlak are built on strong values, and the combination of these values will create a powerful synergy."
The two consolidated portals will now be looking to take on Emlakjet which is run by iLab Ventures. According to data from Similarweb, the combined traffic of Hepsiemlak and Zingat would be close to that registered by Emalakjet in September.