Bayut to receive 50% of new funding raised by parent company
Emerging Markets Property Group (EMPG), the parent company of property portal Bayut.com in the UAE, has just closed a round of investment totaling $50 million.
Haider Ali Khan, the CEO of Bayut.com, said $25 million of these funds would be deployed in the UAE with a focus on further consolidation. “The remaining funds will be used to further strengthen EMPG’s leading position in its other markets,” he added.
In addition to Bayut.com in the UAE, EMPG owns and operates Zameen.com in Pakistan, Bproperty.com in Bangladesh, and recently announced its acquisition of Mubawab in Morocco. Bayut.com is one of the top portals in the UAE with a lead in some geographies.
Together, these portals generate over 2 million leads for their clients every month.
“EMPG’s growth has been comprehensive across all metrics, on the back of some of the world’s most advanced digital real estate platforms developed by our R&D teams,” Khan continued.
“With a compounded annual revenue growth rate (CAGR) of over 100% over the last five years, more than 15,000 real estate agencies, and 8 million plus monthly visits across our portals, EMPG is ideally positioned for regional dominance,” he added.
The Group has presence in 40 cities across the UAE, Pakistan, Bangladesh, Morocco, Spain and Romania with over 1,500 employees.
Rent prices drop in Abu Dhabi and Dubai
In their H1 2018 report last month, Bayut revealed that average apartment rental prices in abu Dhabi fell, but price decreases were for the most part modest, with the largest decreases around 9-10%. They found that the cost of renting and buying property in Abu Dhabi had decreased overall from H2 2017 to H1 2018.
Khan had said, “We have seen a pattern of decreasing prices in our recent market analysis based on listed prices by brokers, but in some areas, the decreases were small, which may suggest that some stability is returning to the market.”
“Although it seems unlikely that we will see any large increases in rental or sales prices prior to the end of 2018, it is likely that we will see more stability in the later half of the year,” he continued.
For their H1 2018 Dubai report, their findings proved similar, with a decrease in average prices in rent.