Owner of UAE property site Bayut receives $50m investment

UAE listings site Bayut.com’s parent company Emerging Markets Property Group (EPMG) has secured $50m of investment as part of a funding round.

EPMG, which also owns and operates Zameen in Pakistan, Bproperty in Bangladesh and recently announced its acquisition of Mubawab in Morocco, said it would deploy $25m of the funds in the UAE “with a focus on further consolidation”.

Read: UAE listings company EMPG acquires Moroccan property site

“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,” said group CEO Imran Ali Khan.

“With a compounded annual revenue growth rate of over 100 per cent 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.”

EPMG previously secured $20m of funding in early 2016 and has raised $60m across four previous rounds.

Read: Dubai-based property website Bayut receives $20m in funding

The group has a presence in 40 cities across the UAE, Pakistan, Bangladesh, Morocco, Spain and Romania with 1,500 employeees.

In a report released last month, Bayut said rents in some areas of Dubai fell more than 15 per cent in the first half of the year compared to the second half of 2017.

Read: Revealed: Where Dubai property rents, prices decreased the most in H1 2018