Online real estate market place, Lamudi, has launched its operations in UAE with ambitions to capitalise on a real estate market which generated investments exceeding $831m in H1 of this year.
Launched in 2013, Lamudi is a Rocket Internet Venture, and an affiliate Namshi and Carmudi, is a portal between letter, buyer and agent for homes, land or commercial property.
The platform provides house-hunters with the best resources to find their dream home, while agents, brokers and developers receive high-level support to market their properties online.
Lamudi Global’s Co-founder and Managing Director, Kian Moini, said: “Lamudi is launching in the UAE at a crucial time for real estate in the region, as the Emirate’s property market is reaching a stage of maturity.”
According to Dubai Land Department figures, about 19,848 investors from 142 countries invested in the city’s real estate sector during the first half of 2014. While UAE nationals top the list with $3.13bn worth of Dubai property market transactions, Indians, Britons and Pakistanis remain the top foreign investors.
Moini added: “During this time, we expect to see an increasing number of house-hunters switch online to search for property. This is even more true given the average age of property-seekers in the UAE, with the bulk being under 35. People in this younger age bracket are often early adopters of technology and more likely to start their property search online.”
Industry experts are predicting a real estate boom across Gulf Cooperation Council (GCC) countries over the coming years, driven by high population growth, an influx of foreign workers and increased tourism in the region. A report released by Alpen Capital this week revealed that the population of GCC states is growing at an annual rate of 5.2% and is expected to hit 57 million by 2018.
Lamudi also has presence in Saudi Arabia Jordan and Qatar.
