Permira and Blackstone Inc are acquiring a $525 million minority stake in Dubai-based classifieds firm Property Finder, according to a joint statement on Tuesday, in a sign of continued investor appetite in the emirate's real estate market.
As part of the transaction, General Atlantic, an early backer of Property Finder since 2018, has partially exited but will remain a significant minority shareholder, the statement said.
The deal will give Property Finder access to the global expertise of all three private equity firms, Permira, Blackstone, and General Atlantic, as it expands its platform and targets growth across the Middle East and North Africa real estate market, the companies said in the joint statement.
The companies did not disclose the valuation for the transaction, which is subject to customary regulatory approvals.
This marks Permira's first investment in the Middle East, and comes just months after the firm opened an office in Dubai's financial district.
Global private equity firms are increasingly establishing a presence in the Gulf region to be closer to sovereign wealth funds and capitalize on a growing pipeline of regional deals.
Founded nearly two decades ago, Property Finder is one of the region's leading real estate classifieds platforms, competing with rivals such as Dubizzle and Bayut.
Last year, Francisco Partners provided $90 million in debt financing to Property Finder to help the company buy out its first institutional investor. Since then, the platform has expanded regionally and is now targeting growth opportunities in Saudi Arabia and Turkey.
Dubai, the Gulf's business and tourism hub, has experienced a post-pandemic property boom, fuelled by foreign investment and government-led residency reforms.
Residential real estate prices surged almost 70% in the four years to December 2024, according to Knight Frank.
The rally, however, may be cooling. In a May report, Fitch Ratings forecast double-digit price declines in Dubai's housing market in the second half of 2025 and into 2026.
