Proptech paves way for a more connected, accessible property ecosystem

Along with the rise and expansion of the realty sector in Dubai and the UAE, the country has seen the launch and wide reach of proptech companies.

A sustained focus on making real estate better through trust, transparency, technology, and talent will define the way forward for 2024, “especially as we notice a wide range of emerging consumer preferences reshaping the scope for property searches in the region,” said Michael Lahyani, Founder and CEO at Property Finder, Michael Lahyani, to Al Arabiya English.

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Speaking about the property scene in the UAE, he said: “It’s been an extremely interesting transition. When I moved to Dubai from Geneva in 2005, there were no property listings available online, only print. At the time, I had launched the UAE’s first printed real estate classifieds – ‘Al Bab World’ magazine that generated leads for agents that offered free online advertising as well.”

He added: “A marketplace for property was a far-fetched possibility, let alone the reality in those days. Today, this is no longer the case as we see more avenues for property seekers with the best tools in place to support their property search journey. We are currently in an era of transformation. We are seeing the impact of innovation and knowledge-sharing in unlocking newer possibilities for better use-case scenarios in the future. The property sector now has a more formalized ecosystem, giving real estate professionals a platform to advertise their listings seamlessly.”

He said at Property Finder, “This continues to be of great importance to us – connecting millions of property seekers with thousands of real estate professionals every day. We are a go-to place for a seamless and enriching house-hunting and finance-finding journey for both, buyers and renters.”

Describing his own journey in the realty sector and the launch of Property Finder and its growth till now, Lahyani said: “Over the years, we have gone on to evolve from being a lighthouse tech company to becoming a homegrown proptech leader.”

Having launched in 2007 as the first-ever property portal in the UAE, Property Finder’s purpose has been clear from the beginning. “We have always wanted to make a difference to people’s lives by enabling an honest and convenient property search journey for our consumers. This comes from my own journey as an entrepreneur in the property sector. Years ago, I noticed the need for better tools that work as a trusted partner in growth – not only for consumers, but for businesses and stakeholders as well.”

Property Finder has now penetrated into six territories across the region with operations in the UAE, Qatar, Egypt, Bahrain, Saudi Arabia, and Turkey, and has now evolved into a trusted platform for developers, real estate brokers, and property seekers to make informed decisions on all things real estate.

Lahyani recalled how, traditionally, people had to undergo “the huge task of going miles to find a home.”

With the growth in digital transformation and artificial intelligence (AI), the process has become more simplified, he noted. “Today, we are seeing consumers becoming more mindful and well-informed of their choices. They prefer studying all their options in detail with an added emphasis on trust and convenience. Property portals allow them to find this information at the simple click of a button with comprehensive listings assessed for accuracy by real estate specialists.”

Property Finder has evolved into a trusted platform for developers, real estate brokers, and home seekers to make informed decisions on all things real estate.

Critical aspects

Across industries, we are seeing evolution at play and the property sector is no different, according to the Property Finder CEO. “The current property market continues to evolve with interesting changes in home search choices. When we ask property seekers, they emphasize three critical aspects that cannot be compromised during their search journey. In summary, they want to know if the price they’re paying is fair, they want to ensure they have rich and accurate information about the property and the community itself, and lastly, they want to know more about the agent who will be with them throughout this journey,” Lahyani added.

“Our recently launched tool called Data Guru is a result of this,” Lahyani said. “It is a one-stop solution or tool for property seekers, offering all the information that property seekers typically need – be it community-related, pricing insights, neighborhood details, or rent-vs- buy comparisons.”

He further said: “The feature has been developed as a result of years spent in close collaboration with our consumers, understanding the details they look out for and integrating them into a simplified, user-friendly experience backed by our technology-driven platform. To further ensure that property seekers always have an agent by their side, SuperAgent by Property Finder is an AI-powered offering that provides the best-possible information with the most up-to-date listings in the market while ensuring we respond to property seeker inquiries faster than the rest.”

Another important part of this process is finance finding and Mortgage Finder, “the tech-enabled, human-charged, end-to-end service mortgage provider in the UAE.”

The Mortgage Finder team empowers prospective property seekers with best-in-class mortgage advisory through unbiased support and access to all banks and lending institutions.

“When serving fast-changing demands, consolidation and comprehensiveness go hand in hand because convenience is the key and calibrating those to different consumer needs is highly important. With this in mind, our product teams have always been razor-focused on bridging gaps within the market by empowering property seekers to find spaces that they deserve,” Lahyani said.

Regarding his observations of the UAE and Saudi Arabian realty markets and what prospective buyers should look forward to, he said: “Consumer journeys in the Kingdom and the UAE are becoming increasingly driven by high smartphone adoption and a growing need for reliable sources of knowledge. Rapid evolution in property choices, increased confidence among foreign buyers, demand for luxury residences, new projects, and a rise in ownership are leading to stronger contributions from the property sector in both markets.”

He added: “On the business side of things, more real estate agents are going online and willing to advertise digitally. All these factors have paved the way for a more connected and accessible property ecosystem.”

Mortgage availability

With regard to mortgage availability, Lahyani said the UAE is primed for lending to most resident and applicant types. Lenders offer an array of mortgage types suitable for most consumers, whether Emirati, expatriate, or non-residents. “Saudi Arabia does not currently offer mortgages to expats. However, with the recent growth there, we expect this to change in the future,” he said.

For anyone looking to get the best deal, Lahyani said: “We always advise speaking to an intermediary like Mortgage Finder who can not only compare all the deals available for you in the market, but also ensure you’re getting the right product based on your needs and requirements. Going directly to the bank will limit your options and will require you to manage the process, whereas an intermediary like Mortgage Finder provides you support through the whole process, and you don’t pay for that service. Mortgage Finder gets paid by the banks.”

Pursuing a real estate career

For the youth who would like to embark on a career in real estate, Lahyani pointed out that there are numerous avenues in real estate as there are many professions in this sector.

“There’s the real estate asset manager, which requires analytical skills to make investment decisions. There’s working for or as a developer, which requires another set of skills to understand what type of properties are missing in the market and, therefore, what you should build. Then there’s the brokerage, which is an advisory role to a seller or buyer. Finally, there’s the proptech sector, where you can be in all sorts of professions, from an engineer to a product manager or a marketer. So, really, embarking on a career in real estate requires first a good understanding of the ecosystem and then going for what attracts you the most. Follow your passion because that’s the only way you can excel at something – it’s if you love what you’re doing.”

Future prospects

Regarding the future plans at Property Finder, Lahyani said: “Approaching 2024, we have had a year full of successes with great tools curated for our consumers to support more transparency with better knowledge sharing. Earlier this year, we introduced the ‘AAA Manifesto’ stipulating that all listings on the Property Finder portal must be accurate, authorized, and available. To encourage more collaboration within the sector across the GCC, we organized our first-ever industry-enabling event – Property Finder Connect, in the UAE, Egypt, Qatar, and Bahrain, bringing together leaders to discuss potential solutions for the future.”

Lahyani said: “On the talent front, we focused on SheForShe – a dedicated mentorship program built for women by women in real estate, championing greater gender inclusivity in the sector.”

Summing up, he said: “It’s been highly encouraging to see such great minds venture into the industry, capable of delivering upon great prospects in the years to come. We look forward to supporting the current growth with seamless product upgrades, greater collaboration, more developed tools for transparency, and better customer experiences for all our stakeholders – ultimately, providing the latest in proptech to get people living the life they deserve.”

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