Propertyfinder Group made the acquisition through its Moroccan subsidiary, Sarouty.ma, which will now become the No. 1 online real estate portal in the country – its market share will jump to over 65 percent.
“This acquisition comes at a strategic time for our business as we aim to consolidate our position as the leading online real estate portal across our markets,” said Michael Lahyani, CEO and founder of Propertyfinder.
He added, “The acquisition of SeleKtimmo has enabled us to become the dominant player in Morocco, a fast growing and competitive marketplace.”
Prior to the acquisition, Sarouty.ma had about 30,000 listings from real estate agencies, developers, and a portfolio of 200 clients from the industry.
Combined with SeleKtimmo, it will now have over 50,000 listings, which will generate 500,000 monthly visitors, more than 1.5 million page views and connect 20,000 house hunters to brokers and developers.
“We are excited about this acquisition and the unique opportunities that our two companies can bring to the market,” said Ismael Belkhayat, general manager of Sarouty.ma.
Described as UAE’s No. 1 property site, Propertyfinder has been providing the tools to help consumers find the properties that fit their needs since 2007.
The platform has presence in 7 Middle East markets, which includes Egypt and Morocco.
Source: Arabian Business.