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· The first edition of the Mo’asher index will be unveiled during the end of the third quarter
· As part of the government strategy for open data, DLD publishes the data publically via its application (Dubai Rest)
· Property Finder will contribute asking price data and market insights from Data Finder
Dubai: Dubai Land Department (DLD) and Property Finder signed an unprecedented memorandum of understanding (MoU) on Monday, 22 July for the launch of Dubai’s first official sales and rental price index.
This collaboration will create an index called ‘Mo’asher,’ which translates to index in Arabic. The first edition of the index will be unveiled during the third week of September and will be available on DLD’s and Property Finder’s websites as well as disseminated to all news sources.
The MoU was signed by HE Sultan Butti bin Mejren, Director General of DLD, and Michael Lahyani, Founder and Chief Executive Officer of Property Finder.
Speaking on the occasion, Bin Mejren said: “Signing a partnership with Property Finder aligns us with an entity that enjoys an established reputation for leading people to property, especially as we are collectively aiming to enhance and increase real estate investment in Dubai. Mo'asher is the official real estate index for Dubai that provides consumers with better insights to help them when taking property-buying and -renting decisions.”
DLD will provide data for Mo’asher on a monthly basis. This will then be coupled with Property Finder’s proprietary asking-price data and expert analysis from the team at Data Finder, a real estate insights and data platform under the Property Finder Group.
Lahyani said: “Considering how the rest of the region looks to Dubai for inspiration, our upcoming goals with this partnership will be to use Mo’asher as a model for how other countries under the Property Finder Group may convey important statistics on their property market to the public. Dubai Government’s willingness to partner with the private sector to create the Mo’asher initiative is an important first step in showcasing to the world the level of transparency that should be a standard across the region.”
The creation of Mo’asher is further evidence that Property Finder and DLD share the same vision of further strengthening the Dubai real estate market.
Majida Ali Rashid, CEO of the Real Estate Promotion and Investment Management Sector at DLD said: “With the monthly publication of Mo'asher, the market will be able to witness how data can enhance openness within the real estate sector. We are keen to sign agreements with esteemed partners like Property Finder who have the expertise to reach an increased level of transparency, allowing us to attract further confidence from local, regional, and global investors into our market; thus, supporting the vision of our wise leadership to make Dubai the smartest and happiest city in the world.”
With Property Finder being one of the largest portals in the UAE and across the wider MENA region, it enjoys access to the largest set of proprietary data on asking prices and a number of other metrics that reveal property landscape and consumer demand. Data Finder has been created as a specialised entity, powered by the immense amount of data at Property Finder.
Lahyani added: “Launching Mo’asher with DLD was our priority following the creation of Data Finder to deliver enhanced data transparency to the market. With its successful launch, we look forward to working with other government entities in the UAE to replicate and tailor an Emirates-wide house-price index to further enhance our goal of informing and educating our consumers.”
About Property Finder – www.propertyfinder.ae
Property Finder is the leading property portal in the MENA region and Turkey that facilitates the house-hunting journey for both buyers and renters.
Founded in 2007, the website has evolved over the years as the go-to platform for developers, real estate brokerages, and house hunters to make informed decisions on all things real estate.
A UAE-born start-up, Property Finder has branched out of the country’s shores and operates in a total of seven markets, including Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt, and Morocco, and has a significant stake in the second-largest property portal in Turkey, which has over 6 million monthly visitors and more than 18,000 real estate agents.
US private equity firm General Atlantic led Property Finder’s latest round of investment of a total of $120 million in 2018. This is being used to hire further exceptional talent and investing in its technology and product capabilities.
The property portal employs over 450 employees globally, of which 204 people work out of its Dubai office, and generates over six million monthly visits as a Group.
In April 2019, Property Finder announced acquisition of JRD Group, following an increased investment in Turkish portal Zingat.
In 2014, Property Finder acquired eSimsar.com, the top property portal in Saudi Arabia, while in 2013, the Group bought out realestate.com.lb, the number 1 property portal in Lebanon, and lastly, the acquisition of Selektimmo, a Moroccan portal, to pad out sarouty.ma, Property Finder’s Moroccan offering, in 2016.
About Dubai Land Department - www.dubailand.gov.ae
Dubai Land Department was founded in January 1960 to establish the most prominent real estate sector in the Middle East and the world. It provides outstanding and integrated services to all its customers while developing the necessary legislation to propel the real estate sector in Dubai through the regulation of the sector, organising and promoting real estate investments, and spreading industry knowledge in search of regional and worldwide real estate innovation.
DLD seeks regional and worldwide innovation in real estate with the aid of its active sectors that include real estate registration services, real estate investment promotions, and corporate support as well as its active organisations that include the Real Estate Regulatory Agency, the Dubai Real Estate Institute and the Rental Dispute Centre.
About Data Finder - www.datafinder.ae
Data Finder is a real estate insights and data platform under the Property Finder Group that features asking price data, transaction price data, demand data, project and supply data, and other various data sets. Its purpose is to create transparency in the market through real estate data, analytics, and insights. Data Finder will bring to light the next generation of real estate data products that will transform how the market uses data and analytics in their decision-making process and as a value-add to their business.
For the consumer market, the purpose of Data Finder is to educate the public about the real estate market they live in so they can make the best, most informed decisions for themselves and their families. Through articles and research publications, Data Finder will focus on delivering the most up-to-date information regarding the movements in the real estate market.
For Media Enquiries:
Anna Lucas Southgate
anna@propertyfinder.ae
055 115 9971
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