Stockholm investor buys 10pc of propertyfinder

Vostok New Ventures Ltd has bought 10 per cent of Propertyfinder Group for $20 million. The deal by the Stockholm-based investor effectively values the property portal at $200 million and marks one of the largest investments of its kind in the Gulf.

The site will use the funds to expand its sales and marketing operations in the Middle East and North Africa.

The investment arrives despite signs of a downturn in Dubai's real estate market, as the emirate's property prices cool following a rapid rebound from an equally dramatic crash.

"We're not seeing any significant slowdown at all, at least from a dealer perspective, in our traffic," Propertyfinder chief executive and founder Michael Lahyani told Reuters. "As long as people are renting and buying and selling, the brokers and developers are in business and it's pretty good for us."