Global real estate aggregator, Square Yards, today announced that it has crossed AED 2 Billion in Gross Transactional Value (GTV) in UAE, emerging as one of the largest PropTech players in the country. The company registered phenomenal growth in all three segments, namely Off-plan property (under construction developer sales), Secondary sales/leasing and Cross Border Real Estate targeting Non Resident Indians (NRIs) based in UAE.
Square Yards’ Off-Plan business segment that focuses on under-construction projects in UAE clocked more than AED 300 million worth of property sales in the Jan-Sep period of 2018 registering an impressive 52% YOY growth. It has catapulted Square Yards’ position among one of the largest distributors & channel partner for most of the grade-A Dubai based property developers. The company’s Secondary and Leasing business, powered by a growing network of agents, has also been registering explosive growth since its inception. It recently crossed 100 agents in its secondary business and is targeting to become the largest agency in Dubai market in the next few quarters. Agents associated with Square Yards are given significant marketing (lead) support, multi-listing support with leading classifieds portals and easy-to-use CRM to manage their productivity. They also get industry’s best commission apart from comprehensive digital marketing & branding support. The NRI focused business of the company, already the largest in its category, also achieved a milestone of concluding 5000 transactions in UAE since inception giving it virtual monopoly in this segment.
“The combination of powerful technology tools and our partnership with top real estate agents have helped us to emerge as one of the finest & fastest growing real estate agencies in UAE. We are well on our way to become the largest agency in UAE and hope to lead the market in all of GCC soon,” said Mr Tanuj Shori, Founder and CEO, Square Yards.
The UAE real estate market and Dubai’s property market in particular has seen rapid growth and cross border demand because of the higher rental yields that it offers. Square Yards is building differentiated, end-to-end tech platform that aggregates across diverse data streams to support agents and homebuyers through the entire process. With disruptive technology, it is well-positioned for growth in a sector that exceeds AED 100 bn in opportunity.