DUBAI, Sept 9 (Reuters) - Permira and Blackstone Inc ( BX )

are acquiring a $525 million minority stake in

Dubai-based classifieds firm Property Finder, according to a

joint statement on Tuesday, in a sign of continued investor

appetite in the emirate's real estate market.

As part of the transaction, General Atlantic, an early

backer of Property Finder since 2018, has partially exited but

will remain a significant minority shareholder, the statement

said.

The deal will give Property Finder access to the global

expertise of all three private equity firms, Permira,

Blackstone, and General Atlantic, as it expands its platform and

targets growth across the Middle East and North Africa real

estate market, the companies said in the joint statement.

The companies did not disclose the valuation for the

transaction, which is subject to customary regulatory approvals.

This marks Permira's first investment in the Middle East,

and comes just months after the firm opened an office in Dubai's

financial district.

Global private equity firms are increasingly establishing a

presence in the Gulf region to be closer to sovereign wealth

funds and capitalize on a growing pipeline of regional deals.

Dubai, the Gulf's business and tourism hub, has experienced

a post-pandemic property boom, fuelled by foreign investment and

government-led residency reforms.

Residential real estate prices surged almost 70% in the four

years to December 2024, according to Knight Frank.

The rally, however, may be cooling. In a May report, Fitch

Ratings forecast double-digit price declines in Dubai's housing

market in the second half of 2025 and into 2026.