Industry NewsTechnology

Online real estate advertiser grows global legs

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The REA Group, an online real estate advertising company based in Australia, is proving that while real estate is local, significant global growth is possible for an online advertising business. The company, known for operating the property listings site in Australia, in the past few years has grown its legs in several additional countries and territories across the globe, including United Kingdom, Hong Kong, New Zealand, France, Germany, Belgium, Italy and Luxembourg. REA Group most recently entered Dubai and the United Arab Emirates, with a 51 percent acquisition of, Dubai's largest real estate advertising magazine and a leading Web site. REA Group said it is paying an initial $1 million (USD) for the ownership stake and will pay an additional $2.1 million (USD) during the current financial year. Swiss Media Group, the founding publisher of Albabworld, will retain 49 percent of the shares and the current management team will remain in place. REA Group...