A look at Zameen, a Pakistani online real estate marketplace, estimated to initiate 70% of all sale and rental transactions in the country (Look Zameen Pakistaniworld)

Look Zameen Pakistaniworld: Zameen is an online real estate marketplace that has been taking the country by storm. It is estimated to initiate 70% of all sale and rental transactions in the country, with a total transaction value exceeding $100 million. This unique website offers buyers and sellers the opportunity to connect directly through a “Rabta” or trust system – think Ebay for Middle Eastern countries – so there is no need for any uncomfortable negotiations or multiple middlemen.

Zameen’s goal is to fight corruption and improve affordability in the country, as well as providing a one-stop-shop for people to purchase and/or rent properties. With the launch of its auto credit facility (Rabta), buyers can get loans at lower interest rates with no need to sell property, while sellers can enjoy higher returns and better liquidity. Zameen claims its system will result in a 50% drop in property prices with no mortgage foreclosures, which will also lead to lower rental rates for tenants.

The CEO of Zameen is Wazir Ali, a veteran of Silicon Valley and the co-founder of PayPal (which he left in 2009). He has helped set up the company in Karachi, and plans to set up its London office as well. He is hoping to incorporate in the UK by year-end 2008.

Zameen is currently available only for Pakistan’s residents. However it plans to open offices in Dubai, London, and New York within a year.