M
ichael Gerrity, founder of World Property Ventures, has announced a major joint-venture funding round for its subsidiary, World Property Markets. The $350 million investment will be split into three tranches over the next year and involves collaboration with global property industry players, including large developers, homebuilders, brokerages, landlords, investors, and mortgage companies.

    World Property Markets focuses on developing cutting-edge real estate listings marketplaces and search engines worldwide. Its current assets include Global Listings, the world's largest property listings marketplace, which onboarded over 3.3 million properties across 110 countries last month. The company is also building World Property Search, an AI-powered platform set to debut next year.

    Gerrity aims to reduce the $500 billion in customer acquisition costs paid by property sellers annually by creating more efficient AI platforms that connect buyers and sellers globally at a lower cost. He envisions an artificially intelligent global MLS platform accessible to everyone, addressing systemic industry problems in the $380 trillion addressable global property marketplace, which transacts over $13 trillion in real estate deals each year.