Yes, I just do a basic search on Sunday afternoon each week for...

Yes, I just do a basic search on Sunday afternoon each week for buys and rentals in a few selected cities. Anyone with time on their hands could look up every single town and add them up, but it's not worth it when (say) Abbottabad has about 1 / 100 of the listings in Karachi.

A real FDV acolyte could do a similar exercise for a selection of its more promising companies (I'd do Hoppler, Propzy, and Infocasas if I had time).

This is a poor proxy for revenue. For example, we have no idea of the "quality" of the listings (ie how much revenue Zameen generates per listing, and how that changes with time) or whether a rise in the number of listings is simply driven by properties sitting longer on the market rather than more being sold.

Nonetheless it gives an instantaneous, crude picture of how much activity there is and, more importantly, how Zameen compares to its competitors. Once I have the listings data to compare with reported revenue over a couple of quarters, I'll also get a sense of how much the two are correlated. If listing numbers prove to be a good revenue predictor, I may be in a position to sell out or buy more FDV ahead of the market recognising value destruction or creation.

It's a lot more work than I'd like to go to for something that comprises a small fraction of my shareholdings. But I believe the effort is warranted - within 2 years I expect FDV to either fail miserably or be a multi-bagger. There's no in between.