Egyptian proptech startup Partment expands to Greece
Partment, an Egyptian prop-tech startup offering diverse second-home co-ownership opportunities, has recently expanded to Greece. This move comes on the heels of a remarkable five-fold increase in market size within just one year in Egypt.
Established in 2022, Partment provides a solution for second-home co-ownership. Utilizing a digital platform and a smart booking system, the startup empowers users to co-own second homes at a fraction of the cost. Additionally, Partment offers an end-to-end property management service, optimizing property utilization.
Having successfully closed a pre-seed funding round of $1.5 million in October 2022, Partment allocated these funds to enhance its platform infrastructure and deploy its minimum viable product (MVP). With the expansion into the Greek market, Partment aims to unlock new investment prospects and contribute to advancements in the proptech and real estate sectors, not only in Egypt but also on a global scale.
Key Takeaways
In Africa, property technology (proptech) startups are increasingly harnessing software to disrupt and improve real estate markets while serving the needs of young people and businesses. They operate different business models ranging from investment platforms that connect retail investors to real estate assets to property management and apartment listing platforms. But all seek to tap into opportunities in the African real estate market, estimated to grow to $3.74 trillion this year while the likes of Partment have a global vision hence entering the Greek market, renowned for its appeal in real estate investment and recreational opportunities. Notably, data from the Bank of Greece reveals a robust upward trajectory in house prices, indicating an 11.32% increase in urban areas during the year leading up to Q3 2022. Specifically, Athens experienced a noteworthy annual house price surge of 13.02% in the same period. This growth is further fueled by a rising demand from foreign buyers, evidenced by a substantial 60.2% year-on-year increase in the total value of real estate purchases by foreign buyers in the first three quarters of 2022. Partment's expansion into Greece aligns with the promising trends and presents an opportunity to capitalize on the flourishing real estate market in the region.
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