Egypt's Seqoon expands fractional home ownership service to Dubai
Egyptian holiday home fractional ownership company Seqoon has expanded into the UAE market, unveiling its premier properties in Dubai. Launched in 2022 by Omar Eldessouky and Mohamed El Khatieb, Seqoon offers users the opportunity to own shares ranging from one-eighth to one-half of a vacation home.
Seqoon's approach aims to overcome affordability barriers, providing users with a seamless and hassle-free method to own portions of luxury real estate. Following a $500,000 pre-seed funding round in October 2022, the company has expanded its presence in various destinations in Egypt, including El Gouna and the North Coast.
The move into Dubai marks Seqoon's first international expansion, signaling its commitment to becoming a leading platform for holiday home buyers in the region. Mohamed El Khatieb expressed excitement about introducing Seqoon's innovative model to Dubai, emphasizing the alignment of Dubai's dynamic real estate market and thriving tourism with Seqoon's mission of making property ownership more accessible and enjoyable.
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.
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