In a remarkable stride forward, Egyptian proptech startup Partment has expanded its footprint to Greece, riding on the wave of a five-fold increase in market size within a year in its home country. The company, founded in 2022, specializes in providing diverse co-ownership opportunities for second homes, offering an innovative and hassle-free solution to property enthusiasts.
Partment's Innovative Solution
Partment's unique approach revolves around a digital platform and a smart booking system, streamlining the co-ownership process for second homes. This pioneering startup empowers users to co-own properties at a fraction of the traditional cost while offering a comprehensive property management service that optimizes property utilization.
Strategic Funding and Rapid Growth in Egypt
In October 2022, Partment successfully concluded a pre-seed funding round, securing US$1.5 million to fortify its platform infrastructure and launch its Minimum Viable Product (MVP). This strategic move has since catapulted the startup into a trajectory of extraordinary growth, witnessing a five-fold increase in market size within Egypt.
Partment's Venture into the Greek Market
Partment's foray into the Greek market is underlined by a commitment to unlock fresh investment prospects, contributing to advancements in proptech and real estate not only within Egypt but on a global scale. The company envisions a future where real estate investments are accessible and affordable, fostering generational wealth and building modern, diversified portfolios with ease.
Greece: A Prime Destination for Partment's Global Vision
The decision to enter Greece aligns seamlessly with Partment's global vision. Greece, known for its allure in real estate investment and recreation, presents significant opportunities for the proptech innovator. According to the Bank of Greece, house prices in urban areas experienced an 11.32 per cent increase in the year leading to Q3 2022, with Athens witnessing an impressive 13.02 per cent annual increase. Foreign buyers have also shown keen interest, contributing to a 60.2 per cent year-on-year increase in the total value of real estate purchases in the first three quarters of 2022.
Nadim Nagui's Vision
Nadim Nagui, CEO of Partment, expresses enthusiasm about this strategic move into the Greek market, labeling it a significant milestone. He emphasizes the alignment of this expansion with the company's overarching vision of making real estate investments accessible and affordable globally. Nagui envisions Partment as a catalyst for enhancing well-being through sustainable second-home access.
Strategic Partnership with Greca Homes
Luxury living company Greca Homes has joined forces with Partment, marking a pivotal partnership in revolutionizing the landscape of second home ownership. Ahmed Abbassi, founder of Greca Homes, believes that this collaboration introduces a new era of opportunities in the Greek real estate market, simplifying second home ownership and making dream homes more attainable.