Partment, an Egyptian proptech startup, expands to Greece
Partment, an Egyptian proptech business, has grown to Greece after seeing its market share in Egypt climb five-fold in only a single year. Partment offers a variety of co-ownership alternatives for second homes.
Partment, which was founded in 2022, provides a hassle-free way for co-owners of second homes. The firm offers an end-to-end property management solution, optimizing property utilisation, and allows customers to co-own second homes at a fraction of the cost through a digital platform and smart booking system.
In October 2022, the firm closed a US$1.5 million pre-seed fundraising round to improve the platform’s infrastructure and launch its MVP. Since then, the Egyptian market has grown five times.
Partment is a Greek company that aims to open up new investment opportunities and promote global and Egyptian improvements in the real estate and proptech industries.
Partment wants to expand its worldwide reach by going after Greece, a popular place for vacation and real estate investment. The Bank of Greece reports that there has been a significant increasing trend in housing prices, with an increase of 11.32 percent in urban areas in the year ending in Q3 2022. During that same era, the annual growth in property prices was 13.02 percent in Athens specifically. The overall value of real estate purchases made by foreign buyers increased by 60.2% year over year in the first three quarters of 2022, indicating a strong increase in demand from these buyers.
“Our entry into Greece marks a significant milestone in our journey. This expansion aligns with our global vision of enhancing people’s well-being through sustainable second home access, making real estate investments affordable and accessible to all, while driving generational wealth and building modern, diversified portfolios conveniently,” said Nadim Nagui, CEO of Partment.
“We have thoroughly researched the Greek real estate market and are confident that our innovative platform will cater to the growing demand for flexible and sustainable investment models. Greece offers tremendous potential for both investors and vacationers, and we are excited to deliver cutting-edge proptech solutions.”
In an effort to transform the second home ownership market, luxury housing provider Greca Homes has partnered with Partment.
“In partnering with Partment, we’re embracing innovation to simplify second home ownership. Together, we open doors to prime locations, making dream homes more attainable and management seamless. This collaboration marks a new era of opportunities in the Greek real estate market,” said Ahmed Abbassi, founder of Greca Homes.