As inflation skyrockets, many struggle to purchase homes in Egypt’s current economic climate, and even fewer are left with the privilege of owning a vacation home on the side. Seeing an opportunity in innovating the real estate market, Partment, a proptech (property technology) startup, is hoping to revolutionize the way Egyptians purchase vacation homes. Their solution to high market prices: co-ownership, like buying shares in a company. Founded in 2022, Partment has already closed its pre-seed round – a round of funding done prior to a startup operating – at EGP 29.2 million (USD 1.5 million) on 28 September, enabling it to streamline its platform and fully launch its services. “Partment is a new concept in Egypt, and we believe it will change how people buy and use real estate in the local and international market,” commented Nadim Nagui, founder and Chief Executive Officer (CEO) of Partment, in a press release. Nagui is joined by co-founders Ahmed Raggal and Chinmaya Das, who serve as Chief Operations Officer and Chief Technical Officer respectively – both bringing years of senior experience after working for behemoths such as Uber, Amazon, and Booking.com The…
This Egyptian App Introduces Co-Ownership to Face Soaring Vacation Home Prices
October 3, 2022
