Developing countries are increasingly applying data and software to revolutionize real estate markets, optimize processes, and satisfy the needs of young people and enterprises.
Property technology makes it possible to make commercial transactions with residential, retail, and office premises more efficiently and at more equitable terms. These could be investment platforms enabling investors to find suitable assets or property management platforms. In either case, they apply finance and construction technology, smart real estate methods, and principles of sharing economy.
With the global macroeconomic tensions, rising interest rates in the USA, and volatility of global real estate prices, property technology can make real estate markets more predictable and create smooth and reliable connections between landlords and tenants.
An early example of such a platform was Airbnb but now there are over 9,000 proptech firms all over the world. A study by the investment bank Keefe, Bruyette & Woods showed that over the first quarter of 2022, venture capital funding in this area reached a historical high of $4.4 billion, which is 41% more than in the last quarter of 2021 and 31% better than the performance of the first quarter 2021.
Stella Stays, a startup from Dubai devoted to property technology, became a partner of Tameer, one of the leading Egyptian developers from Cairo, this month. They want to enter the market of this country that looks extremely promising. The companies are planning to build new properties, starting from a residential project in New Cairo with ready-to-move apartments.