Egyptian prop-tech startup Partment, which providers diverse second home co-ownership opportunities, has expanded to Greece following a five-fold increase in market size within a year in Egypt.
Founded in 2022, Partment offers a hassle-free solution for second home co-ownership. Through a digital platform and smart booking system, the startup enables users to co-own second homes at a fraction of the price, while providing an end-to-end property management service, optimising property utilisation.
The startup closed a US$1.5 million pre-seed funding round to enhance the infrastructure of its platform and deploy its MVP in October 2022, and since then has seen five-fold growth in market size in Egypt.
Venturing into the Greek market, Partment’s mission is to unlock fresh investment prospects, fostering advancements in the proptech and real estate domains, not only within Egypt but on a global scale.
Partment aims to continue its global vision by entering Greece, a sought-after destination for real estate investment and recreation. According to the Bank of Greece, house prices have experienced a strong upward trend, with an increase of 11.32 per cent in urban areas during the year to Q3 2022. Athens, in particular, saw an annual house price increase of 13.02 per cent in the same period. Demand from foreign buyers has also been rising significantly, with a 60.2 per cent year-on-year increase in the total value of real estate purchases by foreign buyers in the first three quarters of 2022.
“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.”
Luxury living company Greca Homes has forged a partnership with Partment, a venture aimed at revolutionising the landscape of second home ownership.
“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.
