Egyptian prop-tech startup Partment, which offers diverse opportunities for co-ownership of second homes, has expanded its operations to Greece following a fivefold increase in market size within a year in Egypt.
Founded in 2022, Partment provides a hassle-free solution for co-owning second homes. Through a digital platform and a smart booking system, the startup allows users to share ownership of second homes at a fraction of the cost, while also providing an end-to-end property management service to optimize property utilization.
Having successfully closed a $1.5 million pre-seed funding round in October 2022 to enhance its platform infrastructure and deploy its Minimum Viable Product (MVP), Partment has experienced significant growth, expanding its market size fivefold in Egypt.
With the expansion into the Greek market, Partment aims to unlock new investment opportunities and contribute to advancements in the proptech and real estate sectors, not only in Egypt but globally.
Partment’s entry into Greece aligns with its global vision of improving people’s well-being by providing sustainable access to second homes, making real estate investments affordable and accessible to a broader audience, while also fostering generational wealth and building modern, diversified portfolios conveniently, according to Nadim Nagui, the CEO of Partment.
The company is entering Greece, a highly sought-after destination for real estate investment and recreation. According to the Bank of Greece, urban house prices experienced a robust upward trend, with an 11.32% increase in the year leading to Q3 2022.
Athens, in particular, saw an annual house price increase of 13.02% during the same period. Foreign buyer demand has also risen significantly, with a 60.2% year-on-year increase in the total value of real estate purchases by foreign buyers in the first three quarters of 2022.
Nadim Nagui expressed his excitement about the Greek market, stating, “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.”
Partment has formed a partnership with Greca Homes, a luxury living company, aiming to revolutionize the landscape of second home ownership.
Ahmed Abbassi, founder of Greca Homes, highlighted the collaboration, saying, “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.”
