Egyptian proptech startup Partment has extended its innovative second home co-ownership platform to Greece. Following a remarkable five-fold increase in market size within a year in its home country, Partment is venturing into the Greek real estate market, aiming to redefine second home ownership and investment opportunities. Founded in 2022, Partment specializes in offering hassle-free solutions for second home co-ownership through its digital platform. The startup leverages smart booking systems, allowing users to co-own second homes at a fraction of the usual cost. Simultaneously, Partment provides end-to-end property management services, optimizing property utilization for co-owners.
Partment’s success is evident from its significant growth trajectory and the successful closure of a $1.5 million pre-seed funding round in October 2022. This funding aimed to enhance the infrastructure of its platform and deploy its Minimum Viable Product (MVP), setting the stage for the startup’s remarkable journey.
With its foray into the Greek market, Partment is poised to unlock fresh investment prospects and bring about advancements in proptech and real estate not only in Egypt but on a global scale. Greece, renowned for its appeal in real estate investment and recreation, becomes the next strategic destination for Partment.
The Greek real estate market presents compelling opportunities, as indicated by data from the Bank of Greece. House prices have witnessed a robust upward trend, experiencing an 11.32% increase in urban areas during the year to Q3 2022. Athens, a key focus for Partment, saw an annual house price surge of 13.02% in the same period. Foreign buyer demand is also on the rise, with a 60.2% YoY increase in the total value of real estate purchases by foreign buyers in the first three quarters of 2022.
Partment’s Vision for Greece and Beyond
Nadim Nagui, CEO of Partment, expressed the significance of the expansion, 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.”
Highlighting the potential of the Greek real estate market, Nagui added, “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.”
Strategic Partnership with Greca Homes
As part of its expansion strategy, Partment has forged a partnership with Greca Homes, a luxury living company. The collaboration aims to revolutionize the landscape of second home ownership, providing innovative solutions for co-owners. Ahmed Abbassi, founder of Greca Homes, commented on the partnership, stating, “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.”
Partment’s entry into Greece, coupled with strategic collaborations, signifies a new chapter in the proptech startup’s journey, as it continues to redefine the dynamics of second home ownership on a global scale.