Tuesday 20 August 2019

Sanjay Goyal and Ali Murtaza

Bahrain welcomes its first proptech company

MANAMA, April 2, 2019

Bahrain has welcomed the entry of its first property technology (proptech) company, Estater. A real estate technology concept, the Estater app offers an intuitive platform for listing, sharing, finding or managing a property.

The app operates as an extension to Estater’s real estate advisory offering, utilising sophisticated GIS mapping to provide market intelligence for developers, investors and financiers. Owing to its extensive regional database, the company boasts a 20 per cent market share in Kuwait and Bahrain, in addition to its flagship operations in India, a statement said.

Estater’s launch in Bahrain demonstrates the growing opportunity for real estate investment in the country. In 2018 alone, Bahrain received a record of 12 million visitors, according to Bahrain Tourism and Events Authority, contributing indirectly to growth in the real estate demand. In addition, Bahrain offers the region’s lowest operating costs, at up to 30 per cent less than other GCC markets, while also guaranteeing 100 per cent ownership in real estate for GCC nationals and a large number of mixed-use free-hold developments offering opportunities to foreign investors.

The launch of Bahrain’s Real Estate Regulatory Authority (RERA) in 2018 has also brought greater transparency and stability to the sector.   

On the technology front, companies such as Estater benefit from Bahrain’s vibrant startup ecosystem of over 90 companies, supported by a network of government agencies dedicated to helping businesses succeed, including the Bahrain Economic Development Board (EDB), StartUp Bahrain, Tamkeen, and others.

Sanjay Goyal, managing director of Estater, commented: “Estater is delighted to select Bahrain as a hub for its regional operations. A favourable business environment for international investors coupled with good regional connectivity makes Bahrain an ideal choice for us. Real estate value chain in the region is up for several exciting changes and we promise Estater will be one of the change agent.”

Ali Murtaza, director of Business Development - Real Estate noted: “Digital innovation is progressing in Bahrain, and is cutting across sectors and domains like never before. We are pleased to welcome Estater, the first proptech company to set up in Bahrain, and look forward to the transformation it will bring to the real estate sector, which is one of the top performers in our economy. Their choice to expand into our growing ecosystem reinforces Bahrain’s position as a hub for startups and for proptech firms especially.”

The global proptech industry is witnessing rapid expansion. Notably, funding into the sector grew by a CAGR of 63 per cent from 2012 to 2017, according to Venture Scanner.  In addition, a 2018 KPMG global survey of the real estate industry reveals that 93 per cent of respondents feel traditional real estate organisations must engage with proptech companies in order to adapt to the changing global environment. – TradeArabia News Service


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