As with any other use of technology, property technology (proptech) tools make life easier for stakeholders in the real estate industry. In Egypt, proptech has been gradually transforming how buyers purchase properties and how real estate developers handle their sales.

Virtual reality in real estate

According to Zion Market Research, customer convenience is a primary driver of growth in the global proptech market. “Tech businesses are paying more focus to the residential market as they provide services like virtual open houses and digital closings,” its report stated.

In this frontier, Meta Egypt has been making waves with its virtual reality (VR) offering.

As announced by Coldwell Banker in May 2023, the global real estate company teamed up with Estate Waves to launch Egypt’s first virtual reality (VR) real estate platform with Metaverse tech: Meta Egypt.

Karim Zein, CEO of Coldwell Banker Egypt, noted, “The platform uses Metaverse technology, allowing customers to virtually tour properties and even the cities where they are located, in addition to touring the whole unit and checking the possible finishing and furnishing of the unit.”

The platform lists both developed projects and those that are still under construction. Users can view the virtual tour on their own or even request a scheduled guided tour.

Sabah bin Hashim, a UAE-based customer who purchased apartments in Mostakbal City, New Cairo, through Meta Egypt, highlighted the platform’s impact.

“The purchasing process has become easier than before through Metaverse... You can see the property yourself in 3D and look around where the room, the bathroom, the hall, or the kitchen is — what it looks like and how large it is. It is a leap, and it will have a brilliant future in terms of facilitating the purchasing process in real estate,” he shared in a informational video for the portal.

“I haven’t been to Egypt; Egypt came to me,” he added.

Apart from Meta Egypt, a real estate-focused platform, the country has also seen the rise of companies that specialize in providing VR services — not just for real estate but also for other sectors. For instance, IDV Digital Agency and Egypt VR have all been gaining attention for their VR tours.

Streamlining property sales

With proptech tools making the purchasing process easier — from initial inquiry and viewing to sealing the deal — the real estate scene is well-primed to witness an increase in demand. Along with this, a need for real-estate-centric software for sellers and developers also arises.

Egypt’s Sakneen is a notable example. The proptech platform is designed with multiple real estate sales teams in mind. One standout feature is how it allows users to display the entire inventory on an interactive map. This map can reflect real-time availability based on the organization’s customer relationship management (CRM) systems.

This visual representation helps maintain clarity and transparency about what’s available for sale. It also allows the distribution of inventory data across sales teams so everyone can remain updated about property statuses. To make things more convenient, it has filters that let users easily search through thousands of properties. With this, salespeople can quickly find exactly what their clients are looking for.

More global trends

As Egypt's proptech advances, the global scene has also been witnessing innovative trends championed by various startups.

For example, Kenya-based Ezen Financials specializes in real estate account management. It offers web-based software to streamline interactions between landlords and tenants.

Apart from automating receipts and payments, it facilitates a more streamlined communication process between the landlord and the tenant. Landlords can especially benefit from the software as they can leverage features like lease management and a tenant complaints portal.

Meanwhile, Mevi, headquartered in the United States, uses blockchain technology to digitalize real estate transactions. The startup boasts smart contracts technology that can swiftly create and share government-compliant real estate documents, which all involved parties can sign and access anytime. As these contracts are stored on blockchains, they ensure data is tamper-proof.

Once adopted and implemented, these trends could further accelerate proptech growth in Egypt.