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Hello followers! Today, we’re diving into an exciting story about how technology is transforming the world of property in Egypt and beyond. Let’s check out this innovative proptech platform making waves across Africa and the Middle East.
Once a fragmented and offline market, Egyptian real estate is now undergoing a digital revolution thanks to Nawy. Founded in 2019 by a group including Mostafa El Beltagy, the platform aims to bring transparency and efficiency to property transactions. With a recent $52 million Series A funding round led by Partech Africa, Nawy is establishing itself as Africa’s leading proptech, combining listings with brokerage services.
El Beltagy’s personal struggles with opaque property dealings sparked the idea for Nawy. Frustrated by the inefficient process of buying real estate, he envisioned a digital platform that would streamline everything. By offering a combined property listing and brokerage model, Nawy distinguishes itself from traditional agents still relying on offline relationships.
Initially, the company faced hurdles with developer skepticism and broker resistance. To gain trust, Nawy began paying commissions upfront, encouraging over 3,000 brokerages to join the platform. This growth pushed the site to attract over a million monthly visitors, with hundreds of developers competing for visibility in a $30 billion market.
Beyond listings, Nawy now offers innovative financial products. Nawy Shares lets users buy fractional property stakes from $500, making real estate more accessible. Their mortgage product, Move Now Pay Later, enables installment-based purchases, a rare offering in Egypt where banks rarely lend for property. These diversification efforts helped Nawy grow its revenue 50-fold over four years, despite currency depreciation.
The company’s impressive GMV hit over $1.4 billion in 2024. With fresh capital, Nawy plans to expand into North Africa and the Middle East’s booming markets, including Morocco, Saudi Arabia, and the UAE. Recent acquisitions like property management startup ROA, rebranded as Nawy Unlocked, are part of their growth strategy. The funding will also accelerate product development and AI integration.
As El Beltagy emphasizes, real estate in Egypt and the region remains a lucrative industry driven by demand for new builds and safe havens from inflation. The company’s regional ambitions appear promising, bolstered by a strong investor lineup and plans for growth beyond Egypt’s borders.
