Bahrain welcomes first proptech concept Estater

Bahrain welcomes first proptech concept Estater
A general view shows the Pearl Square in Manama on March 19 2011 a day after Bahrain demolished the monument at the square which had come to symbolise the kingdoms prodemocracy movement after security forces smashed a protest sitin there AFP PHOTOJOSEPH EID Photo credit should read JOSEPH EIDAFPGetty Images
Published: 14 April 2019 - 7 a.m.
By: Nikhil Pereira

Bahrain’s first property technology (proptech) company Estater has opened its doors in the GCC nation.

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.

The company has a 20% market share in Kuwait and Bahrain, in addition to its flagship operations in India.

Ali Murtaza, director of business development - real estate said: “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% from 2012 to 2017, according to Venture Scanner.

In addition, a 2018 KPMG global survey of the real estate industry, revealed that 93% of respondents feel traditional real estate organisations must engage with proptech companies in order to adapt to the changing global environment.

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