Estater is the first property technology company in Bahrain
Estater has set a new precedent in Bahrain with its introduction as the first ever property technology (proptech) company. Estater offers an app that has an intuitive platform for listing, sharing, finding or managing a property.
The app operates as an extension to Estater’s real estate advisory services, utilising sophisticated GIS mapping to provide market intelligence for developers, investors and financiers.
Owing to its wide regional database, the company boasts a 20 percent market share in Kuwait and Bahrain as well as its flagship operations in India.
Managing Director of Estater Sanjay Goyal, stated that, “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.”
According to Bahrain Tourism and Events Authority, Bahrain had a record of 12 million visitors in 2018 alone. This effectively leads to the growth in the real estate demand indirectly.
Besides that, Bahrain offers the region’s lowest operating costs, at up to 30 percent less than other Gulf Cooperation Council (GCC) markets. At the same time, Bahrain guarantees 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.
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.”
He further elaborated, “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.”
Besides that, a 2018 KPMG global survey of the real estate industry reveals that 93 percent 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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