Despite the challenges that the Egyptian Real Estate industry has been going through for the past few years due to the political instability in the country, the leading Real Estate Developers and Brokers decided to join hands and create Egypt’s first official portal the represents the Real Estate Industry.
“We have been noticing the rise of Real Estate portals in Egypt and across the region, and at first we decided to work closely with the technology focused companies that were behind these portals, but eventually we realized that these portals are not serving the industry efficiently” said Abdalla Al Abiary, the CEO of Nocorner.com.
In December 2013, six of the leading Real Estate developers in Egypt including two government owned companies and one bank owned company decided to create a for-profit consortium that will serve the industry’s growing Digital Marketing needs. Mr. Sherif Shams Eldeen, the Managing Director of Saudi Egyptian Construction Company, noted “This is an unprecedented opportunity for the industry to own a new and strategic marketing channel. We cannot afford relying on Media and Technology companies to serve our Digital Marketing needs, it was very clear how prices were raised aggressively in the past 12 months, and it seems that these companies are not serving our best interests”.
The consortium raised $7.5 Million from the existing partners with the Housing and Development bank leading the round, and this amount will be used to hire top talent, build the product, and promote the brand during 2014. The consortium is determined to become the leading portal in Egypt and is planning future investment rounds to build a CRM solution and to integrate with the mortgage industry.
“We have to go big because this industry is moving very fast, and there are 3 serious local players that are growing their market share every day; a couple are heavily funded by Venture Capitalists. Also, a regional player tried to enter the market last year and failed miserably, but that does not mean that more regional or international players are not eyeing the Egyptian Market” said Al Abiary.
In addition to the Developers, more than 18 of the biggest and most professional brokers have signed up to join the consortium as the plan to make NoCorner.com represent all the industry players including Banks and Mortgage companies.