The first property technology (proptech) company, Estater, has been recently introduced to the Bahrain real estate market, aiming to be deemed a revolutionary real estate technology concept and coming in line with the state’s efforts to turn the kingdom into a major technology hub, Invest-Gate reports.
Estater, an intuitive web application, offers a platform for listing, sharing, finding, or managing property, while operating as an extension to the firm’s real estate advisory offering, using geographic information system (GIS) mapping to provide market intelligence for developers, investors, and financiers, according to a company’s official statement on April 2.
The company confirmed that its launch in Bahrain underscores the growing opportunity for real estate investment in the country. “Owing to its extensive regional database, [Estater] boasts a 20% market share in Kuwait and Bahrain, in addition to its flagship operations in India,” the statement read.
Besides, Bahrain offers the region’s lowest operating costs, reaching 30% less than other Gulf markets, while also guaranteeing 100% ownership in real estate for GCC nationals as well as an array of mixed-use free-hold developments that offer a range of opportunities to foreign investors.
Speaking of the initiative, Director of Business Development – Real Estate Ali Murtaza highlighted, “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.”
According to the statement, the launch comes as the global proptech industry simultaneously witnesses rapid expansion, with funding into the sector growing by an annual rate of 63% from 2012 to 2017. Additionally, the introduction of Bahrain’s Real Estate Regulatory Authority (RERA) in 2018 has also brought greater transparency and stability to the kingdom’s property sector.
