Nawy Revolutionizing Egyptian Real Estate
The real estate market in Egypt has long been plagued by fragmentation, lack of transparency, and biased advice. Mostafa El Beltagy, along with co-founders Abdel-Azim Osman, Ahmed Rafea, Mohamed Abou Ghanima, and Aly Rafea, set out to change this narrative by launching Nawy in 2019. This proptech platform aims to bring transparency and efficiency to the market, offering a combination of property listings and brokerage services.
Nawy recently secured $52 million in Series A funding, led by Partech Africa, with an additional $23 million in debt financing from top banks in Egypt. This significant investment underscores Nawy’s success and potential in the real estate industry.
Building Trust and Accessibility
Initially facing challenges in securing property listings, Nawy implemented immediate commission payments to brokers, leading to widespread adoption among over 3,000 brokerages. The platform now boasts over a million monthly visitors and has become a go-to destination for property seekers in Egypt.
In addition to listings and brokerage services, Nawy has expanded its offerings to include innovative products like Nawy Shares, allowing users to invest in property with as little as $500. The company also introduced a mortgage product, “Move Now Pay Later,” providing financing options in a market where traditional mortgages are scarce.
Sustainable Growth Amid Economic Volatility
Despite economic challenges and currency devaluation in Egypt, Nawy has experienced remarkable growth, with revenue increasing over 50 times in the past four years. The company closed 2024 with a gross merchandise value of over $1.4 billion, showcasing its resilience and adaptability in a volatile market.
With plans to expand beyond Egypt into North Africa and the Middle East, Nawy is poised to capitalize on emerging real estate markets in regions like Morocco, Saudi Arabia, and the UAE. The company recently acquired property management startup ROA, further expanding its product offerings and solidifying its position as a leading proptech platform in Africa and the Middle East.
Future Growth and Innovation
The Series A funding will fuel Nawy’s expansion plans, including product development and the integration of AI technology across its processes. With a roster of notable investors backing its vision, including Partech Africa and Development Partners International, Nawy is well-positioned to revolutionize the real estate industry in the region.
As Nawy continues to innovate and expand its reach, it remains committed to its mission of making real estate more accessible, transparent, and efficient for buyers, sellers, and investors in Egypt and beyond.
