Cairo - Exclusive Sharikat Mubasher: As the Egyptian economy's cornerstone, the real estate sector has witnessed significant growth over the past years, driven by population growth, urbanization, and government initiatives. Major developments in residential and commercial projects, alongside foreign investments, continue to shape the landscape.
The real estate sector is currently undergoing substantial expansion, with around 400 projects actively under construction, Ahmed Sobhe, CEO of Meta Egypt, stated in an interview with Sharikat Mubasher on the sidelines of Cityscape Egypt 2024.
Meta Egypt, an all-in-one real estate platform, provides data about almost 50% of current real estate projects to stimulate the sales of real estate developers, Sobhe said.
Meta Egypt utilizes 3D technology and the metaverse concept to provide real estate firms with the tools they need to streamline their operations, improve their customer experience, and gain better insights into their business.
According to Sobhe, Meta Egypt aspires to become the largest virtual real estate marketplace that leverages emerging technologies, such as blockchain, metaverse, and artificial intelligence (AI), to analyze real estate projects.
He added that the company will contribute to boosting the country’s real estate exports, affirming that virtual reality (VR) technology helps clients outside Egypt to discover and review all details about the real estate projects.
Sobhe further noted that Meta Egypt plans to raise funding rounds in the near future to expand its operations.
In May 2023, Coldwell Banker launched the Meta Egypt platform, in cooperation with Estate Waves, to change the concept of real estate marketing and use modern technologies to enhance sales. It utilizes metaverse technology to display 450 real estate projects.
The 13th edition of Cityscape Egypt took place in Egypt from 25 to 28 September, with the participation of over 80 developers and more than 40,000 attendees.
On the sidelines of the event, the Egypt Proptech Challenge 2024, Egypt’s first competition for property technology, announced the names of the three winning startups.