The Middle East has witnessed a rise in the real estate market in the past years, as foreign investors worldwide are eager to take advantage of the region’s growing economy and one-of-a-kind urban projects.
However, despite the extensive market, the Middle East’s real estate industry is still unregulated, making prospective buyers and sellers susceptible to various concerns. For example, there have been cases of buyers being cheated by sellers or properties being sold without the necessary paperwork. This can often leave buyers out of pocket and without the home they thought they were purchasing.
Investing in changing the real estate industry in the whole Middle East
Ahmed Elbatrawy, a real estate tycoon and an entrepreneur whose multi-million-dollar information technology companies have been elevating the industry, is on a mission to regulate and revolutionize the buying and renting of properties in the Middle East. With his new 200 million EGP fund, he plans to make it safer, easier, and more convenient for people in the region to find and purchase the perfect home.
Dallah Albaraka Group, is one large global investment firm that has supported Elbatrawy’s project. It is one of the largest investment groups in the entire Middle East and currently holds a bank investment company.
The Dallah Albaraka Holding Company, a Jeddah-based multinational corporation with holdings in different parts of the world, supports Elbatrawy’s vision. Through the partnership, Elbatrawy is eyeing to launch the Arab Multiple Listing Solutions (MLS) this year – the first online platform in the region that serves as a centralized system for property management and a listing of residential and commercial properties for sale. It will also be the primary source of information and guidelines for both consumers and brokers as Elbatrawy’s way of addressing the issues of unregulated real estate protocols.
“I like to make a change in the whole industry. I like to help as many people as I can. I know that there is no system; there is no one source of information; there are no guidelines; there is no licensing; and what we’re trying to do is establish a system that matches the United States of America from the lead system to the technical information, helping and supporting millions of brokers and consumers in the Middle East and around the world,” says Elbatrawy.
The MLS is expected to generate millions of dollars in revenue and billions of dollars in sales for the whole Middle East. Elbatrawy is also planning to launch new features on the website, such as a property valuation tool, to align with his goal of making the Arab MLS the primary reliable source for anyone looking to buy or rent a property in the Middle East.
According to Elbatrawy, it’s about time to showcase the region’s real estate industry as it generates millions of dollars and creates many investment opportunities for investors worldwide. He shares, “they will be able to come and spend the money and invest in Egypt or anywhere else in the Middle East because now they have one professional and trusted source of information.”
