The real estate industry in Bahrain will never be the same – do you know why? Estater, the real estate startup that will transform the industry in the region has set up in Bahrain! Estater is the first property technology (proptech) company to set up office in the Kingdom.
According to the Bahrain Economic Development Board (EDB), local and international property investment potential continues to grow, making the real estate sector vital for Bahrain’s economic growth. With a market worth of USD 2.2 billion, the real estate industry is projected to grow at a rate of 13% within the next five years.
Property technology is a new disruptive trend that is taking the Middle East by storm and changing the way we do real estate. The technology is used to gather data on real estate and market intelligence to provide a comprehensive overview of the real estate in selective areas.
Estater, based in Bahrain and Kuwait, is a platform that uses advanced technologies to gather in-depth data about the location of the consumer’s choice within the two countries. One of the first features of the platform is the ability to track the development pattern that has been developed over the past 10 years. The patterns will help potential buyers understand how the location is evolving, instant valuation of the property, and historical price trends.
The sophisticated mapping technologies using the Geographical Information System (GIS), satellite images, and new generation technologies, allows users to get the best value out of investments. The platform will also be simple and free to use for the average consumer.
Sanjay Goyal, the Managing Director of Estater describes Bahrain as the perfect launch pad. “Bahrain is selected as the regional hub for Estater because of its investor-friendly policies and lower cost of operations (compared to UAE). Also, Bahrain is a perfect launch pad for our future operations in Saudi Arabia,” he said.
Estater is the first proptech startup in the region that provides extensive market intelligence and real estate information while using map interaction. They are a groundbreaking startup that will disrupt this sector.
Some of Estater’s accomplishments include over 100 project feasibility studies, market research reports, and market outlook reports that have been developed for its users. The mapping and visualization make it easy for customers to visually see the change in the structure of buildings over time. Customers can get a better understanding of why prices differ depending on location. Not to mention that Estater has done 250+ case studies on different real estate projects spanning across Bahrain and Kuwait, from residential, retail, industrial to office.
Estater is currently focused on its main challenge to spread the concept to potential customers and to become a well-known agency that specializes in real estate tech services within the region.
“The application of technology has changed the value-chain of many industries in the world. The regional real estate industry is highly fragmented and derives several benefits from the advent of Proptech in the region. We are very excited about this and looking forward to play the part of a change-agent in this,” said Sanjay about the proptech industry within the next 5 years.
Estater’s piece of valuable advice for other startups and companies is to focus mainly on content. As long as your content is valuable, the startup will be sustainable in the long run and benefit as many users as possible.