Introduction to Nawy
For decades, buying property in Egypt was a challenging and frustrating experience. The real estate market was fragmented, and buyers had to rely on personal networks and deal with commission-driven brokers who were more focused on making sales than serving customer needs. However, in 2019, Mostafa El Beltagy co-founded Nawy, a proptech platform that aimed to bring transparency and efficiency to the market.
The Journey Begins
El Beltagy’s journey into proptech began with his personal frustration when trying to invest in real estate in Egypt. As a former Vodafone executive, he wanted to invest in property, but the lack of transparency and biased advice made the process highly inefficient. He realized that there was a need for a platform that could provide accurate and unbiased information to buyers. This led him to build Nawy, a platform that would help people buy, sell, invest in, finance, and manage property.
Making Real Estate Accessible
At first, Nawy struggled to secure listings from developers, who were skeptical about the platform’s value. Brokers also saw Nawy as a competitor. However, the company introduced immediate commission payments to brokers who made their first transaction on the platform, which shifted sentiment and led to word-of-mouth growth. Today, over 3,000 brokerages actively use Nawy Partners, accessing live inventory and flexible payouts. The platform attracts over a million monthly visitors, with hundreds of developers competing for visibility.
Expansion and Growth
Over the years, Nawy has expanded beyond listings and brokerage services, evolving into a full-stack real estate ecosystem. The company has introduced products such as Nawy Shares, a fractional ownership product that lets users invest in property with at least $500, making real estate accessible to Egypt’s middle-income population. Additionally, Nawy has developed a mortgage product, "Move Now Pay Later," designed to allow users to buy through installment plans and financing options in a market where banks rarely offer loans for real estate purchases.
Immune to Economic Volatility
Nawy’s products have diversified its revenue streams, which have grown more than 50x in dollar terms over the last four years, despite the Egyptian pound losing 69% of its value. The company attributes this growth to the market’s demand for real estate as a hedge against inflation and currency devaluation. As a result, Nawy closed 2024 with over $1.4 billion in gross merchandise value (GMV), up from $38 million in 2020.
Future Plans
With fresh capital, Nawy plans to expand beyond Egypt into North Africa and the Middle East, regions rapidly emerging as some of the world’s most promising real estate markets. The company is targeting Morocco, Saudi Arabia, and the UAE as its next markets. Nawy will also buy smaller companies along the way, recently acquiring the property management startup ROA and rebranding it as "Nawy Unlocked." The Series A round, raised across two tranches, will fund these plans, including advancing product development and integrating AI across Nawy’s processes.
Conclusion
Nawy has come a long way since its inception in 2019. The company has revolutionized the real estate market in Egypt, providing transparency and efficiency to buyers and sellers. With its expansion plans and innovative products, Nawy is poised to become a leading proptech platform in Africa and the Middle East. The company’s ability to adapt to economic volatility and its commitment to making real estate accessible to all have made it a success story in the region. As Nawy continues to grow and expand, it is likely to have a significant impact on the real estate market, making it more transparent, efficient, and accessible to everyone.
