Despite being a fast-growing sector in Africa, real estate faces inherent challenges. To address some of these challenges, tech entrepreneurs are beginning to step in with interesting solutions.

Sakneen is a proptech solution developed by an Egyptian startup. It allows users to buy, sell or rent a home.

 Through its web platform, a user can create an account to view available properties on a map, along with accurate valuations that reduce the stress of long negotiations. 

 The valuations are “based on a unique pricing algorithm that […] brings information & transparency to the real estate industry in Egypt. We collect over 30 unique data points per home to ensure that our benchmarks are a relevant starting point for conversations between sellers and buyers,” the web platform explains.

The solution provides both buyers and sellers with all the information they need to complete real estate transactions. It allows buyers or renters to easily find properties that meet their search criteria and budget.

According to Omar Khashaba, Principal at Egyptian venture capital fund Algebra Ventures, " Sakneen brings unique efficiencies to the real estate market, which despite heavy VC funding, hasn’t seen enough disruption. Trying to find a home online today is often a frustrating experience, plagued by inaccurate listings and overzealous brokers. [It] can meaningfully differentiate itself by re-inventing the search experience and managing the supply side in novel ways." In 2020, the Egyptian proptech behind the solution participated in the  Y Combinator acceleration program. From its inception in 2019 to date, it has raised about $1.3 million to accelerate its growth.

Adoni Conrad Quenum