Belmazad launches Egypt's first dedicated online real estate auction platform. The platform aims to modernize traditional auctions, making property transactions more efficient, transparent, and accessible. It marks a major step forward in the digital transformation of Egypt's real estate market.
ADDRESSING COMMON CHALLENGES
Belmazad addresses common challenges in traditional auctions and real estate transactions. It creates a safe and legally sound setting for both institutional and individual sellers. Belmazad starts by helping institutional sellers but aims to help individual sellers too. It plans to expand its services soon.
ALIGNMENT WITH EGYPT’S DIGITAL STRATEGY
Co-founder Mahmoud Farahat emphasises how Belmazad aligns with Egypt's digital transformation plan. The platform keeps up with new technology, improving bidding fairness and quick returns. In doing so, it helps provide a faster process and ensures fairness.
STRONG CUSTOMER BASE AND A DIVERSE ASSET PORTFOLIO
Belmazad has a large customer base, both locally and internationally, interested in diverse assets. These include the likes of land, residential units, hotels, and commercial properties. The platform provides an easy online bidding process. Buyers can register, participate, and stay updated on bidding schedules through various channels.
OFFERING A FLEXIBLE BIDDING PROCESS
Bidding auctions on Belmazad extend over three days. This allows participants to bid from anywhere with an internet connection. Prompt notifications also ensure fair competition and transparency. So the platform is unlike traditional auctions that have time and location restrictions.
BELMAZAD’S TECHNOLOGICAL ADVANTAGE
Co-founder Omar Dewey emphasises how the company's technological edge in minimising human involvement. This approach increases transparency and safeguards the interests of both buyers and sellers. In doing so, it maintains legal protections throughout the sales transaction process.
TARGETING INSTITUTIONAL SELLERS
The company initially targets banks and holding companies that want to auction their assets for top value. They will soon announce a big partnership with a major institution that has a large asset portfolio. This partnership will be significant for the company's growth.
SUPPORT FOR REAL ESTATE BROKERS
Belmazad also helps real estate brokers by giving them a platform to register and get unique codes. They can also help their clients buy properties through this platform. The company guarantees brokers their commissions, setting it apart from other platforms.
A standout feature of Belmazad is the "Escrow Account," created in partnership with a major Egyptian bank. This account ensures safe and reliable transactions. It does so by safeguarding buyer funds until property ownership is legally transferred.
RESHAPING REAL ESTATE TRANSACTIONS IN EGYPT
Belmazad isn't just an auction platform; it's changing how real estate deals happen in Egypt. It makes transactions fair, quick, and better for all. Belmazad sets new standards for property valuation and sales, keeping up with technological progress.
