DUBAI: Huspy, the Dubai-based proptech startup that announced one of the largest Series A fundraising rounds in the MENA region in June, has Pakistani buyers and investors on its radar as it doubles down on growth opportunities for its real estate platform.
“Pakistanis have been among the top 10 homebuyer nationalities in Dubai for several years. In fact, they own over $10 billion worth of properties in Dubai,” said Azzam Fakhoury, head of real estate at Huspy. company registrar in an exclusive interview recently.
“We work to help end users and investors in Pakistan as well as other countries by finding the property, securing financing from the bank of their choice at the lowest interest rate and closing the deal.”
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In response to a target market question, Fakhoury, who is responsible for increasing verified property listings and property sales on Huspy after building and scaling one of the mortgage channels, said the company works with buyers across the price range.
Founded in 2020 by Jad Antoun and Khalid Ashmawy during the pandemic, Huspy was developed to ease the home buying journey by leveraging technology. It helps customers find verified listings and find financing solutions, partnering with banks, realtors and mortgage advisers as it looks to become a one-stop shop for buyers looking of properties.
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Currently it has 1,500 secondary property listings in Dubai, the base of operation, with plans to “invest heavily in technology development, double growth in the UAE and Spain and expand across Europe. “, he said in his announcement of the $ 37 million Series A Round in June.
At the time, Huspy said it reached $2 billion in annualized gross merchandise volume, growing 25% month-over-month to become one of the largest housing platforms in the UAE. The Series A funding was led by Sequoia Capital India with participation from US-based Founders Fund and Fifth Wall, which made their Middle East debut in this round, as well as COTU Ventures and VentureSouq, based to Dubai.
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A year earlier, Huspy raised $10 million in a seed round involving VentureFriends, Islamabad-based Zayn Capital, as well as US-based Plug and Play and two other investors.
Its fundraising rounds underscore the UAE’s progress in the startup space with nearly $700 million raised across 85 deals in the first half of 2022. In terms of number of deals and amount raised, the fintech has remained the most popular industry with 28 deals helping to raise $234 million, according to MAGNiTT’s H1 2022 UAE Venture Capital Investment Report.
Huspy’s expansion plan comes as buyers and investors take a bullish stance in Dubai’s property market, where prime property prices have jumped more than 70% in the past year , the biggest gain on the Knight Frank World Index.
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The emirate’s luxury real estate market has stood out in defiance of a global slowdown, with the first half of 2022 seeing residential real estate transaction volumes increase by 60% with an 85% increase in property values. properties sold, property consultancy Betterhomes said in a published report. July.
Pakistanis were among the top 10 buyers during the six-month period, with India topping the list, followed by the UK, Italy, Russia and France, in that order.
Dubai’s property market, which contributes about a third to its economy, is recovering thanks to the government’s agile response to the Covid-19 pandemic and initiatives to give expats a greater stake in the economy.
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However, S&P Global Ratings said in October that Dubai’s real estate recovery was fragile and uneven, and that an oversupply of residential properties would put pressure on prices over the long term.
Fakhoury, however, said Dubai’s policy response will guard against any curve balls that will come its way.
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“We don’t see any signs of a slowdown in real estate demand, regardless of how interest rates fluctuate. They remain affordable to purchase, whether for investment or lifetime purposes.
Copyright Business Recorder, 2022