The Middle East's leading innovator in real estate, SHAL MLS, has announced its partnership with CoreLogic to launch Egypt's first multiple listing service (MLS). The new national MLS will modernise the property-buying experience for over 100 million Egyptians. But it will also bring the country's fragmented real estate market together thanks to a suite of integrated solutions from CoreLogic.
Additionally, the agreement gives SHAL MLS the sole authority to use CoreLogic multiple listing technology in Saudi Arabia, the United Arab Emirates, Kuwait, and Qatar. These are all additional Arab countries without established MLS systems. So, there's a clear incentive and opportunity for SHAL MLS to introduce its innovative PropTech to these markets.
CoreLogic Matrix, a top multiple listing platform, utilised by over a million real estate professionals in the United States, Canada, and other countries, will be incorporated into the new Egyptian MLS system. CoreLogic OneHome will be used by SHAL MLS as their client collaboration and search interface for homebuyers. Then, CoreLogic Trestle will be used to provide listing data to partners of SHAL MLS.
BENEFITS THAT SHAL MLS WILL FACILITATE
This PropTech innovation will make the Middle East’s real estate industry increasingly more accessible to the rest of the world. Ahmed Elbatraway, the CEO of SHAL MLS, conveys how SHAL MLS intends to make the Egyptian, Saudi, and UAE MLS listings accessible to real estate agents in the United States. This would likely spur potential record-high levels of foreign investment into Middle Eastern real estate. The company also projects that the implementation of its MLS will likely bring in billions of dollars in revenue. It is equally highlighted that the new MLS system will boost the return on investment for local real estate agents and developers alike.
The enhanced access to real estate, boosted efficiencies, and an optimised user-friendly interface that the SHAL MLS system provides will have a huge boost to Egyptian real estate. The technology will reduce the barriers to entry for participating in the Egyptian and broader Middle Eastern real estate markets. But it will also act as an important enabler of Foreign Direct Investment into the region’s real estate markets. This will further support the core visions and goals of the region to reduce its dependence on their fossil fuel markets. Therefore the secondary and tertiary impacts of the MLS technology will prove substantial in helping countries throughout the Middle East strive towards a sustainably driven future.