Aqar Exit, a real estate platform, has signed a cooperation protocol with Qastly for Real Estate Finance. The partnership aims to expand the available solutions for Aqar Exit's clients by providing Sharia-compliant real estate financing options for qualified homebuyers. This move seeks to support customers facing difficulties in completing their unit obligations and enhance the efficiency of the resale market.
The partnership will enable Qastly to study and provide Sharia-compliant real estate financing solutions for units and qualified clients. This will allow a broader range of homebuyers to benefit from the opportunities listed on Aqar Exit without needing to provide the full required liquidity immediately. The cooperation protocol was signed by Ihab Omar, Managing Director of Qastly, and Dr. Mahmoud Ammar, founder of Aqar Exit.
Dr. Mahmoud Ammar stated that the partnership represents a significant step in developing the solutions offered by Aqar Exit to both sellers and buyers. He highlighted that one of the major challenges in the resale market is the limited liquidity required to complete transactions, which can hinder some homebuyers from benefiting from available opportunities. Ammar emphasized that Sharia-compliant financing solutions can help expand the potential buyer base for units listed on Aqar Exit.
The partnership comes as Aqar Exit experiences rapid growth, with approximately 8.5 thousand residential units listed on the platform. The total expected market value of these units is around 123 billion Egyptian pounds. Aqar Exit has successfully closed around 600 deals worth approximately 8.8 billion pounds in just 50 days, reflecting the demand for exit and resale solutions in the market.
Ihab Omar stated that the partnership with Aqar Exit aligns with Qastly's vision to maximize the role of real estate financing in the market. He emphasized that the goal is to provide tailored financing solutions that meet the diverse needs of clients. Omar added that all financing requests will be studied according to Qastly's regulatory controls and credit policies.
The regions of East and West Cairo, as well as the North Coast, are witnessing increased demand for exit and resale solutions. Aqar Exit plans to expand its partnerships with various financing entities and institutions to develop a comprehensive system that enhances market liquidity and offers more flexible alternatives for buyers and sellers.
The cooperation between Aqar Exit and Qastly is expected to provide new purchase and financing opportunities, accelerate deal closures, and create added value for all parties in the real estate market. The partnership aims to develop more initiatives and solutions that combine Aqar Exit's capabilities in the exit and resale market with Qastly's expertise in Sharia-compliant real estate financing.
Key points
- Aqar Exit and Qastly partner to offer Sharia-compliant financing solutions for homebuyers on Aqar Exit's platform.
