One-on-one with Aqarmap CEO Aya Ashraf: Homegrown proptech platform Aqarmap kicked off operations in 2011, since then its platform has come to serve over 2 mn monthly users and house over 400k units looking for renters or new owners. We sat down with CEO Aya Ashraf (LinkedIn) to learn more about Aqarmap’s vision and future plans. Ashraf has been with company since 2018 and became CEO last October — she joined the company as a seasoned professional with a background in e-commerce. Below are edited excerpts from our conversation:

EnterpriseAM: Aqarmap serves mns on a monthly basis, who are you mainly targeting?

Aya Ashraf: Our clients are real estate developers, real estate marketers — who represent the largest segment — and finally, individuals looking to sell or lease their properties. The common goal among these three categories and us is to serve the end-client who is searching for a property to buy or rent. Fourteen years ago, people had to physically go out to search for a property. Now, a large percentage of them go online first to check prices, conduct their research, and communicate with advertisers.

E: What other products do you offer to developers?

AA: Our motto is “Know More.” We don’t just offer listings for units; we provide information that helps you, whether you are a user, an agent, or a developer. One of our most important services is market research. We have supply and demand data, and we understand market trends thanks to the analysis of user behavior. Developers need this insight from us to know what the market demands.

E: You’re hosting a real estate summit in the coming days, prior to which you will take tens Saudi developers on a tour around Egypt. What’s the idea behind that?

AA: We operate in both Egypt and Saudi Arabia. Saudi Arabia is a promising market that is developing rapidly, and they excel in some aspects, while Egypt excels in developing large-scale, city-like residential projects.

At the request of Saudi developers, we are organizing a tour for them of the most important real estate projects in Egypt so they can see them on the ground. This includes meetings with decision-makers in major real estate development companies to learn about their success stories and the services available in their projects, some of which include universities, clubs, hospitals, and residential units. There will be opportunities for partnerships, networking, and sharing experiences. Saudi developers, in turn, also have success stories that can be of use to Egyptian developers.

We organized these tours in 2015, 2018, and 2024, and now in 2025 due to increasing demand resulting from the rapid changes in the Egyptian market. Last year’s tour was in East Cairo, and this year it’s in West Cairo. Real partnerships have emerged from them. We will conclude the tour with a real estate summit on Sunday.

E: How do you see the local real estate market? And what are the most prominent trends?

AA: We can divide the real estate market into three main sections: The primary market, which witnessed an unnatural boom in 2022, 2023, and the first quarter of 2024 due to exchange rate instability, which pushed more Egyptians towards real estate as a safe haven. With the stabilization of the exchange rate, demand has receded. Consequently, developers have started offering greater facilities, and we are once again seeing innovative and extended payment plans of up to 10-12 years aimed at attracting wider segments of customers. This decline in demand is due to customers taking their time to compare options following the boom. Today, the market is self-correcting, which is a good sign.

The second section is the resale market or secondary market, which is proceeding at a normal pace. It has its clientele who prefer to see the property completed before purchasing. With the expected decrease in interest rates, we anticipate more activity in the secondary market, especially if mortgage financing conditions become more lenient.

The third section is the rental market, which is experiencing a noticeable recovery compared to two or three years ago. This recovery is attributed to several factors, including a decline in purchasing power for some segments who have resorted to renting instead of buying, in addition to urban expansion and the distance between workplaces and residences, and the influx of expats.

Among the most prominent developments in this market at the moment is the ministerial decree regulating licenses for holiday home units — furnished apartments, villas, and suites rented to tourists. This allows any owner to apply for a license to rent out their unit to tourists as a hotel unit and receive rent in foreign currency. This is a promising step, as it encourages more closed units to be brought onto the market, contributing to price stabilization. It also aligns with the state’s plan to attract large numbers of tourists over the next five years, given the difficulty of meeting demand by building new hotels. This initiative will provide good income for both the state and unit owners.

We have also begun to see significant growth in specialized property management companies, which handle the management of residential units in terms of cleanliness, organization, and check-in/check-out processes. This has created a system that allows owners to rent out their units easily. It’s an active market that is heading towards further growth.

E: From Aqarmap’s perspective, what are the most active areas and property types?

AA: Naturally, the residential sector remains the most in demand, being a basic need. However, we’ve seen a boom in demand for commercial and administrative units, resulting from the increasing trend towards real estate investment through renting out these types of units. There has also been a noticeable, albeit smaller-scale, trend of buying residential units for the purpose of direct rental.

One of the striking trends is the shift of some tourist demand from traditional areas like Downtown Cairo and Giza to areas such as Sheikh Zayed, 6th of October, and New Cairo. We are also beginning to see entire buildings dedicated to rentals, even within compounds, managed by specialized companies.

In terms of areas, Sheikh Zayed and New Cairo are still at the forefront in terms of sales volumes and price growth. They are followed by the new capital and areas surrounding New Cairo like Mostakbal City, which is seeing good demand. In the lower price bracket, we are witnessing high demand in Shorouk, Obour, and Hadayek October. We will detail these indicators in the 2025 version of our annual market trends report, which will be released next month.

E: What about coastal areas?

AA: The biggest demand is still in the North Coast, especially with the anticipated developments in Ras El Hekma. The primary purpose of buying units in the North Coast is no longer just to own a second home; it has become an investment, given the expectations of significant price increases as a result of the planned investments there. Real estate market sales in the second and third quarters of 2025 are expected to be heavily concentrated in the North Coast, especially in the higher price categories. The area is also becoming a hotspot for foreign tourists.

E: You’ve been present in the Saudi market for years now, how has your experience been there?

AA: We first entered the Saudi market in 2015 with the same business model used in Egypt, but quickly exited the market due to market conditions and intense competition. We returned to the Kingdom again in 2022 with a new business model based on exclusive cooperation with real estate developers, working with them directly to execute transactions according to specific objectives.

The Saudi primary market is currently experiencing the beginning of a huge boom. It enjoys a disciplined legislative structure and an open, albeit highly competitive, market. The availability of government data for all transactions is a factor that makes it easier for developers to analyze the market before making investment decisions, which enhances the chances of success for new projects.

E: Can we expect Aqarmap to roll out new products soon?

AA: Yes, we are working on developing new ways to reach potential customers seeing as consumer behavior is changing. Users now don’t just go to Google; they go to tools like ChatGPT for research and decision-making. Therefore, we have to evolve and be present on the platforms they use. We are also planning to launch new services this year specifically for individuals, to help them make decisions based on simple comparisons between different offers, payment plans, delivery speed, and more. Ultimately, what’s important is that the user finds what they want easily, and that the data is accurate and easily accessible.

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