Dubai: A real estate start-up wants to disrupt the real estate industry by offering an ideal tool for first time homebuyers with data-driven analytics search platform in a bid to shed more transparency and reliability.
Adel Al Mawla, CEO and Co-Founder of MonopolyKings, told Gulf News that the Dubai market is saturated with listing platforms but “we are solving the problems of the buyers that no one is giving attention to. Listing platforms generate money from subscriptions paid by the brokers or the developers while the buyer is paying the commission”.
Moreover, he said that the best interest of the buyer is not aligned with the incentive of the broker, which means higher the price and higher is the commission.
Dubai’s property sector has always been an attractive market for local and foreign investments but he said that most of the buyers are not familiar with the market as they are expatriates and amateurs, and there is a need for an intuitive search platform for property investors.
He started the company as a request from his friend and business partner Marwan Sarieddine, who is the CTO and Co-Founder of the start-up and also an MIT graduate and data scientist.
He said that Sarieddine wanted to invest in the Dubai real estate market and that is how it all started.
When asked about the naming of the start-up, he said: “We came up with the name as most people play Monopoly game and wanted to win. We had both positive and negative feedback about the name. We may change the name later but right now, we are sticking to MonopolyKings.”
He said that investors are fed up with being bombarded with advertised properties and they are looking for more value addition.
“We are solving the lack of transparency in the market by tackling this issue with three main features. First, buyers can generate a report about any property they want to buy or sell (financial report, analysis, how much you can rent it for, estimated cost and expenses per month; is it below or above market price. All the data is based on transaction history that we mainly get it from Dubai Land Department.
“The second feature is that we spot good opportunities but unfortunately there is no solid analysis system in Dubai and not publicly available. Currently, we are dealing with real estate brokers but we do not list all the properties on our website. We list properties that are good investments for the buyers based on our data analytics.
“The third feature is the financial calculator. Users can play with the parameters to see how it will affect their cash flow in the upcoming ten years,” he said.
Currently, MonopolyKings has listings from one broker known as Mylo but is in talks with more brokers.
Al Mawla said that Dubai is still not a mature market and the government should focus on the market listing system (MLS) similar to what is in the US.
As per MLS, he said that all brokers list their properties and analytics companies can pay a subscription fee and can have access to the data in the US.
“It is not available in the UAE. The listings are available in the UAE but you cannot republish them on your websites. It is a challenge for us to get more properties listed while the other issue is what will happen after Expo 2020. The future is always little blurry when it comes to investments here as Dubai is still a semi-transparent market and not mature,” he said.
MonopolyKings is a self-funded start-up and is looking for investments.
“We are not just looking for money but for an investor with more data and has good connections with brokers,” he said.
Sector: Real estate
Year Founded: 2016
Founders: Adel Al Mawla and Marwan Sarieddine