An end-to-end real estate transaction platform where residential properties can be bought and sold online will soon be launched in Bahrain, it has emerged.
This follows the signing of an agreement involving the Bahrain FinTech Bay (BFB), the Fintech Consortium (FTC) and OffrBox, a New York City based Fintech start-up.
Featured as one of New York City’s Top 50 Start-ups to Watch in 2017, OffrBox has created an online marketplace where participants looking to buy or sell residential real estate can list, search and review properties.
A statement yesterday said OffrBox is currently expanding the platform to integrate real estate financing and blockchain for title registration.
These added modules will enable buyers and sellers to experience a streamlined real estate transaction process with automated clearing and settlement of loan funding for purchases and digitised title transfer and registration at closing.
By bringing these capabilities to Bahrain, OffrBox is looking to contribute knowledge and technology towards the development of the country’s fintech ecosystem.
“We have taken much note and interest in Bahrain and its regional leadership position in fintech,” said OffrBox president and founder Eric Andrew.
“Specifically, we believe that Bahrain Fintech Bay offers us a unique opportunity to deploy the OffrBox platform, enhance its capability through local innovation, and work with industry to develop leading technology for real estate investment.”
According to him, the platform’s unique value proposition to customers is that once a property has been identified, participants can review detailed property documentation, negotiate the purchase price, and then complete their contract process and deal closing via the platform.
OffrBox reduces wasted time and frustration by creating a seamless transaction flow from initial offer to the actual purchase closing, added Mr Andrew.
Describing real estate as an important sector for the kingdom and wider GCC region, Fintech Consortium chairman Maissan Al Maskati said, “We believe OffrBox’s innovative technology can help modernise the sector and generate greater efficiency by streamlining real estate transactions and reducing their costs significantly”.