Prypco disburses record $136m mortgages in August
DUBAI, 4 hours, 1 minutes ago
Prypco, a Dubai-based prop-tech start-up, has announced a major milestone. In August 2024, Prypco Mortgage disbursed over AED500 million ($136 millon) in mortgages. This represents the highest volume of disbursals in a single month by Prypco Mortgage, demonstrating its rapid expansion and demand.
"Reaching this milestone is a testament to the trust our clients place in us and our ability to deliver exceptional financial solutions," remarked Amira Sajwani, the Founder and CEO of Prypco.
"We remain committed to facilitating homeownership in the UAE, supporting real estate development, and contributing to the growth of the nation’s economy," she noted.
In addition to this accomplishment, Prypco has also set a new record for the highest single retail mortgage disbursal, worth AED48.5 million, stated Sajwani.
This substantial loan was facilitated for the purchase of a luxury villa in Dubai’s Palm Jumeirah through a partnership with United Arab Bank (UAB), one of the leading banks in the UAE offering a wide range of mortgage solutions.
This transaction is also among the top 10 mortgage transactions in the city’s real estate market over the past five years.
This transaction marks the highest single retail disbursal in Prypco Mortgage’s history, as well as for UAB. It is one of the largest individual mortgage disbursals in the UAE real estate market, further establishing Prypco Mortgage as a key player in financing property investments.
According to Sajwani, Prypco Mortgage has partnerships with all major banks in the UAE and is rapidly becoming the go-to option for home loans.
As a market leader in mortgages, the prop-tech start-up offers free consultations, quick pre-approvals, and attractive options for buyouts and refinancing, she said.
With the UAE’s property market experiencing steady growth, Prypco Mortgage continues to innovate and provide tailored solutions for clients, further driving the success of its mortgage division.
Prypco Mortgage is continuously expanding its portfolio, driven by its commitment to offering competitive rates, flexible terms, and exceptional service to its clients, she stated.
With a predicted CAGR of 9.3% from 2023 to 2033, rising from its 2023 value of over $19 billion to $47 billion by 2033, Deloitte research indicates that the prop-tech sector is set for significant expansion.
As a key player in this sector, Prypco is one of the fastest-growing start-ups in the region, with multiple business verticals covering Mortgages, Fractional Ownership, Golden Visas, and B2B services, she added.-TradeArabia News Service
