The management team has extensive experience in managing and selling real estate, having established three real estate asset management platforms for financial institutions and private equity funds and monetised more than Eur 1.1bn from 2016-2020.
WiRE has developed a centralised database of transactions and asking prices across Cyprus, and has developed various tools mapping and analysing market activity, e.g. maps, BI tools showing time on the market/ discount to asking, etc. It is also at the early stages of developing an Automated Valuation Model (AVM) with the help of academics from the University of Cambridge.
The target market is financial institutions looking to improve the quality of their valuations, reduce turnaround time, and lower costs, as well as to leverage WiRE’s technology to visualise and analyse their own data. Once this beachhead is secured the company will develop tools to manage granular real estate assets and a platform to monetise real estate using local experts (online estate agency), all wrapped in an ecosystem that will also include insurance, facilities management, digital loans, etc.
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