Property development firm, Realty Point Limited, is collaborating with Bersama Real Estate Co-operative Multipurpose Society to ease access to housing.
The initiative is expected to make more homes available to aspiring homeowners by improving access to rent-to-own.
The Managing Director of Realty Point, Mr. Debo Adejana, stated that rent-to-own, an initiative promoted by public and private sector operators, including his firm, aimed to facilitate ownership of a house to a tenant after living in the house and paying rent consistently for 10-15 years, but that its major drawback had been the absence of enough housing stock to meet surging demand.
He said Realty Point was collaborating with Bersama to help members put resources together and invest in real estate assets.
Adejana, who stated this at a ceremony to mark Realty Point’s 13th anniversary, noted that over the years, government’s efforts towards making housing affordable had birthed initiatives to improve liquidity in the industry, hence the need to leverage on the development.
He said, “As a company, we have discovered that accessing mortgage is difficult in Nigeria because of cost and requirements; we know that the government and the private sector are trying on their part to make housing affordable.
“With the collaboration towards home ownership under the rent-to-own scheme, people will be able to get houses, start staying in them and then pay rents for a specified period of time. It could be between five to 10 years, or more, depending on what they qualify for.
“What is peculiar with the rent-to-own scheme is that it is cheaper than taking a mortgage, and easier to qualify for, especially when the clients belong to a union in which applicants will be assessed for the scheme.”
Adejana added that the projects for the scheme were already ongoing in Abuja and Lekki area of Lagos, where apartments would be made available for middle-income earners to pay over a number of years in a quasi-mortgage arrangement.
He said in the last 13 years of its existence, Realty Point had been sustained by helping people to own their homes.
“This is the reason the company prides itself in helping clients to sack their landlords. Realty Point started literally from nothing in 2005; however, we strive to ensure that we deliver on our promises and keep our word to help people own their homes,” he noted.
At the anniversary celebration, three members of staff were rewarded for their years of service to the company with 648-square-metre plots of land at the Roseberry Estate, Alapoti, Agbara, Ogun State for their dedication to service in the last 10 years.