PropVest Nigeria has launched an investment offer for real estate financing across its locations in Lagos, Abuja and Ogun, for individuals with funds to earn decent returns while also contributing to bridging the country’s housing deficit.
As an income generating investment platform, the company, which is a subsidiary of Richfield, a real estate development company, is designed to help individuals make short to medium term cash flow from real estate investment.
This company will also help to provide the much-needed funds for real estate developers to help close up the massive housing deficit in Nigeria, which the National Bureau of Statistics (NBS) put at 17 million and requires 700,000 houses annually.
Samson Odegbami, the Chief Executive Officer (CEO), Propvest said as an emerging innovator in the real estate industry, Propvest is set to reduce the housing deficit in Nigeria by 500 units next year.
Adding that it is also aiming to pioneer an inclusive investment and earning model that funds real estate projects across the country.
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“By harnessing the power of new age technology and our resources management skills, we are established as a channel that concerts stakeholders’ effort and fund to develop real estate projects in Nigeria, bringing sustainable solutions to old enduring challenges.” He said.
Speaking about the investment model, he explained that it entails the pooling of funds together by investors for residential and hostel developments with a prospect of receiving a certain percentage as Return on Investment (ROI).
“We offer real estate investment opportunities for Nigerians with a minimum of N150,000. Returns on the investments vary with the amount and duration of investment made.
We have investments with returns from 10 percent to 54 percent across various investment cycle duration of 3, 6, 9 and 12 months.” He explained.
Currently, real estate developments, comprising residential, commercial, and industrial are becoming more capital-intensive due to the inflation affecting building materials, making it inevitable that developers would need external support to finance their projects.
“Out of over 206 million Nigerians, no less than 17 million people are still without a home. This is partly due to challenges that individuals face such as lack of funds to build, inflation resulting in constant hike in price of building materials and skilled labor among other issues.” He explained.
He added that PropVest will work alongside Calebella Integritas Project Limited, a construction company, groups of realtors, construction material suppliers, insurance companies, lineups of investment bankers and Nigerians seeking better ways to put their idle funds to use.
