Mixta Africa creates “Rent to Own Scheme” for accessible, affordable housing

In its bid to provide access to affordable yet upscale real estate products, Mixta Africa, one of Africa’s largest real estate companies, has released its rent-to-own scheme.

Its new Duo Scheme is an innovative solution that aims to tackle the country’s growing housing deficit, by reducing the financial pressure of the home buying process for customers through a rent-to-own process.

The Rent-To-Own scheme offers flexible and accessible opportunities to live in one of Mixta Africa’s upscale, beautiful, and serene communities on a lease while working towards the option of outright purchase and complete ownership at the end of a fixed 3-year period.

The initiative is expected to cater for the middle-income segments of the housing industry, focusing primarily on working families in Lagos.

Speaking on the new initiative by the company, Rolake Akinkugbe-Filani, the chief commercial officer gave substantive details of the scheme, stating, “The scheme is designed to ease the financial stress attributed to the process of home buying for potential customers, and leverages the experiences of other payment schemes in Lagos to provide a superior solution.”

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According to Akinkugbe-Filani, “This new scheme makes a considerable proportion of Mixta Africa’s more affordable real estate holdings available to willing customers who would be required to lease these properties for a maximum 3-year period, after a 5 percent non-refundable equity contribution from the total property price.”

“The client pays an annual rent which is added to the 5 percent contribution, and the total price of the property to be paid at the end of the lease period. After the lease period (3 years) expires, clients retain the right to make complete payment in addition to the initially contributed sum, to take full ownership of the property. Property title documents are only handed over to the client after full payment,” she further explained.

“It is believed that the simplicity of the scheme and its competitive entry point will lead to its rapid adoption and overall success,” says Benson Ajayi, Mixta Africa’s chief financial officer, giving more details on the scheme.

Highlighting the credibility and achievement of the company in its many community-advancing initiatives, Ajayi pointed out that the comfort and favourable investment interests of its customers are at the core of its business initiatives.

“Your well-being is our best possible form of marketing, your wins and successes guarantee ours, and we will continue to strive for and look forward to wonderful partnerships,” he said.

The Duo is a scheme developed by Mixta Africa in a bid to make affordable housing more accessible for the average Nigerian.

It is a lease-purchase option that is targeted at lower to middle-income earners in Nigeria beginning with Lagos State for its pilot phase. Launched in May 2022, Duo can be accessed for Marula Park 2-bedroom home located in Lagos New Town from the Mixta Africa portfolio in Nigeria.