BusinessDay

Mixta Africa launches ‘Rent-to-Own’ scheme to promote affordable housing

The management of Mixta Africa, a real estate investment and development firm, says the company has launched what it calls Duo scheme aimed to reduce the financial pressure of the home buying process for customers through a rent-to-own process.

According to the management, Duo is a scheme developed in the company’s 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 for its pilot phase.

While Duo, an innovative solution, aims to tackle the country’s growing housing deficit, the Rent-to-Own scheme is the company’s bid to provide access to affordable yet upscale real estate products.

The Duo, launched in May 2022, can be accessed for Marula Park 2 bedroom home located in Lagos New Town from the Mixta Africa’s portfolio in Nigeria.

“This scheme offers flexible and accessible opportunities to live in one of our upscale, beautiful, and serene communities on a lease, while working towards the option of an outright purchase and complete ownership at the end of a fixed 3-year period,” Rolake Akinkugbe-Filani, the company’s Chief Commercial Officer, explained in a statement.

Read also: CBN rate hike tests housing, construction industry resilience

The scheme, she added, caters to the middle-income segments of the housing industry, focusing primarily on working families in Lagos.

“The scheme is designed to ease the financial stress arising from the process of home buying for potential customers, and leverages the experiences of other payment schemes in Lagos to provide a superior solution,” Akinkugbe-Filani explained further.

To benefit from this new scheme which makes a considerable proportion of Mixta Africa’s more affordable real estate holdings available to willing customers, Akinkugbe-Filani said the buyers have to lease these properties for a maximum of 3 years after a 5percent non-refundable equity contribution from the total property price.”

“The client pays an annual rent which is added to the 5percent contribution, and the total price of the property to be paid at the end of the lease period. After the 3-year lease period 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 explained further.

Benson Ajayi, the company’s chief financial officer, hopes that the simplicity of the scheme and its competitive entry point will lead to rapid adoption and overall success.

Highlighting the credibility and achievement of the company in its many community-advancing initiatives, Ajayi pointed out that the comfort and favorable 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.

Get real time updates directly on you device, subscribe now.