Mixta Africa, a leading real estate developer, has said that it was in the forefront of innovative housing financing solutions, to address the housing gap in Africa.
Following the success of Mixtaflex, a payment plan that leveraged Federal Government mortgages to deliver over 350 homes, Mixta Africa two years ago introduced Duo, a revolutionary rent-to-own scheme.
Launched in September 2022, Duo has already sold out two cycles, demonstrating its potential to transform the affordable housing market.
Gboyinde Sodipo, product manager, said Duo’s vision is to become Africa’s foremost privatised rent-to-own scheme, providing an alternative financing pathway for individuals to acquire homes.
“By offering a flexible and affordable payment plan, Duo aims to increase the number of people on the homeownership ladder, particularly in the affordable market segment.”
Sodipe said the Duo process is straightforward. According to her, this is by making a low equity payment (minimum 5 percent of the property entry fee); pay annual fixed rents for a maximum of three years; and pay the balance through one of three options including outright payment at the end of the rental period; or instalments throughout the rental period; or via mortgages.
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“The advantages are that the Duo offers several benefits, including low property acquisition entry points, the ability to move in and live in the home while making payments and every payment made reduces the outstanding balance towards owning the home, she said.
Breaking down barriers, she noted that Duo is designed to ease home financing, making it possible for individuals to move from renting to owning a home without the burden of high upfront cost
According to her, the vision behind the project is allowing individuals to live in their homes while making payments. “Duo bridges the gap between renting and owning, making homeownership a reality for many.”
“Mixta Africa’s Duo rent-to-own scheme is a game-changer in the affordable housing market.”
“With its innovative payment plan and flexible options, Duo is poised to increase access to homeownership, bridging the housing gap in Africa. As Duo continues to gain traction, it is clear that the vision behind this revolutionary scheme is becoming a reality, one home at a time, Sodipe said.
