Brimstone Real Estate offers solution to bridge housing demand-supply gap
The current housing deficit in Nigeria is estimated in the range of 17-22 million while the total deficits on the African continent ranges above 200 Million.
Consequently, the Brimstone Real Estate was established in 2019 to close the gap, with a determination to resolve the stressful housing inadequacy.
The corporate team led by Habib Akande as the Managing Director and Chief Executive Officer, comes on strongly to tackle headlong the menacing challenges in the estate sector.
Habib is a persistent and advocate for Housing Reforms and this can be traced to the company’s goal whose corporate mission is to deliver at least 500,000 housing units across Africa by the year 2050.
Since venturing into the estate business in December 2019, Brimstone Real Estate has continued to wax from strength to strength, currently parading 5 exotic estates and in a ready position for additional 3 estates to the fleet, close to completion.
Pursuant to the corporate mission, Brimstone Real Estate is developing new 200 housing units across Ibadan, Ogun and Lagos States. The first phase has begun in Ibadan and that of Ogun will commence shortly.
Emphasizing on the huge capital requirement to finance the projects, Habib said none of their projects is being financed by commercial banks. Indeed they are open to private investment partnership on some of their projects as well people who are desirous of becoming shareholders of the company.
He also stated that people seem to find it easy investing in Tech start ups rather than Real Estate, but research has shown that most Tech startups don’t yield satisfactory Returns On Investment ( ROI) until 4- 5 years, while some only yield meagre returns; which is contrary to the higher and faster rate of return in the Real Estate industry.