An expert, Christy Kanu, has said that crowd funding offers Nigerians a unique opportunity to own homes.
She stated this at the launch of Paradise Investment Network Cooperative (PINCOOP).
According to her, the initiative was created to provide Nigerians with equal opportunities to invest in the real estate sector.
She claimed that the cooperative was created as a result of her inability to invest in developed properties in desirable locations, which is also difficult for people with low incomes.
She said through her firm, the opportunities are opened for Nigerians to become real estate investors and own properties of their choice.
“Some years ago, I was keen on investing in real estate market in Lagos, but it became difficult because properties are extremely expensive in choice areas. I was only left with properties outskirt of the city. It’s like a situation whereby the rich get richer and the poor gets just the crumbs, because I had my money and I went into the real estate market and I found out that I couldn’t invest in some developed property in prime locations,” explained Kanu.
According to her, the scheme was designed to give equal opportunities to crowd funder such as those who are members of cooperative societies to invest their savings in the real estate sector.
She said though the cost of properties in prime locations across Nigeria is high due to inflation and rising cost of building materials, it is not enough reasons to deprive low-income earners the opportunity of house ownership.
She said with as little as N50,000, low-income earners like the market women and street vendors could key into the PINCOOP, to invest and co-own properties in prime locations through membership or referral.
“What we are fostering is to ensure that everybody will partake in this real estate co-ownership platform,” she said.
“I want a situation where the rich and the poor benefit based on their share in a property without only the rich getting richer while the poor gets the crumbs.
“With as low as N50, 000, low-income earners like the market traders and artisans could become proud property owners in Lagos and beyond. This is why PINCOOP is basically disrupting the real estate marketplace so that everybody will get a share of interest regardless of income level,’’ she added.
She hinted that PINCOOP would launch various real estate products for co-ownership, including properties that would bring high yields to the co-owners or co-investors. “Most properties in Nigeria have a 99-year lifeline, so you earn rental income for life,’’ she added.
