As inhabitants on earth, we all nurture and share an individual yearning to own and carve out a section we call our own (home ownership).
According to statistics from the Centre for Affordable Housing Finance in Africa, Nigeria has a low homeownership rate, lower than that of Indonesia (84 per cent), Kenya (73 per cent), and South Africa (56 per cent). The major issues that continue to affect housing in Nigeria include constraints related to the high cost of securing and registering secure land title, inadequate access to finance, slow administrative procedures, and primarily, the high cost of land.
It is clear that the mortgage finance industry in Nigeria has not got to its full potential, the industry is primarily available to high-income earners and largely excluding middle and low-income earners. For the majority of Nigerians, mortgage finance is not an option due to the lack of robust land tenure and financial system, and because loan repayment costs remain prohibitively high.
Landwey, Nigeria’s foremost real estate investment firm with key interests in furnishing zero stress and risk access to land, in a bid to bridge the housing deficit and create easy and seamless access to land and housing, has gone on to combine forces with PiggyVest the largest online savings & investing platform in Nigeria. LandWey’s commitment is to create the most contemporary, luxurious, communal estate-hub residences, as recognizes the innate need that we all share for land and homeownership.
This new, exclusive initiative, tagged “WeyLandOwnership”, creates entry paths for virtually any Nigerian within low and medium-income brackets to actualize their dream of premium land ownership. By means of a saving scheme with PiggyVest, subscribers can begin their journey to land ownership, by making per square metre payments for their land, and getting to full-on allocation after having made payments worth a minimum of a 300 square metre lot.
The mind-blowing thing about this service is that the costs or fees paid within the allotted time is a bumper package inclusive of all extra fees that cater to developmental levy, survey and deed of assignment. So, upon completion of payments worth 300 square meters, clients and subscribers get the allocation of their land lot instantly as well as accompanying documents.
We’re truly excited for the relief that this scheme will bring to many Nigerians. It brings us so much satisfaction to drive this customer-centric solution in hands with PiggyVest, to make land ownership for Nigerians an attainable dream regardless of income levels, because at the core of our passions are seeking ways to disruptively bridge the housing deficit in Nigeria.
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