Investors introduce project to reduce housing deficit

Due to the incessant rise in house rents across the country, a group of real estate investors has come up with an initiative to tackle house rent hikes nationwide.

The investors, through the principles of Islamic financing, have set up a project, aimed at reducing house rent by providing real estate developers the opportunity to source for finances for their projects with no interest rate.

The Managing Director, Yahshud Properties Ltd, Mr. Abdu-Jabaar Oyekan, noted that the initiative is targeted at eliminating the presence of middlemen in the real estate industry, so as to reduce the exorbitant rates at which houses across Nigeria are being priced.

Also, the project seeks to improve the quality of buildings by providing a project management service to ensure that standard houses are being erected to trim down poor housing systems in the country.  

The scheme, which is based on the Islamic principles of equity, fairness and partnership, offers real estate developers the opportunity to partner investors, bearing the risks and sharing the rewards equally.

“There is a housing problem. A lot of people cannot live where they work, because they cannot afford the rent. Hence, they live far from their place of work, which amounts to a lot of inconvenience.”  

With this in view, they proposed a package called the EaziRent, which will enable tenants pay their rents by installment, as against the yearly payment.

“We have a threshold of 15 per cent initial payment of the rent, and over a period of time, you pay on a monthly basis what your rent is worth,” Oyekan explained.