Landwey partners Piggyvest, to make premium land affordable for low-income earners
To bridge housing deficit in the country and make it easier for middle class to purchase landed property, LandWey, a real estate firm, has partnered an online savings and investment platform, PiggyVest.
Unveiling the partnership in Lagos, the companies said their coming together was borne out of the need to reduce the financial burdens on Nigerians willing to buy landed property, as it would create entry paths for virtually any Nigerian within low and medium-income brackets to actualise their dream of premium land ownership.
Speaking on the partnership, CEO/Founder, LandWey Investment Limited, Olawale Ayilara said “Land and home ownership is a dream most Nigerians share, but the low ownership rate in Nigeria is a major housing deficit to be bridged. The major issues that bring about this low rate include, the high cost of securing and registering land title, inadequate access to finance, slow administrative procedures and the fledgling state of the mortgage finance industry in Nigeria, with loan repayment costs remaining prohibitively high.”
On housing deficit, he said, “we can solve the problem of housing deficit in Nigeria, but we are not just ready to solve it because we need to consider airspace if we want to tackle the problem. We are not maximising the airspace; people build stories building where you have many stay in 30th floor, we are not maximising space and that is what is causing the problem.
The CEO, PiggyVest, Somtochukwu Ifezue said the collaboration was to ensure everyone, especially young people, could own a piece of land. “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. We are 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 LandWey, to make land ownership for Nigerians an attainable dream regardless of income levels.
“When the most trusted name in real estate and savings platform collaborates, then you can be rest assured that this is going to me the most authentic, reliable entry into real estate investment that cuts across class or income strata.”
“The problem is that it is not financially wise to actually start saving to purchase a land the reason is because as you save for the land, your bank will only provide with very little amount of money for your investment, meanwhile the land value is appreciating by a huge percentage which mean that one can never save to purchase a land, what you can do is to buy bits of the land and it appreciates as you keep it.
Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.