Mixta Africa launches rent-to-own program for accessible and affordable housing
In its attempt to provide access to affordable yet high-end real estate products, Mixta Africa has emerged with its new Duo program; an innovative solution that aims to tackle the country’s growing housing deficit, reducing the financial pressure of the home buying process for clients through a rent-to-own process.
The Rent-to-Own program offers flexible and accessible opportunities to live in one of Mixta Africa’s upscale, beautiful and serene communities on a lease, while working towards the option of an outright purchase and complete ownership at the end of a fixed 3-. period of the year. It caters to the middle income segments of the housing industry, focusing primarily on working families in Lagos.
Speaking on the new initiative, Commercial Director Ms Rolake Akinkugbe-Filani gave substantial details of the scheme, saying, “The scheme is designed to alleviate the financial stress attributed to the process of buying a home for potential customers, and leverages the experiences of other payment systems in Lagos to provide a superior solution.
According to Akinkugbe-Filani, “This new program makes a considerable proportion of Mixta Africa’s more affordable real estate available to willing clients who would be required to lease these properties for up to 3 years, after a non-refundable down payment of 5% contribution of the total price of the property.
“The customer pays an annual rent which is added to the 5% contribution, and the total price of the property to be paid at the end of the rental period. After the expiration of the rental period (3 years), customers retain the right to make full payment in addition to the sum initially provided, to take full ownership of the property. Title deeds are released to the customer only after full payment,” she explained.
“It is believed that the simplicity of the program and its competitive entry point will lead to its rapid adoption and overall success,” said Mr. Benson Ajayi, Chief Financial Officer of Mixta Africa, giving more details on the program.
Emphasizing the company’s credibility and achievements in its many community-benefitting initiatives, Ajayi stressed that the convenience and favorable investment interests of its customers are at the core of its business initiatives. “Your well-being is our best possible form of marketing, your victories and successes guarantee ours, and we will continue to seek out and look forward to wonderful partnerships,” he said.
Duo is a program developed by Mixta Africa with the aim of making affordable housing more accessible to the average Nigerian. It is a rent-to-own option that caters to low to middle income people in Nigeria, starting with Lagos State for its pilot phase. Launched in May 2022, Duo is accessible for the Marula Park 2-bedroom house located in the new town of Lagos from the Mixta Africa portfolio in Nigeria.