Affordable Financing Could Help More Nigerians Become Homeowners, Mixta Africa Says

Access to adequate and affordable financing remains critical to helping more Nigerians overcome the barriers to homeownership, real estate developer Mixta Africa has said.

The company made the observation as it handed over keys to 27 new homeowners at Ibudo Wura, an affordable housing estate located along the Lekki-Epe Expressway in Lagos.

The latest handover brings the total number of completed homes at the development across Phases 1 and 2 to 192, according to the company.

Mixta Africa said the development demonstrates how appropriate financing options can make homeownership more accessible to prospective buyers.

The company noted that the latest handover also builds on its more than two decades of housing delivery across Africa, with more than 30,000 homes delivered to date.

According to the developer, homeowners at Ibudo Wura were able to access financing with as little as 10 per cent equity, payable over six months.

The financing comes with an interest rate of 9.75 per cent per annum and repayment tenors ranging from five to 20 years. Indicative monthly repayments start from N534,785.

The financing is available through the Ministry of Finance Incorporated Real Estate Investment Fund.

Mixta Africa Group Chief Commercial Officer, Tola Akinsulire, described the latest handover as an important milestone for the company and the beneficiaries, marking the point at which buyers move from purchasing their homes to taking possession.

Akinsulire said handing over keys was an important part of the relationship between the developer and its customers because it turns the company’s promise of home delivery into something tangible.

She acknowledged that buying a home represents a major financial and emotional commitment and said customers needed confidence that the homes they had paid for would be delivered.

With the latest handover, 27 additional families have taken possession of homes at the development, she said.

Akinsulire added that the company’s responsibility was to continue earning the trust of its customers through consistent delivery across its housing communities.

One of the new homeowners, Mrs Soprinye Banjo, said Mixta Africa’s track record influenced her decision to purchase a home at the estate.

She also cited the availability of authentic property titles and the prospect of having a seamless transaction as factors behind her decision.

Another homeowner, Tunji Adeyemi, said the quality of construction at Ibudo Wura was one of the main reasons he decided to invest in the development.

Adeyemi said he understood the quality of construction carried out by Mixta Africa and considered it an important factor in his decision.

He also pointed to Lagos New Town, where the development is located, as another attraction.

According to him, the area offers a setting where residents could live and work, while also providing an environment suitable for people considering the location for retirement in the future.

Another homeowner, Mrs Yetunde Oyegunle, praised the estate’s appearance, the quality of the finishing and the surrounding environment.

She said the development provided a conducive environment and expressed confidence in recommending it to people interested in purchasing property.

The latest handover highlights the role that accessible housing finance can play in supporting homeownership, particularly as prospective buyers face the challenge of raising large upfront payments for residential property.

Mixta Africa said its financing structure at Ibudo Wura is intended to provide prospective homeowners with a pathway to purchase homes through manageable equity requirements and longer repayment periods.