Richfield Launches Propvest to Pioneer Innovative Model for Real Estate Financing

Richfield a real estate development company with estate projects across Lagos, Abuja and Ogun state has today launched PropVest, an income-generating investment platform designed to help individuals make short to medium-term cash flow from real estate investment.

This company will also help to provide the much-needed funds for real estate developers to help mop up the massive housing deficit in Nigeria.

The Nigerian Bureau of Statistics had, as of August 2012, estimated that Nigeria has a deficit of 17 million houses and requires 700,000 houses annually, compared to less than 100,000 currently being constructed. In 2019, Pricewater Cooper (PwC), the second-largest professional services network in the world supported this data and confirmed that the housing deficit in Nigeria is indeed getting worse.

As an emerging innovative change-maker in the real estate industry, Propvest is set to reduce the housing deficit in Nigeria by 500 units. This, it is making possible by pioneering an inclusive investment and earning model that funds real estate projects across the country.

According to Samson Odegbami, the Founder and CEO of PropVest, “the real estate industry is a renowned sector that has continued to experience unparalleled growth over the decades. Out of over 206 million Nigerians, over 17 million people are still without a home. This is partly due to challenges that individuals face such as lack of funds to build, inflation resulting in constant hike in the price of building materials and skilled labor among other issues. Propvest proposes a solution for all.

“By harnessing the power of new age technology and our resources management skills, we are established as a channel that concerts stakeholders’ effort and fund to develop real estate projects in Nigeria, bringing sustainable solutions to old enduring challenges.”

This launch will see PropVest working alongside construction company, Calabella Constructions, a diverse network and groups of realtors, construction material suppliers, insurance companies, lineups of investment bankers and Nigerians seeking better ways to put their idle funds to use. Investment options start at an entry point of N150,000, spanning various investment cycles of between six to nine months with returns between 10% to 54%.

“We believe that PropVest will help move Nigeria forward by raising finance to build quality homes”, Odegbami concluded.