Richfield, a real estate development company with projects in various parts of the country, has launched an income generating investment platform called PropVest.

The solution was designed to help Nigerians make short to medium term cash flow from real estate investment.

The company also stated that it would also help to provide the much-needed funds for real estate developers to help mop up the massive housing deficit in Nigeria.

According to the Founder and CEO of PropVest, Samson Odegbami, in a statement made available recently, “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 a constant hike in the price of building materials, and skilled labour among other issues. Propvest, therefore, proposes a solution for all.

“By harnessing the power of new-age technology and the management of our resources 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.”

He noted that the launch would 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 who 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 and nine months with returns between 10 percent and 54 percent.

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

In the statement, he noted that the Nigerian Bureau of Statistics (NBS) had in 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.

“Propvest is an emerging innovative change maker in the real estate industry that strives to reduce the housing deficit in Nigeria by pioneering an inclusive investment and earning model that funds real estate projects across Nigeria. Founded in 2020, the company offers real estate investment opportunities for Nigerians starting at N150, 000 with returns from 10 percent to 54 percent across various investments cycle duration of three to 12 months,” Odegbami stated.