Real estate has long been considered one of the most lucrative investment opportunities available, as properties tend to appreciate in value over time, allowing real estate investors to build their capital and generate passive income. However, until the emergence of Ownstake, a Nigerian proptech startup, owning real estate seemed unattainable for many young people due to the high cost of properties and an ineffective mortgage system.
In Nigeria, owning a property was seen as a status symbol, attainable only by the wealthy elite. Despite having a steady income, the average Nigerian found it difficult to invest in real estate because of the exorbitant cost of properties, which could be equivalent to several decades of their salaries. The Nigerian mortgage system, intended to facilitate accessibility to real estate ownership, was ineffective and only added to the financial burden of those seeking to purchase properties.
Ownstake recognized this problem and leveraged technology to make real estate investment more accessible to ordinary Nigerians. The startup operates on the principle of democratization, enabling thousands of people to co-own properties and build wealth together. With Ownstake, owning a property is no longer limited to the wealthy few.
Ownstake is disrupting the traditional real estate market by allowing young people to invest in real estate through technology. The platform enables users to purchase fractional ownership of properties, making it more affordable for people with limited budgets. By investing small amounts, users can co-own properties and enjoy the benefits of real estate investment, such as passive income, without breaking the bank.
The founders’ personal experiences inspired the idea behind Ownstake. Philips Olajide, one of the founders, struggled to own a property due to the high cost and poor mortgage system. This led them to create a platform that would enable others in similar situations to invest in real estate and build wealth over time.
Ownstake is a game-changer for many Nigerians who previously thought real estate investment was beyond their reach. With Ownstake, young people can invest in real estate, build wealth, and secure their financial futures. Owning a property is no longer just a dream; it’s a reality.
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