Boosting African home ownership through help to buy models
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Olu Olanrewaju looks at the opportunities afforded by Rent to Own. Mortgage markets in Africa are generally among the smallest, as a percentage of GDP, compared to mature economies and well below the level needed to fund the aspiration for home ownership of those who could afford the revenue and capital costs.
Alongside expanding the mortgage market and reducing mortgage interest rates, there should be a parallel focus on providing affordable financing solutions to develop the rental market, the mainstay of most urban dwellers in Africa. Most importantly, there should also be efforts directed at the creation of an asset base.