1 day Ago By Guardian Nigeria
A real estate firm, Casafina Development has completed its housing project, which offers prospective subscribers higher rental returns and significant value. At the launching of the new units in Lagos, the company’s Chief Executive Officer, Mr Olufemi Seyi, highlighted the potential of the project to revolutionise real estate investment in the country. Seyi lamented the low rental yields in Nigeria, typically between three per cent and three per cent, and outlined the company’s strategy to target returns of 10 per cent to 15 per cent.
“Real estate needs to compete with fixed-income instruments like government bonds. Our properties provide not only cash returns but also capital appreciation,” he stated. The development consists of 24 one-bedroom apartments designed as a model for high-yield investment.
The complex includes essential amenities such as a rooftop lounge, 24-hour security, and water supply. Building on the success of this project, Casafina plans to launch a more luxurious development in Ikeja, featuring 24 one-bedroom apartments with upgraded facilities, including a rooftop swimming pool and party lounge. Addressing affordability, Seyi noted that while the properties may not be cheap, the buyers can leverage mortgages, allowing rental income to offset mortgage payments.
“We’ve structured this project so that the property pays for itself over time. Some of our current investors are already seeing their rental income cover mortgage costs while providing extra cash flow,” he said. He said the company prioritises high-yield returns and strategic locations.
Projects are carefully selected to ensure convenience for residents, with proximity to airports, business districts, and other key areas. “With new projects planned in Maryland, Lekki Phase 1, and other prime locations, the company plans to set new standards for real estate investment in Nigeria, offering a compelling mix of rental income and capital appreciation,” he added..
