Cooperative Moves To Empower Low-Income Earners In Real Estate Investments
Founder, Paradise Investment Network Cooperative, Christy Kanu displaying a certificate, while Community Development Officer, Azeez Sadiq looks on during the launch of the PINCOOP real estate cooperative society in Lagos recently.
September 23, (THEWILL) – With a target to empowering low-income earners and other classes of the society, an indigenous cooperative outfit, Paradise Investment Network Cooperative (PINCOOP), has introduced an all-inclusive opportunity for Nigerians across all strata to own a piece of the booming real estate market in Nigeria.
At a launch of the PINCOOP real estate cooperative society in Lagos, opportunities were opened for all Nigerians regardless of status and income level to become real estate investors and own properties of their choice in the country.
Speaking at the launch, the PINCOOP Founder, Christy Kanu, said the initiative is designed to give equal opportunity to all Nigerians to invest their savings in the increasingly lucrative real estate sector in the country.
She stated that the launch of PINCOOP was borne out of her inability to invest in developed properties at choice areas, which was almost impossible to afford for low-income earners.
“Some years ago, I was keen on investing in real estate market in Lagos, but it became increasingly difficult because properties are extremely expensive in choice areas. I was only left with properties outskirt of the city. It’s like a situation whereby the rich get richer and the poor gets just the crumbs, because I had my money and I went into the real estate market and I found out that I couldn’t invest in some developed property in prime locations,” explained Christy, while narrating why she founded PINCOOP.
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She said although the cost of properties in prime locations across Nigeria is high due to inflation and rising cost of building materials, it is not enough reasons to deprive low-income earners the opportunity of participation and ownership in the sector.
Christy continued that with a minimum of N50,000, low-income earners like the market women and street vendors could key into the PINCOOP cooperative, to invest and co-own properties in prime locations through direct membership or referral accessible at PINCOOP website.
Madam Christy mentioned that “PINCOOP will launch different real estate products for co-ownership, including properties that would bring high yield to the co-owner or co-investors. Most properties in Nigeria has a 99 years lifeline, so you earn rental income for life. What we are fostering is to ensure that everybody will be able to partake in this real estate co-ownership platform.”
“I want a situation whereby both the rich and the poor benefit equally based on their share in a property without only the rich getting richer while the poor gets the crumbs. With as low as N50,000, low-income earners like the market traders and artisans could become proud property owners in Lagos and beyond. This is why PINCOOP is basically disrupting the real estate marketplace so that everybody will get a share of interest regardless of income level.
Azeez Sadiq and Olorunkemi Salau, both Community Development Officers at Eti Osa Local Government, Lagos, presented present PINCOOP pioneer members with certificate of registration and recognition.