The ribbon-cutting ceremony was attended by Reall’s Director of Investment and Operations Patrick Domingos-Tembwa, Mayor of Beira Daviz Simango and Casa Real Director Marie Odile. The celebration was particularly poignant as these homes managed to withstand the destruction of Cyclone Idai just eight months ago which devastated much of Southeastern Africa.
With support from Reall, the Municipality of Beira and the Dutch government, Casa Real embarked on its first mixed income housing project in Beira, Mozambique. The full site development in the Inhamizua community of Beira is for 180 houses and will provide homes for 900 people. The first completed homes were handed over to families living on low incomes who are buying a Casa Real home via employer backed mortgages or a rent to buy scheme.
Both these financial products are new to Mozambique. In order to maximise access to these homes, Casa Real has worked hard to lobby banks to start providing mortgages for earners living on low incomes. Mortgage finance in general is extremely underdeveloped in Mozambique, with only 600 mortgages extended across the entire population of 30M.
Reall’s Director of Investment & Operations, Patrick Domingos-Tembwa said: “Whilst the affordable housing challenge in Mozambique is vast, Casa Real’s pilot project has succeeded in beginning to break down the blockages in affordable housing and demonstrating what is possible in this sector. Additionally, Casa Real have been able to demonstrate that affordable and resilient housing is commercially viable. Their efforts have been truly ground-breaking”.