The image featured above shows MFF’s Grand Luvu neighbourhood situated on the outskirts of the city of Abuja in Nigeria. The funding for the first phase of this project was provided by Reall in 2016. Grand Luvu features 1-bedroom, 32sqm homes with a sales price of $8040. The Centre for Affordable Housing Finance has found these to be the most affordable African homes to be sold by a private developer in 2019.
In 2018, Nigeria’s state-funded initiative, the Family Homes Fund, bulk-bought 400 completed units for resale, meaning that MFF was able to completely re-pay the original loan to Reall, illustrating the viability of market-based affordable housing. In Nigeria investment in affordable homes is an urgent issue. Abuja’s population is expanding by an estimated 180,000 people per year, with 500 additional people calling the city home each day.
Patrick Domingos Tembwa, Reall’s Director of Investment and Operations, says: “Reall is extremely pleased to have funded a project which has been proven to be so affordable. We are confident that this is just the start of the impact we can have on Nigeria’s budding housing market”.