Reall began working in Mozambique in 2017, in partnership with the newly created Casa Real.
Despite the rapid growth of the country’s cities, prior to Reall entering the market, the cheapest available house available from a private developer cost $55,000, affordable to only 1% of the population. Additionally, it is estimated that the equivalent of 2.5 million families, or 60% of the Mozambican population, live in substandard housing. Only 600 mortgages currently exist throughout all of Mozambique, and in 2016 only four mortgages were approved across the whole nation.
With Reall finance and technical support, Casa Real has completed an initial 10-home pilot in the port city of Beira. However, Casa Real’s biggest success so far has been in engagement with banks. Casa Real have signed an agreement with ABSA banks to provide mortgages to Casa Real clients, reducing the minimum income requirement from US$690 per month to just one-third of this amount.
Shortly after completion of the homes, Beira was hit by Cyclone Idai, one of the worst tropical cyclones on record. Despite the vast majority of buildings in Beira sustaining heavy damage or destruction, damage to Casa Real’s homes was minimal, with only the roofing sheets needing repair.
Based on exchange rate on 31/01/2020
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Data last updated on 31/03/2020