Coreum, a Nigerian real estate startup, has unveiled its platform which allows its members to co-invest in property and earn returns from rental income and capital gains.
The Lagos-based Coreum, which went live today (February 1), aims to make investing in real estate accessible to more people, regardless of age and economic status.
It offers a wide range of products tailored to each individual’s financial capabilities and goals, including rental income generating assets such as residential and commercial real estate to capital gain assets such as land.
“I tried to purchase land in a choice area in Lagos State but couldn’t because my savings at the time as a salary earner weren’t sufficient. After critically analyzing the possibility of saving more, I realized it might be impossible to still get the property as real estate prices appreciate over time,” said Coreum co-founder Oluwafunsho Awoniyi.
Coreum seeks to lower the barrier to entry (i.e. minimum required cost) in the real estate industry by providing everyone with the opportunity to co-invest in real estate properties with high growth potential. Its Model allows a broader range of individuals aggregate their funds towards the purchase and/or development of strategic real estate assets.
The aggregation of these smaller amounts of capital results in the creation of a significantly larger pool of new capital allowing for the collective purchase of Real Estate Assets with percentages owned by each member. By virtue of co-ownership, members are able to benefit from value appreciation and rental income. Members can also diversify their portfolio by investing in multiple locations and different real estate types (bare land, commercial or residential developments).
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