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Realty Africa projects take off

PROPERTY crowd-funding platform, Realty Africa has begun due diligence on several local projects that have applied to be included on the company’s online system ahead of its launch later this month.

Staff Writer

The projects up for consideration include a student housing project, cluster home development projects in Chisipite and Greendale, and a tourism project in Victoria Falls, according to Realty Africa co-founder, Erik van Eeten, who jetted into the country on Wednesday.
He said the process will take six-eight weeks to complete.

“What we are doing now is that we are starting the due diligence process,” Van Eeten said. “When we go live you want to have projects there and they can only go there after we have performed proper due diligence on these projects.”

The company also plans to launch the platform in South Africa and Botswana.

Crowd-funding is the practice of funding a project or venture by raising monetary contributions from a large number of people, usually through the internet.

The Realty Africa co-founder, who facilitated a panel discussion focusing on investment opportunities in Zimbabwe at the Global African Investment Summit held recently in London, said he is the first to promote this new crowd-funding concept in Africa.

He said the setting up of the platform in Africa will take some time as they will be dealing with a basket of currencies on the platform including the United States dollar, the South African rand and the Botswana Pula.

The product comes at a time when the economy is hard hit by various problems which include a debilitating liquidity crunch, coupled with depressingly low foreign direct investment.

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