By OLAYINKA AJAYI, Lagos
To address housing deficit, investors globally have been urged to co-own prime real estate assets in Western countries like the United States, United Kingdom, Europe, Dubai and Nigeria through the block-chain app.
Fielding questions during the launch of Ellamediate, a real estate company that leverages on block-chain technology across the world, the Chief Executive Officer, Damilola Parkinson noted that the technology offered fractions of verified assets to investors around the world to co-own real prime estate asset in the US, UK, Dubai and Nigeria.
According to Parkinson,“On our platform, a bank staff, a businessman, and a civil servant can co-own fractions of a prime real estate asset without breaking the bank. Handful investors have used this opportunity to co-own real estate assets in places like Dubai and the UK. Such assets would not disappear, in a market that is stable, and that has constantly performed above the inflation rates.”
Asked how the organisation would address issues of fake title deeds, the Chief Legal Officer of Ellamediate, Oluwatobi Adetona assured investors: “On the platform, a person can purchase real estate assets without fear of bad title, being swindled or having to deal with middlemen or third parties usually associated with the traditional real estate transactions. These are all made possible through the presence of strategic partners that play a key role in ensuring safety of transactions, safety of title and safety of assets via our platform.
“We partnered with Allied Trust Asset Management Limited to manage the assets of our customers and also ensure returns on assets are maximized and used for its specific purpose. This partnership holds the interest of landlords on Ellamediate at top priority by ensuring accountability and accuracy of financial statements since it is checked regularly using global standards. We have also partnered with United Bank for Africa (UBA Group), Global Investors Services Division, to keep the title documents of all assets purchased by our customers secure.
“What this means is that title documents of all properties on Ellamediate are kept by the Custodian who not only guarantee safety of assets and title, but also ensure accountability between Ellamediate and its customers. This shows once again that the landlord’s best interest is top priority at Ellamediate. We are guaranteeing our customers safety of assets and money while also eliminating all bottlenecks associated with the traditional real estate sector”.