AFEN REVOLUTIONIZES REAL ESTATE IN AFRICA
Authentication, transaction costs, documentation, and violation of contract are all problems that arise in the African real estate market. Other irregularities occur, many of which impede the industry’s development. There have been several efforts to make real estate purchases more reliable, but none have been successful at using futuristic technologies to solve conventional problems.
Real estate purchases in Africa are subject to above, all of which need a solution. In terms of the aforementioned issues, what AFEN brings to the table is ultimately intriguing. AFEN’s patent platform would bind transacting parties using the Peer 2 Peer or P2P model of transaction via smart contracts by using immutable blockchain technology, thus minimizing third parties. The reduction of recurring third parties would dramatically reduce transaction costs to 1% in facilitation fees, down from a typical 10% across African countries. The implications for the real estate industry are enormous.
AUTHENTICITY: The AFEN NFT project would engineer the digital transfer of ownership, further authenticating transactions and bringing value to the Real Estate market, which is noted for its exponential value. To that end, Afen’s aim is to legitimize the structure of digital certificates of property ownership. Afen acknowledges the regulatory bodies in fields of service to do this.
PRIVACY: Afen will make use of the blockchain technology to ensure privacy in transactions between buyers and sellers on the platform. Users of the platform will therefore purchase the listed assets while receiving a percentage discount, totally being free from the risk of exposure.
SPEED: Transactions with a broker will be automated, and payments will be exchanged at the speed of light, rendering transactions on the platform simple and seamless for consumers. This will facilitate Afen’s quest to digitally transfer property. Following confirmation of all conditions, the properties or assets acquired would be transferred to the buyer.
To know more about AFEN’s journey to revolutionize Real Estate in Africa, read more: afengroup.com/#services
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