Entrepreneur and publicist Nicolas Manyike has initiated a property stokvel which seeks to help South Africans buy properties and own land.

He says that most stokvels are created to buy groceries, especially for the festive season, or help members with repaying debts and funeral costs.

“Property is one of the largest asset classes in the world and investing in it may be the best way to take advantage of what is widely considered to be one of the most reliable and profitable investment vehicles. Property is known to appreciate in value over time,” he says.

READ MORE: Survey reveals stokvels to be SA’s most popular savings vehicles

Manyike says stokvels have been around for decades and most of them are sustainable. He believes the same method could be used to purchase properties.

“We are using the same system, but focusing on property and land. We aim to buy land and properties that will generate an income for us,” he explains.

This stokvel is registered as Property Stokvel Investment and has already registered 10 investors who are contributing monthly.

“Our aim is to accumulate R1 million to buy a property that will generate an income for us. We are planning to implement three more packages, one will focus on renovations and extend an existing houses of our members, another will focus on buying shares of listed properties on JSE and the last package will focus on buying houses for our members,” he says.

Manyike and other stokvel members have been liaising with property experts and property management companies who will help with managing their properties.

He says his initiative is open to everyone who aspires to invest in property.

READ MORE: Leveraging travel stokvels to save for the next baecation

“We want to create wealth that will allow us to retire comfortably. We want to buy land and properties in places where there is competitive rental income and which are close to working areas and educational institutions,” he adds.

He says the long-term plan is to invest and diversify the initiative to also focus on agriculture and logistics.