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Cameroon: Real Estate Company SIC launches rent arrears recovery campaign

Cameroon: Real Estate Company SIC launches rent arrears recovery campaign
  • Comments   -   Thursday, 30 June 2022 17:31

(Business in Cameroon) - The Cameroon Real Estate Company SIC launched today June 30 a campaign to collect rent arrears from tenants in the eight camps it operates in Yaoundé. The rent recovery campaign will last until July 29.

SIC said it aims to identify all its tenants and recover all or part of the CFA256.9 million of rent arrears they owed at the end of May 2022. This amount is double the CFA128 million net result the company achieved at the end of 2020. As a reminder, according to the contracts signed between this state-owned company and its clients, who are generally public servants, rents must be paid by the 10th of the month. However, the tenants do not always meet this requirement blaming the lack of financial means, although SIC’s rents are quite low compared to others on the market.

Offending tenants are penalized by the payment of an extra amount of up to 10% of the rent or a minimum of CFA5,000. The lessor then proceeds with collection procedures and formal notices and when these are not successful, he can terminate the contract.

Created in 1952 to promote social housing, SIC has been able to build only about 11,000 housing units. Today, the company operates only half of them since it has sold the other half to private individuals under the hire-purchase agreement. The housing deficit in Cameroon is estimated at 2 million units.

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