Many millions of people are kept in poverty as their homes aren’t registered. As they lack “property rights,” they may be evicted any time. That’s why banks won’t serve them, and why they may be expelled from governmental social services. As Peruvian economist Hernando de Soto has shown, it takes an awful lot of time and resources to establish property rights if you’re a slum dweller. A Medellin, Colombia-based startup called Suyo is now trying to change that. Its team of agents helps registering householders more cheaply and linking them to low-cost financing. Suyo is performing a full audit of the property, recording spatial data on a mobile app and taking pictures. After collecting sale documents, property tax and utility payment receipts, Suyos agents collect testimonials from neighbors about the time families have spent in their homes. Eventually, they can offer a property formalization service. Matt Alexander, founder of Suyo, says: “There’s a need for intermediaries to help low-income families to navigate the property system and attain access to the legal framework that exists.” It can be an important step on the way to escape poverty.
Escaping poverty: Making it easier for slum-dwellers to own their land or home
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