WestProp to Launch Zimbabwe’s First 30-Year Mortgage Amid Expansion Beyond Harare
WestProp Holdings, a prominent property developer listed on the Victoria Falls Stock Exchange, is set to revolutionise Zimbabwe’s housing finance landscape by introducing the country’s longest-tenure mortgage product — a 30-year facility. This bold move accompanies the company’s strategic expansion into growth corridors outside Harare, aiming to address the nation’s significant housing demand and affordability challenges.
Responding to Zimbabwe’s critical housing shortage
The scarcity of affordable long-term mortgages has long constrained housing supply in Zimbabwe, limiting access primarily to cash buyers and foreign currency users. This imbalance has contributed to a backlog estimated at over 1.5 million housing units across the country.
WestProp’s ambitious plan to lay one billion bricks in Zimbabwe by 2050 encapsulates a vision for sustainable, lifestyle-focused communities that blend luxury and affordability. More than one million bricks have already been laid in developments within Harare, including flagship projects such as Millennium City and The Hills Lifestyle Estate.
Extending mortgage terms to improve affordability
Ken Sharpe, WestProp’s chief executive officer, highlights how introducing 30-year mortgage facilities contrasts with the current norm of short-term loans lasting three to five years. These new longer tenures reduce monthly repayments, enabling homeowners to allocate more funds towards building quality homes rather than servicing debt.
WestProp was the first to offer 10-year mortgages in developments like Pomona City and is now pushing the envelope further by bringing 30-year options to projects starting with an eco-city under development in Chivhu. This eco-city promises integrated residential, commercial, and recreational zones designed to offer a balanced rural-urban lifestyle.
Mindful urban development around Harare and beyond
Millennium City, WestProp’s flagship urban development, embodies the 15-minute city concept: where residents can live, work, shop, and relax within a compact area. Anchored by the Mall of Zimbabwe and surrounded by office parks and recreational facilities, the project has attracted investments exceeding US$500 million and created thousands of jobs.
The company’s commitment to sustainability is evident through green initiatives such as solar power, water recycling, and centralised gas reticulation, ensuring developments minimise environmental impact while enhancing residents’ quality of life.
Eco-city development in Chivhu: A new growth frontier
Looking beyond Harare, WestProp’s Chivhu eco-city aims to accommodate up to 20,000 residents within a vibrant community connected to mining, agriculture, and logistics corridors. Planned features include a game reserve and educational facilities, crafting a unique living environment that taps into Zimbabwe’s natural assets.
Currently in the planning and design phase, this project will leverage lessons from earlier developments, harmonising density with livability to meet Zimbabweans’ aspirations for modern, affordable housing.
A transformative housing finance and development model for Zimbabwe
WestProp’s 30-year mortgage initiative represents more than a financial product; it signals a shift in how property ownership and urban living are approached nationally. By extending repayment horizons and building integrated communities, the company addresses critical bottlenecks in housing supply and affordability.
This development model, combining luxury, sustainability, and accessibility, has the potential to invigorate Zimbabwe’s property market, stimulate economic activity, and create lasting employment opportunities across multiple sectors.
For policymakers and investors alike, WestProp’s approach offers insights into scalable housing solutions critical to achieving Zimbabwe’s broader socio-economic development goals.
As construction commences soon on the Chivhu project and expansion continues, the 30-year mortgage product stands to empower many Zimbabweans to realise homeownership dreams in a more affordable and sustainable manner.
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