Online Reporter
Business Reporter
THE Victoria Falls Stock Exchange-listed property developer, WestProp Holdings, is set to introduce Zimbabwe’s longest-tenure mortgage product, a 30-year facility, as it accelerates expansion into new growth corridors outside Harare, chief executive officer Mr Ken Sharpe has said.
Long-term mortgages in Zimbabwe are critically scarce.
The absence of affordable long-term mortgages significantly limits housing supply in Zimbabwe. This creates a severe supply-demand imbalance, where only a small percentage of housing demand is met.
The lack of affordable, long-term financing has resulted in a housing backlog of over 1,5 million units and has restricted the formal property market to cash buyers, largely using foreign currency.
WestProp has an ambitious vision to lay one billion bricks for property developments in Zimbabwe by 2050.
This initiative aims to create sustainable, “Dubai-style” lifestyle communities, stimulating economic growth by generating US$5 billion in lasting value and creating employment.
According to WestProp, the one billion bricks will all be laid in property developments within Harare.
To date, more than one million have been laid across WestProp’s property developments in the capital city.
In an interview, Mr Sharpe said the initiative marks a major shift in both the company’s growth strategy and the country’s housing finance model, as WestProp seeks to improve affordability and unlock property ownership for more Zimbabweans.
The move comes as the group transitions from a Harare-centric development approach to a broader national footprint, with new projects earmarked for towns such as Chivhu and Bulawayo.
“We initially focused on Harare because we believed it had enough land to support our growth for the next 25 years, but we are now looking beyond the capital as we expand into other strategic locations,” he said.
A mortgage is a loan used to purchase or maintain a home or land, with the property serving as collateral while the borrower repays the lender over time through instalments covering principal and interest.
In Zimbabwe, the sector is largely characterised by short-term facilities of between three and five years, reflecting lingering confidence challenges following a previous episode of currency reforms that eroded savings.
Mr Sharpe said WestProp seeks to disrupt this structure by introducing significantly longer repayment periods.
“We were the first in the country to offer 10-year mortgages on stands at Pomona City; now we are going further by offering 30-year mortgages, which are the longest payment terms available in Zimbabwe at the moment,” he said.
He noted that the new facility will be
rolled out starting with the company’s planned development in Chivhu, where WestProp is building an eco-city designed to integrate residential, commercial and recreational components.
“The longer tenure makes housing more affordable and people can then use the extra money they have to build their homes rather than being burdened by high monthly repayments,” said Mr Sharpe.
WestProp’s approach reflects its broader philosophy of combining luxury with affordability, a model it has pursued in its flagship Harare developments such as Millennium City and The Hills Lifestyle Estate.
Millennium City, in particular, has become the company’s blueprint for integrated urban development.
Conceived more than 15 years ago, the project is anchored by the Mall of Zimbabwe and built around a master plan that combines residential, commercial and recreational spaces into a single ecosystem.
Mr Sharpe said the development is designed around the concept of a 15-minute city, where residents can live, work, shop and relax within walking distance.
“You can live at Millennium Heights or Pokugara, shop at the Mall of Zimbabwe, work in the office park and enjoy recreational facilities all within the same ecosystem,” he said.
The scale of investment in Millennium City is significant, with more than US$500 million committed to the project, making it one of the largest private sector developments in Zimbabwe.
According to Mr Sharpe, the project has already created thousands of direct jobs during construction and is supporting tens of thousands more indirectly through supply chains and related economic activity.
A key component of the development is Millennium Heights, a 1 000-unit residential complex designed to offer modern, high-density living while maintaining quality and comfort.
The project will also host Zimbabwe’s first Radisson-serviced apartment hotel, a 147-room facility with co-working spaces, conference rooms and leisure amenities.
Mr Sharpe said the firm was incorporating green technologies such as solar power systems, green water recycling and centralised gas reticulation to enhance environmental efficiency.
“We believe in responsible, world-class development. Our buildings are powered by solar, we recycle water and we are investing in infrastructure that reduces environmental impact,” he said.
In Chivhu, the company is developing an eco-city that will accommodate up to 20 000 residents.
The project is strategically located along a key corridor linking mining, agriculture and logistics sectors, positioning it as a hub for both residential and commercial activity.
Mr Sharpe said the development will feature a mix of urban and natural elements, including a proposed game reserve and educational facilities.
“We want to create a rural-urban retreat that combines modern living with nature. There are opportunities not just for residents and investors, but for the broader economy,” he said.
Mr Sharpe said the eco-city concept will draw on lessons from WestProp’s existing projects, particularly in balancing density with livability.
He added that the Chivhu project is in the planning and design phase, with consultations underway between town planners and architects.
Mr Sharpe said WestProp expects to finalise the concept by mid-year and commence construction soon afterwards.
