WestProp Holdings Limited says plans to establish a dedicated mortgage bank have reached an advanced stage, with the remaining work centred on appointing a chief executive officer.
Zimbabwe is experiencing a chronic mortgage deficit and a critical housing finance drought, contributing to a national housing backlog estimated at between 1.5 million and two million units.
Major urban centres such as Harare and Bulawayo account for about 70% of the shortfall.
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The shortage of long-term, patient capital in the financial sector has left the property market operating largely on a cash basis, driven heavily by high-net-worth individuals and corporate investments.
Speaking to delegates at the ZimReal Conference 2026, WestProp Holdings Limited chief executive officer Ken Sharpe said final preparations for the mortgage bank were now being completed.
"We're proud to say we've opened West Cap Mortgage on the Victoria Falls International Financial Centre. We're employing a CEO to run the bank, and we'll be operational by next year. We want to bring in a billion dollar fund next year to this platform, and we want to offer mortgages not only for WestProp to grow, but for the entire sector to grow," he said.
The incoming bank is a dedicated mortgage lender targeting a US$1 billion fund to provide long-term 10-, 20- and 30-year home financing in Zimbabwe.
Sharpe said the initiative was driven by the realisation that there was limited investment tapping into Zimbabwe's vast property market.
"We have 100 billion US dollars of homes in Zimbabwe and yet there are no mortgages on those homes. So how do we possibly think, in author De Soto's words, we can take the dead capital. We're paper rich, but very poor in the pocket," Sharpe said.
He said failure to unlock this "dead capital" by giving citizens access to financing leaves the country trapped in poverty.
"We're proud to say we've opened West Cap Mortgage on the Victoria Falls International Financial Centre," he said.
Sharpe pointed to Switzerland as an example of how mortgage financing can transform property ownership into economic capital, allowing homeowners to borrow against their assets and channel the funds into businesses or other productive activities.
The proposed mortgage bank is expected to provide an alternative source of long-term financing for homebuyers while broadening access to mortgage credit and supporting growth across Zimbabwe's property sector.
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