Property development company WestProp Holdings Limited has announced it is in the advanced stages of establishing a dedicated mortgage bank in Zimbabwe. Company officials stated the initiative is intended to provide financing for homebuyers in the country.
According to a statement from the company, the primary remaining step before the bank can be operational is the appointment of a chief executive officer. The search for a candidate to lead the new financial institution is currently underway.
The development comes as Zimbabwe faces a reported housing backlog estimated to be between 1.5 million and 2 million units, according to figures from government and real estate sector sources. A shortage of accessible, long-term financing for property purchases has been identified by industry analysts as a contributing factor to this backlog.
Mortgage banks are financial institutions that specialize in originating or servicing mortgage loans, providing a dedicated channel for property financing that is often separate from traditional commercial banking.
WestProp has indicated its goal for the new bank is to increase the availability of mortgage products for prospective property owners. Further details regarding the bank’s official name, its board of directors, and a specific timeline for its public launch have not yet been released by the company.
WestProp Holdings Limited is a property development firm listed on the Victoria Falls Stock Exchange, with a portfolio of residential and commercial projects in Zimbabwe. The company has stated the move to create a mortgage bank aligns with its business model of developing and selling properties.
