WestProp plans mortgage bank to ease housing crisis

New Zimbabwe reports that WestProp Holdings plans to establish a dedicated mortgage bank, with the remaining work centered on appointing a CEO. Zimbabwe faces a chronic mortgage deficit and a housing backlog estimated at between 1.5 million and two million units. The move aims to address the housing finance drought, but the bank's viability depends on economic stability and currency reforms. The initiative comes as the government struggles to attract investment in housing, and critics question whether a private bank can fill the gap without regulatory support. The company's CEO stated that the bank would target low-income earners. However, analysts warn that high inflation and interest rates could undermine affordability.