Local property giant West Properties (WestProp) is backing the Government’s plans to provide affordable and decent housing to Zimbabweans after adopting a new model that will see beneficiaries paying as low as US$200 a month for decent shelter on a rent-to-buy basis in Harare.
The new model called Leasehold Concept provides flexible terms and supports Government’s vision to transform the housing sector in line with Vision 2030.
In a statement, WestProp said the project will give a new face to the city of Harare.
“This concept allows a homeowner with a small deposit that has flexible payment terms over several months. The homeowner can access the land and for the first time in the history of Zimbabwe pay as little as US$200 a month for the duration of the leasehold period. The lease allows the homeowner to free up capital that would normally be spent on buying the stand to rather use it building the house and thus for a very small monthly fee, the owner gets to have exclusive rights over land without necessarily owning the title in their name.”
WestProp said the concept is already well established in countries such as the United Kingdom, South Africa and Dubai.
“However, no one has brought the concept to Zimbabwe, so we are revolutionising the real estate market.The lease period is over 50 years renewable indefinitely and can be transferred, which means that the home owner can sell the property to someone else as well as pass it on to children or other beneficiaries.”
Recently, the Ministry of National Housing and Social Amenities approved the National Housing Settlements Policy, which among other measures, requires at least 40 percent of new housing projects to be reserved for the construction of high-rise buildings to curb the unrestricted spread of settlements and promote modern housing infrastructure. Westprop said it is also targeting the construction of high rise buildings in line with the policy directive to build going-up and make the most of land use.
In a recent interview with, National Housing and Social Amenities Minister Daniel Garwe said the private sector plays a crucial role in the transformation of the housing sector.