Ken Sharpe's Millennium Heights is selling out fast as Harare investors chase Airbnb returns

Ken Sharpe's Millennium Heights development in Harare is moving faster than almost anyone in Zimbabwe's property market expected. Of the 1,000 apartments planned for the complex, 366 have already been sold, and demand is accelerating rather than easing as construction progresses.

Block 6, comprising 65 units, sold out before a single brick was laid. Block 7, with 41 units, is drawing a fresh surge of buyers. WestProp Holdings, the company Sharpe leads as chief executive, says sales momentum is running ahead of the construction timeline at every stage of the project.

The driving force behind the demand is not traditional home buying. It is investors who see Millennium Heights as a platform for Airbnb income rather than a primary residence. Zimbabwe's short-term rental market has grown significantly as Harare's supply of international-standard accommodation has failed to keep pace with demand from business travelers, diaspora visitors and regional tourism. Owners who purchased studio apartments for $25,000 in the project's earliest blocks are now generating daily rental rates of $70 to $80 on Airbnb, with annual yields that compound on top of capital appreciation as prices in successive blocks have risen. Block 2 was priced around $35,000. Block 3 at $50,000. The ED Block, named after President Emmerson Mnangagwa's initials, at approximately $75,000.

Sharpe confirmed to Zimbabwean media that the shift toward short-term rental operation by residents was not planned by the developer but emerged organically from the market. "This entrepreneurial shift is not only empowering residents financially but also contributing to Harare's tourism and hospitality ecosystem," he said.

The development sits within Sharpe's broader Millennium City masterplan, a mixed-use project in Harare's Borrowdale suburb that is intended to combine residential, commercial, hospitality and recreational spaces into a single integrated precinct. The $100 million Mall of Zimbabwe will sit at the development's base. The Pokugara Residential Estate, comprising townhouses and family homes, connects to it. A Radisson Hotel Group-managed residential block will introduce international hospitality standards directly into the apartment offering, with rooftop leisure decks and co-working spaces, marking the first such facility managed by Radisson in Zimbabwe.

The estate is designed around a cluster system, meaning residents access shared infrastructure, enhanced security and interconnected community amenities across the broader precinct rather than living in a standalone building. Solar energy systems, sustainable water infrastructure and smart-city planning concepts are embedded in the design, features that analysts in Zimbabwe's property sector say are rare at this scale in the country.

WestProp Holdings listed on the Victoria Falls Stock Exchange in April 2023, making it the first property development company to trade on the VFEX. The dollar-denominated exchange, which operates within Victoria Falls' special economic zone, offers WestProp a capital-raising venue that insulates its investor base from local currency volatility. In 2024, WestProp turned over $30 million and sold 1,300 properties across its portfolio over five years.

Sharpe, 52, built WestProp from a partnership with Ukrainian co-founder Alexander Sheremet in 2007, pivoting from personal standalone property investments to structured community development. He has articulated his ambition in plainly ambitious terms: to lay one billion bricks in Zimbabwe by 2050, and to make Harare's skyline competitive with cities like Dubai, London and Singapore. President Mnangagwa has made public visits to the Millennium Heights and Pokugara sites, and the two men have a visible working relationship that critics say explains Sharpe's ability to accumulate large land holdings in the capital. Sharpe dismisses those arguments, saying his projects win on merit and their legal approvals stand on their own credibility.

The remaining 634 units at Millennium Heights are yet to be released to market. Given the pace at which the first 366 moved, the waiting list is not a formality.