The latest data from Lightstone has revealed that South African women outnumber men when it comes to buying property, Cape {town} Etc reports.
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According to Hayley Ivins-Downes, Lightstone’s managing executive for real estate, women-only buyers account for 2 154 000 (38%) of stock owned and 1 883 000 (33%) of co-owned properties.
Men-only owners account for 1 694 000 (29%) of all properties.
Mixed-gendered couples outnumbered both men-only and women-only buyers a decade ago. However, the numbers started to change in 2016, Ivins-Downes said.
‘In 2016, women-only buyers surpassed men-only buyers and the gap between the two categories has increased steadily since then as the men-only proportion has remained relatively unchanged.’
In 2022, women-only buyers surpassed mixed-gender couples, ultimately dominating property ownership, albeit at lower values (including social housing).
‘The gap between prices paid by women-only buyers and mixed-gender couples has widened since 2020,’ Ivins-Downes told Bizcommunity.
In particular, women-only buyers dominate the R1.5 million price band.
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The data also showed that women are purchasing real estate later in life, just like men.
‘It used to be that women couldn’t even purchase property without their husband or father’s co-signature, but a lot has changed in recent years with women now very active in all aspects of property purchasing and investment and sellers and it would be extremely counterintuitive for property professionals and sellers to ignore this factor,’ says Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty.
‘This highlights the value that women are now placing on their financial independence and security which is imperative as South African women now live five and a half years longer than men and, with almost half of all marriages ending in divorce, women need to take charge of their financial futures.
‘Furthermore, this welcome shift reflects broader trends in economic empowerment and changing societal norms where we are seeing women not only as home buyers but as investors, leveraging real estate as a means to build wealth and secure financial independence.
‘They are increasingly participating in property development, rental property investments, and house flipping.’
Geffen adds that several factors have contributed to the shift, including financial independence, higher educational attainment, career advancements and societal shifts towards gender equality.
‘When one considers that buying a house is more about purchasing an opportunity to create a lifestyle and a home in which to raise a family than merely deciding on bricks and mortar, it makes sense that women play a key role in deciding on property purchases and influencing how a home is presented and marketed for sale.
‘Women may no longer be the little homemaker who foregoes a career and stays at home to welcome her husband at the door with his slippers and a drink every evening, but they are still the heart of the home and, as nurturers, will often view a property they are buying as a home rather than an investment home, a little differently.’
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