Women Leading The Homeownership Race In South Africa
Category Property news
Recent data from Lightstone highlights a noteworthy trend: women in South Africa are not just catching up with men in the homeownership race; they are now taking the lead. This shift reflects their growing impact on the nation's economy.
DOMINATING HOMEOWNERSHIP
In a significant achievement, women have become the dominant force in South Africa's homeownership landscape. Among the nearly seven million formally registered residential properties in the country, women own or co-own an impressive 3.9 million, constituting 57% of the total. These properties collectively make up 53% of the total property value, amounting to R6.787 trillion.
AGE IS NO BARRIER TO SUCCESS
The majority of women buyers fall into the 36 to 49 age group, consistently representing approximately 40% of purchases over the past five years. This aligns with government initiatives that prioritise housing for women aged 30 to 40, making homeownership attainable for many. We are also witnessing a growing number of younger women entering the property market, indicating a promising future.
Regarding property value, around 50% of properties transferred to women fall within the R500 000 to R1 million range. As market trends evolve, there's a noticeable increase in women buyers in the R1.5 million to R3 million price range, showcasing their expanding influence and financial capacity.
BREAKING STEREOTYPES
In the bond market, women are challenging stereotypes and making significant progress. Although women are slightly less likely to secure property bonds compared to men, their bond activity is steadily increasing. Data reveals that women's primary bond activity surpasses men's across various age groups, particularly between the ages of 36 and 41.
Furthermore, bonds issued to women have seen substantial growth over the past decade. In 2022, women accounted for 67 000 of the bonds issued, narrowing the gap with men who received 63 000 bonds. This illustrates women's growing financial independence and their active role in securing their housing futures.
A PROMISING FUTURE
With Women's Month recently concluding in South Africa, the data underscores the remarkable achievements of women in the realm of homeownership. Women have not only caught up with men but are leading the way and shaping the nation's economy.
Author: Greeff Christie's International Real Estate
