The South African property market is undergoing a significant transformation, reflecting the global "houses before spouses" trend. Young South Africans are increasingly prioritizing homeownership over marriage or joint property purchases with partners. Data from ooba Home Loans highlights this shift, showing a decline in property acquisitions involving spouses from 34% to 27% over the past decade. Meanwhile, 64% of first-time homebuyers are purchasing property without dependents.
This growing preference for independent homeownership, particularly among Gen Z and millennial buyers—especially women—stems from economic uncertainty and financial instability. Many are opting for solo purchases or innovative co-ownership arrangements with friends or family. Johann Groenewald notes that older first-time buyers are also increasingly purchasing property on their own.
This trend is especially evident in Gauteng, where Lightstone data reveals that women now own nearly 60% of residential properties. Single or divorced women are leading as first-time buyers in this region.
Despite economic challenges, homeownership remains a key aspiration for many South Africans. FNB data shows that buyers in the affordable housing segment are adapting by pooling resources to cope with high interest rates and rising costs.
With the rise in co-ownership arrangements, Groenewald stresses the importance of understanding the legal and financial implications. He advises prospective buyers to draft comprehensive agreements addressing risks, ownership transfers, and exit strategies. Looking ahead, Groenewald predicts that Gen Z will continue to shape the property market, redefining traditional approaches to property acquisition and usage in South Africa.
