Who rules the world? Well, not women...not yet, anyway, but in South Africa, women are starting to become a force to be reckoned with in the property market.
Even though women were not always allowed to own property, especially in black traditional communities, under the constitutional law, all women can now sign on the dotted line without the consent of a man.
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Women have always been a driving force in the property market. When a couple starts looking for property, the woman will normally be scouting for and choosing their future home. Although the gap in the gender of online property seekers seems to be narrowing, Property 24's website traffic statistics still show that the audience is 48.85% male and 51.15% female. Interestingly, the largest age group of visitors are 25 - 34 year olds.
However, a new trend has been emerging in the last few years. Statistics show that more women are choosing to own their property and are also often living by themselves. Women own, either on their own or in partnership - more than half of the residential properties registered in South Africa.
According to statistics provided by the information company Lighstone, by end July 2022, women accounted for, individually or in partnership, 57% (3 896 595) of the total volume of properties in the market (6 868 778). This accounted for 54% (R3 440b) of the total value (R6 414b) of residential properties registered at the Deeds Office.
The percentage of properties purchased by women only is steadily increasing, from 16% in 2018 to 21% in 2021, says Lightstone.
Two interesting facts are that single women are buying property that is slightly more expensive than the average going rate and that the typical property investor profile in South Africa is black women younger than 30.
Why have the number of single female property buyers increased? If you look at Stats SA's most recent marriage and divorce data, women are now more likely to get married only at 33. Unlike their more conservative predecessors, the younger female generation doesn't feel that they have to be married to own property. They are also earning more than before with the gender payment gap narrowing.
Women are also waiting longer to have children which means there is more disposable income to spend on property investments. Talking about investments, women seem to prefer property investments to playing the stock market. More women are also buying properties to rent out, finding that their negotiation and organisational skills come in handy as so-called landladies.
When it comes to the type of property women are buying, location and safety are key. Single women often favour sectional title properties that offer lock-up-and-go convenience, minimal maintenance, and communal security. Women with children will opt for homes with a garden, or close to schools, while properties with communal play areas, schools and swimming pools are popular.
Apart from the fact that as many as 41% of women head the household and around 7.5 million women are the main income earners in their families, the other motivation behind the female-owner trend is that financial independence is crucial in a still patriarchal society.
For a woman, true freedom lies in having personal income - with her own home being the most secure place she can be.