It looks like women are leading in purchasing power when it comes to the SA property market. Picture: Nappy.co
New data from property group Re/Max has shown that more single women are purchasing property than ever before.
According to the research, specifically more black women are breaking traditional gender roles and are embracing their autonomy by purchasing property on their own.
In SA, a total of 17,854 solo women buyers worked through bond originator, BetterBond, in 2023 compared to 16,858 solo male buyers.
According to the data, the average age for both solo female and male buyers is 39-years-old.
Adrian Goslett, CEO of Re/Max Southern Africa argued that women are becoming increasingly more independent and are empowered to act alone.
“Over the last few years, a notable trend has emerged with more and more single females taking ownership of property. This shift reflects a broader cultural and economic evolution, where women are increasingly empowered to pursue and secure their own financial futures,” Goslett said.
On an international front, 19% of home buyers in 2023 were single women, and 10% were single men. The percentage of solo women buying homes was up 2% from 2022, according to data from the National Association of Realtors.
“I'm seeing many prospective single female home buyers enter the market, and I meet many single female homeowners as well,” Tiffany Johannes, a general manager Re/Max North Carolina said.
“I often find that single females are focused on building generational wealth as they climb the corporate ladder. Single females are focused on making their own way and often boast plenty of confidence in purchasing their house,” she added.
Despite women taking the lead in purchasing properties, residential property prices in South Africa remain stagnant, according to the FNB Residential Property Barometer and the Lightstone Residential Property Index.
The FNB House Price Index showed just 0.6% growth year-on-year in January.
In terms of the growth of house prices per province, Lightstone’s latest data from 2023 showed the highest growth was in the Western Cape, at 4.8%, Mpumalanga was also at 4.8%, Limpopo was 4.3%, while the lowest growth was recorded in Gauteng at 0.4%.
IOL BUSINESS