According to a report by FNB, women in property are catching up to men in all aspects of home ownership, including investment. Figures show single women making up an estimated 10.3% of buyers‚ while single male buyers top out at 7.0%. Whether through being employed in more managerial positions or owning their own businesses, South African women are making use of their money wisely.
Mike Greeff, CEO of Greeff Christie’s International Real Estate, says, “We have seen a steady increase of women in the property market over the past ten years. This is encouraging as the property market is an excellent place to invest one’s money. I would encourage all women to consider property as an investment and as a wonderful way to diversify your investments.”
Number of female breadwinners on the rise
The results of a recent South African census show that even though the average South African household is still headed by a man, the number of female breadwinners is on the increase and is currently at 16%. Stats SA recorded the number of households headed by single women at about 14%.
With more disposable income available to them, greater numbers of women have been able to invest in residential property in recent years. Statistics reported by Private Property show that 91% of the women respondents were actively involved in the home buying decision process and that, of the women interviewed, 46% would make the decision to purchase by themselves.
Female buyers, especially single or single mothers, place security very high on the list of priorities when purchasing property. Security estates or sectional title units prove to be the most popular choice as they tend to have sufficient security, including high walls, security gates, electric fences and, more often than not, an alarm system that is linked to a reputable armed-response company or the on-site security.
Another factor that women buyers take very seriously is home maintenance and the need to avoid any unnecessary complications in that regard. With this being said, most women buyers tend to buy new homes or homes in very good condition. As with most other demographics, they also pay special regard to homes that are eco-friendly and feature smart design.
Ultimately, the statistics available point to the fact that women are playing an increasingly important role in the property market. Women are choosing to establish themselves in their careers and, as a part of that process, they would be building up a wealth portfolio including investment property and, in some instances, diversifying their property by investing in different types, sizes and property locations.
Women in the property market are becoming a force to be reckoned with, says Greeff, and is an accurate indicator of the changing society in which we live.