While men are traditionally perceived as the “movers and shakers” of the South African property market, data from Lightstone has revealed that this perception is outdated.
According to their research, women own “Close to 60%’ of South Africa’s residential housing stock.
Lightstone is a property analytics firm that offers “information, valuations, and solutions for smarter business choices”, according to its website.
A reason for the high ownership rate is that women can either “own their property or with their partners”, according to IOL.
In addition, the number of women being first-time buyers also exceeds the number of male first-time buyers, with most of them being single or divorced.
This highlights the value that women are placing on their financial independence and security, as well as taking charge of their financial futures.
This is according to Yael Geffen, chief executive of Lew Geffen Sotheby’s International Realty.
“Furthermore, this welcome shift reflects broader trends in economic empowerment and changing societal norms where we are seeing women not only as home buyers but as investors, leveraging real estate as a means to build wealth and secure financial independence,” said Yael.
“They are increasingly participating in property development, rental property investments, and house flipping,” Yael added.
When couples buy a home together, women are often the primary decision-makers rather than just ‘mere participants,” Yael states.
Buying a house is more about creating a lifestyle and a home in which to raise a family therefore it would make sense that women play a key role in deciding on property purchases.
Additionally, women also play a key role in influencing how a home is presented and marketed for sale.
Geffen believes that women are the “heart of the home “and will often view a property they are buying as a home rather than an “investment home”.
Understanding the preferences and priorities of women in the home-buying process is therefore essential for sellers who aim to appeal to this demographic.
Men and women often look at “different factors” when viewing a home, according to Yael.
Men will prioritise factors such as the garden and garage, as well as structural aspects like the roof and swimming pool. They will also be on the lookout for ‘potential issues’ like mould and faulty plumbing.
“Women tend to view a home from a more functional, family-oriented perspective and look for features like a modern kitchen with a practical layout, good-sized bedrooms, plenty of cupboard space and a well-equipped laundry,” said Yael.
“They also wanted to envisage the lifestyle they would be able to create in the home with their children,” Yael added.
Compiled by: Jan-Hendrik De Villiers
First published by Cape {town} etc
Also see: Ama Qamata gives insight on purchasing her first property
