Men may be perceived as the movers and shakers of the South African property market, however, it is their female counterparts who are running the market instead.
Women own close to 60% of South Africa’s residential housing stock, according to Lightstone data.
They either own their property or with their partners. The number of women first-time buyers also exceeds the number of men first-time buyers with most of them being single or divorced.
Yael Geffen, chief executive of Lew Geffen Sotheby’s International Realty said that this highlights the value that women are now placing on their financial independence and security plus they are taking charge of their financial futures.
“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,” Geffen said.
“They are increasingly participating in property development, rental property investments, and house flipping.”
According to Geffen, when couples buy a home together, women are often the primary decision-makers rather than just mere participants.
Buying a house is more about creating a lifestyle and a home in which to raise a family therefore it makes sense that women play a key role in deciding on property purchases as well as influencing how a home is presented and marketed for sale.
Geffen said that women are the heart of the home and, as nurturers, 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 looking to appeal to this influential group.
Men and women often look at different factors when viewing a home, according to Geffen.
Men will prioritise factors like the garden, the garage and structural aspects like the roof and pool. They will also look 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,” Geffen said.
“They also wanted to envisage the lifestyle they would be able to create in the home with their children.“
IOL Business