Women – single or in a partnership – own more than half of the registered residential real estate in South Africa, according to Lightstone.
Interestingly, the data suggests that women-only buyers are edging towards more expensive properties.
By the end of July 2022, women accounted for, individually or in a partnership, 57% (3 896 595) of the total volume of properties in the market (6 868 778), accounting for 54% (R3 440 billion) of the total value i.e., R6 414 billion of residential properties registered at the Deeds Office.
While Covid-19 and its economic fallout caused a dip when comparing total residential property transfers with first-time buyers, female owners in partnership with other people as well as female-only owners, the market recovered strongly in 2022 (graph below).
The percentage of properties purchased by women-only is on the steady increase, from 16% in 2018 to 21% in 2021 – and the number is up another percent for the seven months to end July 2022. But the value of property purchases made by women only exceeds the volume of property purchased, and this is the inverse of purchases made by women with men or other women – suggesting that women on their own, are purchasing property that is slightly more expensive than the average.
When it comes to first-time buyers, transactions that include women have been consistently just above 60% for the past four years, although their portion of the total value of those transactions is in the mid-50% range.
While the age of female buyers has been reasonably consistent over the last four years, the age profile is trending towards the younger age brands, for example, the under 35-year-old buyers have increased from 25% in 2018 to 34% in 2021.
Female buyers over 65 have fallen from 9% in 2018 to 6% in 2021, while buyers between 50-64 have dropped from 24% (2018) to 20% (2021).
When it comes to value, the data suggests women are edging towards buying more expensive properties – in 2018, 18% of transfers relating to female buyers were in the R1.5 million – R3 million range, and this has increased to 23% in 2021. While this percentage is holding firm in 2022, there is a shift further down, with 2022 transfers in the R500 000 – R1.5 million band dropping from 51% in 2021 to 48%, and transfers below R500 000 increasing from 19% in 2021 to 22% in 2022.
