What women want

A 1st for Women Insurance study says South African women are driving new dynamics in the housing sector. The findings reveal more than their housing preferences; they tell us that, for example, 70% of SA women rank financial independence as their top priority, a trend that will certainly play out in the property sector.

Timeline

An interesting aspect of the study is a timeline of milestones: by age 21, women start their first full-time job; buy their first car at 25; get married at 27; have their first child at 29; purchase their first home at 30; land their dream job at 31; achieve their first leadership position at 33; and start their businesses at age 34.

Before exploring the outcomes of women’s property decision-making, it is crucial that these milestones be absorbed because they tell the tale of ambition and goal achievement, all of which drive women towards a journey of success. This says that women no longer accept merely a traditional role in society, that they are breaking moulds, determined to make a meaningful and achievable difference in their lives … and that they are patient and realistic about their steadfast strategy.

‘By design’ is how women step forward today. We’ve reported many times on how female (and male) property practitioners credit their mothers for setting the tone for trail-blazing. They are certainly following suit by setting a very positive example for their female children.

Societal influences

1st for Women’s study highlights societal pressure as a challenge for women, with “a staggering 81% believing that societal expectations around age and life events are outdated and need a total rethink.” Yet another statistic is that “almost 60% of respondents reported feeling societal pressure to achieve certain milestones by a specific age, while over 40% felt this pressure before they were ready.”

The latter point goes hand in hand with ‘judgment’. The almost 1000 women surveyed claimed they often face judgment when it comes to achieving milestones and criticism for reaching key life goals ‘too early’ or ‘too late’. This is driving a trend where women reject societal pressures to follow their own path.

Personal life goals

As such, success is not purely about their career, although when examining their personal life goals, women are clearly aligned regarding wealth creation and building their legacy. This is what they agree upon relative to financial well-being:

• 92% – achieving financial independence.
• 77% – building wealth or leaving a legacy for their family.
• 90% – having a stable income and financial security.
• 82% – being able to afford the lifestyle they want.

Property

These aspects influence women’s home purchase decisions. According to 1st for Women, the average age at which South African women buy their first home is 30 years and six months, just slightly above the perceived societal expectation of 30 years and four months.

Whilst we herald this, a barrier to this dropping even lower is, as claimed by 63% of the women surveyed, the high cost of living. This is the biggest obstacle to achieving their life goals, including property ownership, and a lack of financial resources (56%) and debt (40%). These insights suggest that while women focus on securing their futures, economic constraints hinder their progress.

Singlehood is not an issue, though. As we reported in August last year, in a market of over 7 million homes, single women now own 83,418 more homes than single men. These women also tend to be repeat buyers and black women, suggesting that they realise the value of property ownership over the long term and as security for their and their families’ future.

A Lightstone statistic, also released last year, confirms just how quickly women are starting to dominate the property purchase environment. Hayley Ivins-Downes, managing executive real estate at Lightstone, said in the media that female-only buyers account for 38% of stock owned and co-own another 33% of properties. Men-only owners account for 29% of all property.

“In 2016, women-only buyers surpassed men-only buyers, and the gap between the two categories has increased steadily since then, with the men-only proportion remaining relatively unchanged,” said Ivins-Downes. And this is despite women earning less than men on average. If they did earn as much, a number of global analysts predict that they could be able to buy nearly one-fourth more of the available homes on the market.

Property practitioners should also note that, according to Lightstone in 2024, women-only buyers dominated the under R750k price band but trailed mixed-gender couples in the R750-million to R1.5-million price band and came in third in the over R1.5 million price band.

Yael Geffen, CEO of Lew Geffen Sotheby’s International Realty, weighed in on Lightstone’s findings, adding that women are largely seeking enhanced safety features, community amenities, and functional and aesthetic upgrades. They also value transparent communication and honesty about a property and believe that marketing with women in mind will attract more interest.

“Women are becoming a formidable force in the home-buying market, often driving decisions in joint purchases and also making giant strides in the investment sector,” concludes Geffen, “and by understanding and addressing the specific preferences and priorities of women buyers, sellers can enhance their appeal and influence in this dynamic market.”

Source: Property Professional