Single women the largest group of property buyers in SA
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According to Lightstone Property statistics, roughly 72000 residential properties were purchased by single women in South Africa last year, far surpassing the number of homes sold to men (around 62000) and married couples (around 65000).
“It is a victory to see the growing number of single females within the property market and I remain hopeful that the property market will continue to reflect an ever-improving position of women in our country,” said regional director and chief executive of RE/MAX southern Africa, Adrian Goslett.
The property ownership trend corresponds with the World Wide Worx “More Month Than Money” survey.
According to the survey, 66% of South African women are financially responsible for the entire family.
“Not only are women playing more of an active role in managing a home’s finances, but they are also playing an integral part of the home-buying process. If we look at the breakdown of our website traffic, 64% of our users are female, which suggests that females are most often the ones driving the decision when it comes to purchasing a home.”
The statistics showed that the wage gap made it more challenging for women to enter the property market.
Lightstone Property statistics revealed that while single women lead in terms of sales volume, they are also most active in the lowest price brackets. According to the Global Wage Report for 2018/19, women make on average 28% less than their male equals. When it comes to hourly income, South African men make on average 26.1% more than their female counterparts.
“It is alarming to hear that the wage gap persists, and at such a large variance too. I have no doubt that as this gap narrows, we will inevitably see women become increasingly active within the higher price bands,” Goslett said.
“Quite possibly, the data collected around property sales can be a useful measuring stick to track the progress towards achieving equal pay. We’ll be watching these figures closely.”