Women are ’making sacrifices’ to afford homes. The latest report from Lightstone Property reveals that women continue to outnumber men when it comes to homeownership. File Picture: Simphiwe Mbokazi
DURBAN - Women continue to outnumber men when it comes to homeownership, according to the Lightstone Property research group, which reports that women have bought more properties than men in every quarter from Quarter 1 of 2019 to Quarter 2 in 2021.
Its latest report reveals that from 2019 to Q2 of 2021, “female only buyers account for between 22% to 23% of all transfers by private individuals and when combined with joint male-female purchases, the number rises to between 49%-50%”.
Adrian Goslett, the regional director and chief executive of RE/MAX of Southern Africa agreed, saying the trend came as no surprise.
“Over 60% of the traffic to remax.co.za are female. Our partners at BetterBond also report that 41% of their clients in 2020 were females. Overall, 38% of BetterBond clients were married and 43% were single. From this, we understand that women, both married and unmarried, tend to be the drivers behind the decision to purchase property,” said Goslett.
Goslett said that it was encouraging to see that many women were making the necessary sacrifices to ensure that they could afford to purchase property.
“For most South Africans, buying a home is not an easy feat. It takes careful planning and budgeting to ensure that one is able to afford this purchase,” he said.
Despite this, Goslett said there was great value in owning property: “Real estate is such an important aspect for future wealth and financial security - especially for those living on a single income.”
“Having an appreciating asset in one’s name allows for so many opportunities to further one’s financial standing, whether this takes the form of leasing the space for rental income, selling the home to enjoy the profits, accessing more affordable financing through an access bond facility, or having the home stand as collateral when applying for credit.
“While there are risks associated with each of these scenarios, gaining the advice of reliable professionals - such as real estate agents, financial advisers and bond originators - can help mitigate the risks and maximise the potential returns,” said Goslett.
THE MERCURY