Women over the age of 55 are the fastest-growing segment of the property owners in South Africa, bond origination company BetterBond said yesterday.
“More specifically, single women are purchasing property from about middle-age onwards. Single women over the age of 40 are increasingly interested in freehold homes in the R500 000 to R1 million price band,” the company said in a statement.
Btrad Bendall, the head of sales at BetterBond said: “The South Africa picture aligns with the global scenario; women above the age of 55 are the fastest-growing demographic of home-buyers. They increasingly value home ownership and stability later in life.”
In a market of more than 7 million South African homes, single women own 83 418 more homes than single men, with females mostly purchasing as repeat buyers, he said. Reasons include population characteristics.
The data is supported by FNB, which said that despite having a lower participation in labour markets, FNB’s residential property data showed that women made up a bigger share of property purchases in South Africa and this was at around 53%.
“Most of these purchases are in major economic hubs, such as Gauteng and Western Cape. However, we note the average purchase price for women is lower compared to their male counterparts,” the bank said.
FNB said that 2023, about 55% of first-time property buyers were women compared to 53% in 2022, and this analysis suggested a growing trend of women participating in local property markets.
Statistics South Africa’s population figures for 2024 show there are now more than 63 million people, and more than half are female. Life expectancy for women is up to nearly 70 years on average, while males are expected to live until about 64.
Women are living longer, and in some cases outliving their partners.
“… 56% of single female buyers in 2023 had been in the market before. Given what we know about life expectancy, we could be witnessing home purchases driven by the passing of a spouse. Some women are trading in large homes with high-maintenance costs for something better suited to one person,” said Bendall.
While some single women were moving to smaller homes, many were still looking for homes that could accommodate relatives, including grandchildren and extended family members. This was reflected in BetterBond data that showed 61% more freehold homes were purchased by single women, when compared to sectional title properties between 2019 and 2024.
“A few decades ago, a single woman past retirement age getting into a 15 to 30-year bond was completely unprecedented. Since 2020 retirees have been purchasing more homes every year,” said Bendall.
Gender pay disparities still persist in South Africa. A report by the Commission for Gender Equity said women earned only 76% of what men earned in similar jobs. Added to this, less than 35% of women owned land compared to over 50% of men.
However, despite these negative circumstances for South African women, BetterBond data showed they were still finding ways to invest in property as they advanced in their careers, and even into retirement.
“… 45% of children in SA live with their mothers compared to 4% with their fathers. This tells us that single women aren’t just investing to take care of themselves, their goal is to provide for their children as well,” said Bendall.
BUSINESS REPORT