The country's largest bond originator says single women over the age of 40 are increasingly interested in freehold homes in the R500,000 to R1m price band.
“The South Africa picture aligns with the global scenario; women above the age of 55 are the fastest growing demographic of homebuyers. They increasingly value home ownership and stability later in life,” says Bradd Bendall, head of sales at BetterBond.
In a market of over 7 million South African homes, single women own 83,418 more homes than single men, with females mostly purchasing as repeat buyers. Why is this the case and what socio-economic changes are driving this shift in the market?
Here are some key insights to be gleaned from BetterBond’s latest figures:
Women are living longer and, in some cases, outliving their partners. Says Bendall: “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 for one person.”
While some single women are moving to smaller homes, many are still looking for homes that can accommodate relatives, including grandchildren and extended family members.
This trend is reflected in BetterBond data that shows 61% more freehold homes were purchased by single women, when compared to sectional-title properties between 2019 and 2024.
This trend shows that longer lifespans for women are translating to confidence in longevity.
Gender-pay disparities still persist in SA. A report by the Commission for Gender Equity says that women earn only 76% of what men earn in similar jobs. Added to this, the report reveals that less than 35% of women own land compared to over 50% of men.
Despite these negative circumstances for South African women, they are still finding ways to invest in property as they advance in their careers and even into retirement as BetterBond data shows.
“45% of kids in SA only live with their mothers, compared to 4% with only their fathers,” notes Bendall. “This situation tells us that single women aren’t just investing to take care of themselves, their goal is to provide for their children as well.”
With more age-friendly options becoming available on the housing market and favourable conditions like interest rates, which are expected to fall after the last increase recorded in May 2023, women are quickly strengthening their position within the housing market.
This is favourable for the economy as more women are finding financial stability, albeit later in their careers, and in turn making further domestic investments that strengthen the local economy.
