How to attract the female property buyer

Research released by Lightstone Property during the pandemic shows that, over a five-year period (between 2015 and 2020), single female first-time property buyers have outnumbered male buyers, as well as married couples.

According to Mike Greeff, CEO of Greeff Christie’s International Real Estate, the data reflects trends occurring in developed countries. Even South Africa will see a greater increase in female buyers post-pandemic.

‘Women in South Africa are no longer waiting to reach the norms of what society expects from their lives but are instead rewriting the narrative as the sole breadwinners or providers for their households – regardless of what the home dynamic is made up of. It is therefore important for our market to cater to this,’ he says.

Building and marketing residential estate homes to female buyers is a no-brainer, and the results can have huge financial kickbacks for property developers.

Safety and security are foremost

South Africa is one of the most dangerous countries in the world for women so naturally security will be top of mind for the female buyer.

‘We have seen a huge increase in the numbers of purchases in lifestyle estates that not only offer lifestyle amenities like gyms, tennis courts, and golf courses but more importantly offer peace of mind of security,’ says Nick Pearson, chief executive officer at Tyson Properties.

If you want to clinch a property deal with a female buyer, consider amping up the marketing of the security offering on your estate. Not providing up-to-date crime statistics for the local area as well as breaking down the estate’s security detail, including things like CCTV cameras and around-the-clock patrolling can often be a dealbreaker. Also, consider incorporating technology-enabled rooms with built-in security features within the properties for added comfort.

Tailor-made and marketed

International trends show that women tend to spend longer researching the home market on the internet than men. They also tend to be more patient and discuss their home buying issues with family and friends. It is therefore essential that property developers are on point when it comes to their product offering.

‘Properties that are marketed to the female consumer offer lifestyle options that are slightly different and tailor-made for the needs of an independent working woman,’ says Pearson. These types of homes are low maintenance; have a spacious kitchen and dining room and plenty of storage space.

Estates that champion community initiatives, are located closer to shops, hospitals, and good schools, and have plenty of green space are likely to come out on top too.

Perfectly priced

Sectional title homes continue to rise in popularity with the young, single female demographic says Greeff. Aside from the security offered, these types of homes mean homeowners get to enjoy a range of amenities like golf courses, outdoor pools, and onsite gyms in the safe confines of their estate, and without having to worry about their management and maintenance.

‘The raising of the no transfer duty cap to R1 million in 2020 together with the lowest repo rate in decades has also made the price range for homes on a residential estate more attractive to first-time buyers,’ says Greeff. ‘This has led to more females ready to take the plunge and snap up homes in the R930,000 to R1 million price range, which remains the most attractive to them,’ he says.

The ideal investment

The data from Lightstone shows that although women begin buying homes before they turn 20, the age group that has the greatest number of female property buyers is between 31 and 35. While the 21-to-30-year age group also continues to see steady growth, there is a gradual decline in home purchasing as women get older.

According to Marcél du Toit, chief executive officer at Leadhome, this shows that most young women view property buying as an investment and an opportunity to build wealth early. As they get older, they tend to purchase property together with a partner.

It is a sentiment echoed by Pearson, who goes on to suggest that the first-time female home buyer, more so than any other consumer, is also in the Airbnb market.

‘Female buyers are using their properties to create an additional source of income and so are only buying into neighbourhoods and estates which guarantee good returns in the future,’ he concludes.