Single women in South Africa were the biggest group of property buyers in the last year, according to the latest Lightstone property report. This trend has been gaining momentum since 2012 and can be attributed to a few factors such as higher education levels which have led to better paying jobs.
The gender pay gap, however, is still a concern. Women in South Africa earn approximately two thirds of what their male counterparts earn. It then makes sense why single women, although they are the largest single group of home buyers, are buying properties of lower values compared to single men.
There has also been an uptick in participation in the entrepreneurial space by women in the country. According to the latest report released by the Global Entrepreneurship Monitor, more than seven women were engaged in early-stage entrepreneurship for every ten male entrepreneurs, in line with the averages for both the Africa region and for the more advanced economies. Prospects of better pay and more favourable working conditions may be some of the drivers.
With more participation by women in economic activity resulting in improved disposable income levels, women are no longer having to depend on others for home ownership or their financial freedom. We’re making strides in the right direction, albeit very slowly.