Women’s growing influence in the property market
Historically, men were seen as the primary decision-makers in property transactions. However, in recent years, women have emerged as key influencers and purchasers in the Namibian housing market, reshaping the dynamics of real estate.
In the past, women often faced restrictions, such as requiring a husband or father to co-sign property purchases. Today, these barriers have largely fallen away, allowing women to actively participate in property buying, selling, and investment. Ignoring their influence would be a critical oversight for real estate professionals and sellers alike.
Data from other markets shows that women now dominate residential property ownership, often buying as single or divorced individuals. This trend highlights the importance of financial independence and security for women, especially in a world where they generally outlive men and face higher divorce rates. In Namibia, the share of property transaction volumes involving women has seen a notable rise. For instance, in the southern region, women accounted for 34% of property transaction volumes in 2020, surpassing the 30% share recorded by men. This shift reflects a growing trend of female participation in the property market, previously dominated by men and joint bondholders
Beyond simply purchasing homes, women are leveraging real estate for wealth creation. Increasingly, they are participating in property development, rental investments, and house flipping. This reflects broader trends in economic empowerment, societal shifts, and gender equality.
The factors behind this shift
Several factors have contributed to this transformation:
- Financial independence: Women’s growing incomes and access to credit enable them to make significant financial decisions.
- Educational achievements: Higher levels of education empower women to navigate complex transactions like property purchases.
- Changing societal norms: Shifting attitudes towards gender roles encourages women to prioritize homeownership as a key life goal.
Women as key decision-makers
Women are not just single buyers; they are often the primary decision-makers in joint purchases. Buying a home is more than a financial transaction—it’s about creating a space for family and lifestyle, a perspective women naturally emphasize.
How to appeal to female home buyers
For sellers and agents in Namibia, addressing women’s priorities is essential:
- Enhance safety features: Highlight secure locks, alarm systems, and the safety of the neighborhood. Women value peace of mind for their families.
- Promote community amenities: Showcase proximity to schools, healthcare facilities, shopping centers, and recreational spaces.
- Focus on functional upgrades: Modern kitchens, ample storage, and energy-efficient solutions like solar installations resonate strongly.
- Staging for success: Declutter and stage homes to create a warm, inviting atmosphere that reflects family-oriented living.
- Transparent communication: Women value honesty and detailed information about a property’s condition and neighborhood.
- Tailored marketing: Use high-quality images and virtual tours to highlight the property’s lifestyle benefits and location advantages.
How to financially prepare to buy your first home
To secure a smooth entry into the property market, financial planning is crucial:
- Prepare for interest rate hikes: Build a buffer for potential increases by setting aside at least 1% or N$10 for every N$1,000 borrowed.
- Assess affordability: Use online calculators or consult financial experts to determine your budget. Reduce debt and maintain a strong credit record.
- Prioritize location and features: Look for properties near essential amenities, with features like energy-saving systems or room for expansion.
- Conduct thorough inspections: Ensure major issues like structural cracks or damp walls are manageable within your budget.
- Account for additional costs: Include transfer fees, legal fees, and monthly utility costs in your planning.
- Take your time: Homeownership is a long-term commitment. Make informed, strategic decisions.
By understanding the growing role of women in the Namibian housing market, sellers and agents can better cater to this dynamic group and foster stronger connections with buyers, ensuring greater success in the evolving property landscape.
