South Africa’s commercial property market has once again stood out globally, recording positive capital growth in the past six months, according to SAPOA’s latest SA Property Trends Report for H1 2025.

Compiled by MSCI, the data reveals that since 2009, the commercial property market has delivered an annualised return of 11.8%, comprising 3.2% capital growth and 8.4% income return. Over the past six months, capital growth has slowed slightly, while income returns remained steady at around 4%.

MSCI’s biannual universe covers nearly R400 billion of property from 24 different funds, representing about two-thirds of the investment market. The data is owner-verified and includes life and pension funds, private property owners, and REITs requiring external valuations and full income statements.

For more detailed information on the SAPOA Global Property Trends Report, download a free copy of the latest report here (free to SAPOA members only).

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