The South African listed property market has not just recovered, it has surged to the front of the pack according to November 2025’s Global Property Research (GPR) Market Update which highlights that local REITs are currently delivering some of the strongest total returns internationally, significantly outpacing major developed markets including the USA, UK, and Australia.

The data shows that the SA listed property sector delivered a 9.7% total return in November 2025 alone, pushing its year-to-date growth to 46.2%. In a global context, the Global REIT Index was up 12% year-to-date, trailing South Africa’s performance by a wide margin.

The USA REIT market sits at 9.2% year-to-date, the UK at 10.3% and Australia at 22.9% – even Japan, a strong performer in the Asian region, trailed SA with a 27.4% year-to-date return.

The underlying data also suggests this is a structural re-rating of the sector, rather than a monetary spike with SA delivering a 44.7% return over a one-year period, confirming a sustained upward cycle. Most telling, however, are the long-term horizons. On a three-year and five-year annualised basis, SA REITs have returned 20.6% and 23.6% respectively. In contrast, the global average over five years stands at just 7.3% with the UK at -0.3% and Europe at 1.9%.

“The numbers we are seeing now are the dividends of discipline,” remarks Joanne Solomon, CEO of the SA REIT Association. “This performance reflects five years of rigorous execution by management teams across the sector. When faced with the headwinds of the pandemic and economic uncertainty, our sector didn’t just wait for the tide to turn. Management teams actively strengthened balance sheets, stabilised earnings and ruthlessly simplified portfolios to focus on core assets. What we are seeing now is the market pricing in that operational excellence.”

A critical insight from the GPR report is the relationship between return and volatility. In investment terms, high returns are often accompanied by high volatility (risk). However, SA’s volatility rating over the last 36 months stands at 0.20, a figure entirely consistent with global norms.

For comparison, the volatility for the European composite is 0.18 and France specifically is 0.20.

“Investors are currently getting alpha returns with beta volatility, which means excellent growth coupled with average risk,” Solomon explains. “We are producing some of the highest returns in the global REIT universe, yet our risk metrics are in line with developed markets such as France and Belgium. It signals a mature, resilient market that is being driven by fundamentals rather than speculation.”

The sector’s resurgence coincides with a rapidly improving macroeconomic narrative for the country. With its recent removal from the FATF grey list, a credit outlook upgrade from S&P and the momentum of a successful G20 despite a USA boycott, the conditions are aligning for increased capital flows.

SA’s invitation to join the Global Real Estate Alliance in 2025, a body representing 28 countries, has further cemented the sector’s relevance on the international stage.

As the sector pivots from a narrative of recovery to one of growth, the industry’s focus turns to the future.

The SA REIT Association will be unpacking these global trends and the future trajectory of the sector at its highly anticipated biannual conference on the 12^th of February 2026 in Johannesburg.

The conference will feature Peter Verwer, a founding member of the Global Real Estate Alliance and a heavyweight in international property policy. His keynote presence underscores the increasing integration of SA’s commercial property sector into the global fold. Demand for the event has been unprecedented, mirroring the sector’s performance.

“The theme for 2024 was resilience, but for 2026, the theme is clear traction,” notes Solomon. “The interest in our upcoming conference proves that the investment community is paying attention.”