WATCH | Listed property takes a knock in March amid rates jitters

South Africa’s listed property sector suffered a sharp reversal in March, interrupting a two-year recovery driven by falling interest rates and improving fundamentals. After delivering cumulative returns of almost 70% over 2024 and 2025, the all property index was down more than 12% in March, wiping out gains for the year and dragging valuations back to late-2025 levels. Investors sold heavily as global geopolitical tensions triggered a spike in oil prices, a weaker rand and rising inflation risks. Business Day TV asked Golden Section Capital MD Garreth Elston whether the decline was a pause or the start of a more prolonged reset for real estate investment trusts.