The listed property sector is shrinking and management teams will battle to win back investor support. Many general asset managers are choosing to invest in other sectors on the JSE, including resources and mining stocks, which are seen as defensive assets during recessions.

At the end of June 2020, the market capitalisation of the FTSE/JSE SA Listed Property Index (Sapy) was R257bn. Five years before that, at the end of June 2015, it was R377bn, showing it had lost close to a third of its value in five years.

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