Listed property has delivered its worst performance in a decade and fund managers do not expect the sector, which has been a reliable investment for several years, to gain much momentum before 2019. The FTSE-JSE South African Listed Property Index (Sapy) has suffered a negative total return of 18.1% so far in 2018, according to Anchor Stockbrokers. This was according to research up to the end of June 8. Total returns include capital appreciation and dividend growth. So far in 2018 equities have lost 0.8% and bonds and cash have returned 2.4% and 3.2%, respectively. South African listed property has also performed worse than all other major listed property markets in the world. UK and US listed property managed a total return of 6.2% and 4.4%, respectively, while Europe, excluding the UK, returned 6.3% and Australia achieved a 2.2% total return. Listed real estate accounts for about 7% of the JSE and is worth about R720bn. The negative 18.1% return is poor but not as severe as the 37...

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