Andre Stadler, MD of Catalyst Fund Managers, attributed some of this growth in total returns, which includes income growth and unit price movement, to the robust distribution growth from the property unit trust sector.

Stadler said property unit trusts Capital, Emira and Martprop had all declared distributions in February.

Capital posted growth of 13,5% for the full year and Emira reported interim distribution growth of 11,7%. Stadler said listed property loan stock companies were also performing strongly. He said for the first two months of this year the loan stock sector had delivered a total return of 12%, or an annualised 72%.

"Strong distribution growth in the listed property sector is driving the performance," said Stadler.

"The key thing is that if capital market yields remain at current levels, distribution growth should continue to drive capital values."

It appeared the listed property sector would have another solid performance this year, but Stadler said it was unlikely that it would reach the heights experienced last year, when the listed property sector delivered a total return of 50%.

Property Unit Trust Association spokesman James Templeton said property unit trusts should not be overlooked in an investment portfolio.

"Combining a predictable and attractive income yield with good growth in distributions, property unit trusts have proven over the years to provide exceptional total returns to investors," he said .

Marc Schneider, a research director at eProp, said that, ultimately, the increase in total returns was driven by property market fundamentals which translated into distribution growth.

"People are obviously pricing in that value into the units. It should be a relatively strong year for the listed property sector," said Schneider.

He said the total returns for this year could well be as strong as last year's. Schneider said that, if the performance was based on market fundamentals, there was still scope for growth because commercial property was in a "relatively early stage of an upward movement in the property cycle".

This could be reflected by rental growth, which in nominal terms was, on average, above building cost inflation of more than 20%.

Over the past four years, the listed property sector has, on average, delivered total returns of about 30% a year, making it one of the top performers on the JSE.