Listed property's party is over and investors in the sector can expect lower, more stable, total returns of about 13% next year, says First South Securities.

Sector performs better than equities despite tough conditions in market.

Both the property loan stock and property unit trust sectors held up well in the face of market weakness and the 4% increase in interest rates this year,' says the company.

As we entered the new century, the two JSE listed property investment sectors, namely the Property Unit Trust sector and the Property Loan Stock sector, had market capitalization of R4.92bn and R3.86bn respectively. Since then the market capitalization for the two sectors has grown from R8.78bn to R12.77bn – a growth of 45% in capitalization over the period.