Managing Director, Golden Section Capital

Garreth Elston

Managing Director

Golden Section Equity Research

Golden Section Capital

Golden Section Capital is a private international investment, specialist independent equity research, and corporate finance consulting services provider focussing on real estate and infrastructure. 

Paid for corporate research on Real Estate and Infrastructure companies. Plus independent pieces on various real estate companies and themes.

Thematic (Sector/Industry)

<ul>
<li>South African listed property entered 2026 from a position of strength. January extended the powerful rerating that defined 2025, with the All Property Index delivering a total return of 1.08%.</li>
<li>January saw several bellwether REITs trade at fresh 12-month highs, including Growthpoint Properties, Vukile Property Fund, Redefine Properties, and Hyprop Investments, extending the strong rerating that defined 2025.</li>
<li>The JSE All Property Index is now at its highest level since 2018, rewarding patient investors who kept faith with the sector.</li>
</ul>


South African listed property entered 2026 from a position of strength. January extended the powerful rerating that defined 2025, with the All Property Index delivering a total return of 1.08%.
January saw several bellwether REITs trade at fresh 12-month highs, including Growthpoint Properties, Vukile Property Fund, Redefine Properties, and Hyprop Investments, extending the strong rerating that defined 2025.
The JSE All Property Index is now at its highest level since 2018, rewarding patient investors who kept faith with the sector.


<ul>
<li>The South African listed property sector had another month of strong performance in November, driven by strong results and the SARB finally coming to the rate cutting party.</li>
<li>The South African listed property sector delivered a commanding performance, with the J803 All Property Index returning 7.82% for the month, pushing the year-to-date total return to a remarkable 30.58%.</li>
<li>The euphoria of cheaper debt must not blind us to the operational realities on the ground, where rental reversions in key sub-sectors remain stubbornly negative in certain areas.</li>
</ul>


The South African listed property sector had another month of strong performance in November, driven by strong results and the SARB finally coming to the rate cutting party.
The South African listed property sector delivered a commanding performance, with the J803 All Property Index returning 7.82% for the month, pushing the year-to-date total return to a remarkable 30.58%.
The euphoria of cheaper debt must not blind us to the operational realities on the ground, where rental reversions in key sub-sectors remain stubbornly negative in certain areas.


SA Listed Property Review - November 2025

<ul>
<li>The South African listed property sector extended its recovery through October, supported by stabilising inflation, a softer global rate backdrop, and renewed capital inflows into income-yielding assets.</li>
<li>The J803 All Property Index delivered an 8.13% total return for the month, bringing year-to-date gains to 21.11%</li>
<li>Sector breadth remains the strongest in over two years, with 26 of 40 counters posting positive returns.</li>
</ul>


The South African listed property sector extended its recovery through October, supported by stabilising inflation, a softer global rate backdrop, and renewed capital inflows into income-yielding assets.
The J803 All Property Index delivered an 8.13% total return for the month, bringing year-to-date gains to 21.11%
Sector breadth remains the strongest in over two years, with 26 of 40 counters posting positive returns.


<ul>
<li>September was a bumper month for economic data and listed property updates. The recent busy results season showed that the sector has weathered the high-rate and low-growth environment well.</li>
<li>Despite all the good news, the J803 index had its first down month in Q3, delivering a -1.00% drop, but the quarter was still positive at 5.45%.</li>
<li>Probability of an interest rate cut by the SARB at its next MPC meeting is at around 60%.</li>
</ul>


September was a bumper month for economic data and listed property updates. The recent busy results season showed that the sector has weathered the high-rate and low-growth environment well.
Despite all the good news, the J803 index had its first down month in Q3, delivering a -1.00% drop, but the quarter was still positive at 5.45%.
Probability of an interest rate cut by the SARB at its next MPC meeting is at around 60%.


SA Listed Property Review - September 2025

<ul>
<li>August marked another positive month for the SA Listed Property sector, with the SA All Property Index gaining 2.04% in total return terms.</li>
<li>The primary catalyst for this positive performance was the South African Reserve Bank's (SARB) decision to cut the repo rate by 25 basis points at the end of July.</li>
<li>The sector delivered good results from reporting companies, and guidance increases from several companies too (OCT, NRP, PPR, RES).</li>
</ul>


August marked another positive month for the SA Listed Property sector, with the SA All Property Index gaining 2.04% in total return terms.
The primary catalyst for this positive performance was the South African Reserve Bank's (SARB) decision to cut the repo rate by 25 basis points at the end of July.
The sector delivered good results from reporting companies, and guidance increases from several companies too (OCT, NRP, PPR, RES).


South Africa

Dipula Properties Ltd operates as a real estate investment trust. The Trust provides owns and develops a portfolio of urban, township, and rural community retail centers, as well as industrial, logistics, office, and residential sectors. Dipula Properties serves customers in South Africa.

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Dipula Properties (DIB SJ)

SA Listed Property Review - January 2026

South African listed property continued its strong performance into 2026, with January seeing a total return of 1.08% and several listed property...

Golden Section Capital

SA Listed Property Review - November 2025

South African listed property sector sees strong November performance fueled by rate cuts and solid results, but challenges remain with negative...

Golden Section Capital

SA Listed Property Review - October 2025

The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

Golden Section Capital

SA Listed Property Review - September 2025

September saw strong economic data and positive property updates, despite a slight dip in the J803 index. Interest rate cut likely at next SARB...

Golden Section Capital

SA Listed Property Review August 2025

SA Listed Property sector saw a positive month in August (up 2.04%), driven by SARB rate cut and strong company performance. The sector has now...

Golden Section Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SA Listed Property Review - January 2026

​South African listed property continued its strong performance into 2026, with January seeing a total return of 1.08% and several listed property...

Golden Section Capital

SA Listed Property Review - November 2025

​South African listed property sector sees strong November performance fueled by rate cuts and solid results, but challenges remain with negative...

Golden Section Capital

SA Listed Property Review - October 2025

​The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

Golden Section Capital

SA Listed Property Review - September 2025

​September saw strong economic data and positive property updates, despite a slight dip in the J803 index. Interest rate cut likely at next SARB...

Golden Section Capital

SA Listed Property Review August 2025

​SA Listed Property sector saw a positive month in August (up 2.04%), driven by SARB rate cut and strong company performance. The sector has now...

Golden Section Capital

South African listed property continued its strong performance into 2026, with January seeing a total return of 1.08% and several listed property...

South African listed property sector sees strong November performance fueled by rate cuts and solid results, but challenges remain with negative...

The South African listed property sector rebounded in October with strong returns and increased investor interest in income-yielding assets.

September saw strong economic data and positive property updates, despite a slight dip in the J803 index. Interest rate cut likely at next SARB...

SA Listed Property sector saw a positive month in August (up 2.04%), driven by SARB rate cut and strong company performance. The sector has now...