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%. Performance leadership broadened meaningfully. Smaller and mid-cap counters such as Afine (+18.4%), Accelerate (+18.0%), and Texton (+16.4%) outpaced the large-caps, while Growthpoint (+15.4%) and Hyprop (+14.4%) also delivered robust returns as investors rotated back into liquid domestic names. Sector breadth remains the strongest in over two years, with 26 of 40 counters posting positive returns. At a macro level, October marked an inflection point in global monetary policy. Major central banks have now pivoted from fighting inflation to managing disinflation. The US Federal Reserve cut rates by 25bps, the Bank of Canada followed, and even the ECB has begun preparing markets for eventual easing. Yet the South African Reserve Bank remains hesitant, holding policy tight despite subdued inflation and weak domestic demand. This divergence now risks constraining credit growth and delaying broader economic recovery. Within the property sector, earnings releases and operational updates continue to affirm improving fundamentals. Distribution growth, occupancy gains, and falling funding costs suggest the re-rating cycle has further to run, particularly if the SARB eases at its November meeting. Key Themes This Month Global Pivot To Easing: Central banks signal confidence that inflation is contained, setting the stage for 2026 rate normalisation. SARB Caution Under Scrutiny: Monetary policy credibility remains intact, but confidence may now depend on the Bank’s willingness to support growth. Property Sector Momentum: Total return momentum broadens; balance sheet repair and earnings visibility improving across most counters. Transaction Pipeline: Active capital recycling and sector consolidation continue, led by Vukile, Fairvest, and SA Corporate. Forward View: Listed property remains attractively valued relative to bonds and equities, with potential catalysts from lower domestic rates and accelerating corporate activity.