April marked a turbulent, yet ultimately positive month for South Africa’s listed property sector. After a weak first quarter, the SA Listed Property Index (J253 TR) rebounded, gaining approximately 6.44%, and the SA All Property Index (J803 TR) gained 6.54%. This recovery came despite sharp initial declines sparked by global market jitters - most notably fears of a global trade war following sweeping US tariff announcements. Fallout from the tariff announcement saw the J803 TR fall -5.36% from end-March to a low on April 7th before rebounding strongly through the remainder of the month as investor sentiment turned positive on April 9th, after President Trump’s announcement of a 90-day pause on some tariffs, stabilising global equities. While the All Property Index remains below its 52-week high, the sector’s April performance suggests growing investor confidence, aided by signs of inflation moderation and stronger underlying property fundamentals. Macroeconomic conditions in South Africa remain mixed, and while GDP growth remains muted, on the plus side inflation came in below expectations, dropping to 2.7% (well below the SARB’s 3-6% range).