June was a month of contrasts for the South African listed property sector. At a glance, the J803 SA All Property Index told a story of stagnation, ending the month marginally down by -0.24%. However, this headline figure masks a turbulent undercurrent of wildly divergent single-stock performances and significant corporate activity. While the index treaded water, individual counters saw dramatic moves particularly in microcap stocks, with returns ranging from Afine's 34.36% sharp gain to Visual's precipitous 66.67% collapse. Large caps largely delivered underwhelming performance, but MAS plc saw a robust rise driven by a battle between PKI and Hyprop. This divergence highlights a market where stock-specific fundamentals and corporate action are decisively trumping broad market sentiment. June was anything but quiet on the corporate activity front. The month was defined by a flurry of high-stakes activity. The takeover saga for UK-based Assura appears to have finally reached its conclusion, with the board recommending a revised offer from Primary Health Properties. Meanwhile, the battle for control of MAS plc intensified, with major shareholder PKI requisitioning an EGM to vote on a value-unlock strategy, a direct challenge to a potential competing offer from Hyprop. Adding to the boardroom drama, both Hammerson and NEPI Rockcastle announced the future departures of their respective CEOs, signalling significant leadership transitions ahead. The backdrop for this activity is a potentially increasingly gloomy global economic picture. Both the World Bank and the OECD have downgraded their 2025 growth forecasts, citing escalating trade tensions and policy uncertainty emanating from the USA. The US Federal Reserve’s own Beige Book paints a downbeat picture of declining activity across most districts. This global slowdown, coupled with somewhat sticky inflationary pressures, is creating a tricky balancing act for central banks and a challenging environment for global real estate, all while the general stock market is largely ignoring bad news and continues to climb ever higher. Yet, against this potential international gloom, South Africa listed property is continuing to show growth and positive indicators. A strengthening ZAR and a sense of decoupling from US-led volatility are making the local property sector look like a more attractive destination for capital. While global risks persist, South African REITs are well-positioned to navigate uncertainty. Investors are advised to focus on pricing power, prudent debt levels, and sectoral resilience as key differentiators.