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This is the JSE's primary property index (J253) and it includes the 20 largest and most liquid property funds. This index reached a peak at the end of 2017 at an index level of 695. It then fell to a low of 196 on 23rd March 2020 following the impact of COVID-19. In the ensuing months it has recovered somewhat, but still trades well below the net asset value of its components and looks to be one of the best buying opportunities on the JSE in 2021. The J253 lost 34,5% in 2020 including dividends. It includes such shares as Growthpoint and Nepi Rockcastle (which owns a portfolio of shopping centres in Europe worth more than 6bn euros).

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