REITs dominate Top 100 as property confidence returns

• Dipula, Fairvest and Vukile secure top five spots in Sunday Times rankings.
• SA REIT Index up 26.4% year-to-date as investors rotate back.
• Sector rebuilds momentum through disciplined strategy, capital strength, and yield growth.

South Africa’s listed property sector has stormed back into the spotlight, with three REITs placing in the top five of the Sunday Times Top 100 Companies 2025 announced on 9 November. Dipula Properties claimed the number-one position, Fairvest ranked second, and Vukile Property Fund came in fifth, confirming a powerful comeback for the sector.

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Joanne Solomon, CEO of the SA REIT Association, says the results mark a turning point. “Seeing REITs lead the Top 100 this year highlights disciplined capital allocation, stronger balance sheets and consistent dividend delivery. Investors are recognising the sector’s renewed earnings trajectory and the important role REITs play in diversified portfolios.”

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The October SA REIT Chart Book recorded a 10.8% monthly total return for the SA REIT Index, the best since 2021, bringing year-to-date performance to 26.4%. Ian Anderson, Head of Listed Property at Merchant West Investments, says October marked “a decisive rotation back into REITs at scale.”

Company highlights

‍Dipula Properties, celebrating its 20th anniversary, took top honours. CEO Izak Petersen reflected:

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“The past 20 years have been an incredible journey filled with lessons, challenges and growth. We’ve played the cards we were dealt with resilience and determination.”

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Dipula’s community-focused retail portfolio continues to deliver consistent returns while enhancing local access to essential goods and services.

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Fairvest, in second place, has been rewarded for its strategic focus on retail. CEO Darren Wilder says, “By implementing this strategy, Fairvest is moving toward becoming a retail-only REIT, focused on the market in which it has extensive experience. Over 70% of our revenue is already generated from retail.”

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Vukile Property Fund, ranked fifth, continues to show the strength of a clear, long-term plan. CEO Laurence Rapp says, “We’ve stayed true to a well-defined strategy and executed it with discipline. We understand our consumer, design centres that meet their needs, and align with tenant success.” On Vukile’s Iberian expansion, he adds, “Our entries into Spain and Portugal were contrarian moves that have paid off.”

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Sector momentum

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Beyond the top five, listed property names including Fortress, Attacq, Hyprop, Emira, Redefine, and Growthpoint also featured prominently. Solomon notes, “REITs have responded to a tough cycle with portfolio optimisation and prudent funding. The sector is now positioned to deliver income growth ahead of inflation with improving access to capital.”

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The recognition in the Sunday Times Top 100 cements the REIT sector’s return to form, a story of resilience, refocus, and renewed investor confidence.

DOWNLOAD SA REIT Chart Book for October here https://sareit.co.za/sareit-research/#chartbooks

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