The South African listed property sector will be keeping a close eye on sovereign risk, quantitative easing and interest rates this year.
Redefine is one of the largest listed property companies in
"The direction interest rates take could have a dramatic impact on the prices of listed property stocks and ultimately the yields at which properties trade," he said.
Wainer cautioned that 2014 could be a volatile year for pricing in the listed property sector given the uncertainty about the effects of quantitative easing.
"We don't yet know what the US Federal Reserve's policy is, and the impact it will have on bond yields. However, there still appears to be strong appetite from investors and from the bond market for South African property stocks," said Wainer.
He noted that another of the "biggest threats" to the South African economy in 2014 was the potential of a downgrade of South African sovereign risk.
"Should this happen there will be a massive sell-off of South African bonds by international investors. The repercussions for the South African economy, the listed property sector included, could be dire," he warned.
When it comes to levels of activity in the listed property sector, Wainer believes property acquisitions and developments would be "slow" in 2014.
"Retail property will continue to outperform other subsectors thanks to strong demand for space from South African and international retailers alike.
"On the other hand, an oversupply of offices will mean further underperformance from this subsector," he said.
Wainer said the listed property sector would also continue to identify new opportunities, particularly outside the country.
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