Property, the 4th Asset Class

1. THE 10 GOLDEN YEARS (1998 - 2007)

   The Main macro investment drivers were

   • The structural break in inflation
   • Lower interest rates
   • Higher commodity prices
   • Prudent monetary and fiscal policies.
2. RISK FACTORS
   • Higher inflation and interest rates
   • Falling confidence at all levels
   • Renewed emigration
   • Proposed Land Reform Act
   • Further sub-prime mortgage contagion.