The evaluation of fund performance has received a large amount of attention in finance literature over the last thirty years, however very little work has expanded this analysis to the property sector. This paper aims to redress some of this imbalance by examining the performance of Irish-based property funds, concentrating specifically on the timing and selection ability of the funds. In the context of this analysis, timing ability refers to the ability of portfolio managers to correctly assess market movements and to respond accordingly in terms of the assets held. Eleven Irish property funds are examined over the period 1985 to 1996 using the parametric models developed by Henriksson and Merton (1981) and Chen and Stockum (1986). In addition, the non-parametric model proposed by Henriksson and Merton are analyzed.