The ROZ/IPD Property index was established in 1994 to publicize an independent index on directly held real estate in the Netherlands. The real estate universe is split into the sectors: retail, offices, industrial, residential and mixed use/other. The residential sector consists of almost 50 % of the total investment universe. The residential investments became popular due to the subsidiaries given by the Dutch government. Since 1990 investors have wanted to reduce their investments and also to improve their portfolioís quality. The quality improvement has been achieved due to the sale of old properties and the purchase or development of new properties. There are two common methods of sales: full-sales and part-sales. Full-sales are determined as sales of complete apartment blocks. Part-sales are determined as sales of individual units to the current tenant or sale to an individual buyer when a tenant leaves. An important motivation for part-selling is the high return of those activities. In the past, several studies have been carried out on full-sales, but no quantitative study has been carried out on the characteristics of part-sales. In the past, until approximately 1995, part-selling was considered to be inappropriate for decent property investors. Currently, however, many institutional investors are selling individual units. Since 2000, approximately Ä 250 million of the total amount of Ä 18 billion residential investments has been disinvested every year by those institutional investors*. In the UK and the USA this isnít a usual property investment activity, but in other European countries like France, it is. In this paper the returns on part-sales will also be analysed using data from the ROZ/IPD property index. The returns will be compared against the returns of all residential investments in the Netherlands. Besides this comparison also the drivers of the return on the part-sales will be examined. * ROZ/IPD property index