Yes, each property will have its own unique ERC-20 token. This means that you can invest using Ether (during the crowd-sale) and you will receive unique tokens legally representing your share of the property you've just invested in.
The ERC-20 standard makes a lot of sense to use for tokenized properties that can have multiple owners. We are however already planning to use other standards (i.e. ERC-721) for properties with a sole-owner. More details will be announced in the near future.