What does the bubble icon mean that is shown at the bottom of property tiles in My Properties?

This is 'bubble' is an indicator informing you of activity that has happened within an event (or events) at the property. 

A ‘pulse’ symbol inside the circle indicates that activity has happened within event(s) at this property that you are not subscribed to but have access to. If you have pending notifications related to activity you are subscribed to, the circle will flash red and display a number in the center. The number displayed indicates the number of unread ‘alert’ notifications that are pending in your newsfeed at the property.

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