The heap property is a fundamental characteristic of a heap data structure, which ensures that the key of each node is either greater than or equal to (in a max-heap) or less than or equal to (in a min-heap) the keys of its children. This property allows heaps to efficiently support priority queue operations, such as insertions and deletions, while maintaining a complete binary tree structure. The heap property is crucial for implementing various algorithms that rely on ordered data retrieval.