Property vs Instance Variable

An instance variable is unique to a class. By default, only the class and subclasses can access it. Therefore, as a fundamental principal of object-oriented programming, instance variables (ivars) are private—they are encapsulated by the class.
By contrast, a property is a public value that may or may not correspond to an instance variable. If you want to make an ivar public, you'd probably make a corresponding property. But at the same time, instance variables that you wish to keep private do not have corresponding properties, and so they cannot be accessed from outside of the class. You can also have a calculated property that does not correspond to an ivar.
Without a property, ivars can be kept hidden. In fact, unless an ivar is declared in a public header it is difficult to even determine that such an ivar exists.