The Property Index is useful whenever there is a query with a property constraint that is not full-text, i.e exact match. So if you want to index properties whose values are numbers, timestamp or any other specific data then go with Property Index. On the other hand, Lucene Index is for full text constraints(Title, Description and other custom properties with huge text). Lucene index is async, where the sync happens every 5 seconds and Property Index syncs every 10 seconds (This sync period can be changed in OSGi configurations)
If you have the query handy then you can generate the index definition using a Oak Utility