Narrative Update • Jun 03
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Belgian (BEL20) Real Estate Sector Analysis
UpdatedJun 06, 2026
DataAggregated Company Financials
Companies32
- 7D-3.7%
- 3M-9.0%
- 1Y-3.9%
- YTD-5.3%
Over the last 7 days, the Real Estate industry has dropped 3.7%, driven by Aedifica/SA declining 4.0%. The industry has fallen 3.9% in the last year. Looking forward, earnings are forecast to grow by 4.3% annually.
Sector Valuation and Performance
Has the Belgian Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 06 Jun 2026 | €26.1b | €3.6b | €2.7b | 9.2x | 9.7x | 7.2x |
| Mon, 04 May 2026 | €27.3b | €3.6b | €2.3b | 10x | 11.8x | 7.6x |
| Wed, 01 Apr 2026 | €26.3b | €3.6b | €2.3b | 11.4x | 11.7x | 7.4x |
| Fri, 27 Feb 2026 | €27.3b | €3.7b | €2.3b | 13.2x | 12.1x | 7.3x |
| Sun, 25 Jan 2026 | €25.8b | €3.6b | €2.2b | 13.2x | 11.5x | 7.2x |
| Tue, 23 Dec 2025 | €24.3b | €3.6b | €2.2b | 12.7x | 10.8x | 6.7x |
| Thu, 20 Nov 2025 | €24.8b | €3.6b | €2.2b | 12.7x | 11.1x | 6.9x |
| Sat, 18 Oct 2025 | €24.5b | €3.6b | €2.0b | 14.3x | 12x | 6.8x |
| Mon, 15 Sep 2025 | €24.1b | €3.6b | €2.0b | 14.1x | 11.7x | 6.7x |
| Wed, 13 Aug 2025 | €24.7b | €3.6b | €1.8b | 13.8x | 13.5x | 6.9x |
| Fri, 11 Jul 2025 | €24.4b | €3.5b | €1.9b | 11.9x | 12.7x | 6.9x |
| Sun, 08 Jun 2025 | €24.2b | €3.5b | €1.9b | 12.2x | 12.6x | 6.9x |
| Tue, 06 May 2025 | €24.5b | €3.5b | €1.9b | 12.5x | 13.2x | 7x |
| Thu, 03 Apr 2025 | €22.7b | €3.6b | €1.9b | 11.6x | 12.2x | 6.3x |
| Sat, 01 Mar 2025 | €22.7b | €3.2b | €1.8b | 11.2x | 12.5x | 7.1x |
| Mon, 27 Jan 2025 | €21.4b | €3.1b | €1.3b | 11.2x | 17x | 6.8x |
| Wed, 25 Dec 2024 | €21.0b | €3.1b | €1.3b | 11.2x | 16.7x | 6.7x |
| Fri, 22 Nov 2024 | €21.7b | €3.1b | €1.1b | 13.8x | 19x | 7x |
| Sun, 20 Oct 2024 | €24.1b | €3.1b | €1.4b | 12.4x | 17.4x | 7.7x |
| Tue, 17 Sep 2024 | €25.5b | €3.1b | €1.3b | 13x | 19.4x | 8.2x |
| Thu, 15 Aug 2024 | €24.6b | €2.9b | €1.2b | 14.6x | 20.3x | 8.5x |
| Sat, 13 Jul 2024 | €24.8b | €2.9b | €1.0b | 14.6x | 23.7x | 8.7x |
| Mon, 10 Jun 2024 | €24.8b | €2.9b | €1.0b | 14.6x | 23.6x | 8.6x |
| Wed, 08 May 2024 | €25.2b | €2.9b | €1.1b | 14.3x | 23.4x | 8.8x |
| Fri, 05 Apr 2024 | €25.4b | €2.8b | €862.8m | 14.2x | 29.4x | 9x |
| Sun, 03 Mar 2024 | €23.9b | €2.8b | €962.1m | 13.6x | 24.8x | 8.4x |
| Tue, 30 Jan 2024 | €27.0b | €3.0b | €690.3m | 11.8x | 39.1x | 9.1x |
| Thu, 28 Dec 2023 | €27.3b | €3.0b | €706.7m | 12.7x | 38.6x | 9.2x |
| Sat, 25 Nov 2023 | €24.5b | €3.0b | €706.7m | 11.9x | 34.7x | 8.3x |
| Mon, 23 Oct 2023 | €21.7b | €3.0b | €1.0b | 10.5x | 21.5x | 7.3x |
| Wed, 20 Sep 2023 | €23.2b | €2.9b | €1.1b | 11.1x | 20.7x | 7.9x |
| Fri, 18 Aug 2023 | €24.0b | €2.9b | €1.5b | 9.9x | 15.6x | 8.1x |
| Sun, 16 Jul 2023 | €25.0b | €2.9b | €2.1b | 7.6x | 11.9x | 8.5x |
| Tue, 13 Jun 2023 | €25.5b | €2.9b | €2.1b | 7.9x | 12.2x | 8.7x |
Price to Earnings Ratio
12.2x
Current Industry PE
- Investors are pessimistic on the Belgian Real Estate industry, indicating that they anticipate long term growth rates will be lower than they have historically.
- The industry is trading at a PE ratio of 9.7x which is lower than its 3-year average PE of 18.0x.
- The industry is trading close to its 3-year average PS ratio of 7.6x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have grown 8.6% per year over the last three years.
- Revenues for these companies have grown 7.1% per year.
- This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.
Industry Trends
Which industries have driven the changes within the Belgian Real Estate sector?
| BE Market | -0.20% | |
| Real Estate | -3.66% | |
| REITS | 1.02% | |
| Retail REITs | -1.53% | |
| Industrial REITs | -2.59% | |
| Health Care REITs | -3.95% | |
| Residential REITs | -4.66% | |
| Real Estate | -5.52% | |
| Specialized REITs | -5.69% | |
Industry PE
- Investors are most optimistic about the Real Estate industry which is trading above its 3-year average PE ratio.
- Analysts are expecting annual earnings growth of 13.9%, which is higher than its past year's earnings decline of 20.8% per year.
- Investors are most pessimistic about the Specialized REITs industry, which is trading below its 3-year average of 7.3x.
Forecasted Growth
- Analysts are most optimistic on the Residential REITs industry, expecting annual earnings growth of 14% over the next 5 years.
- This is better than its past earnings decline of 29% per year.
- In contrast, the Specialized REITs industry is expected to see its earnings decline by 17% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| NEXTA Nextensa/SA | €46.80 | 1.3% +€6.1m | 9.9% | PB0.6x | |
| IMMOU Immo Moury | €33.80 | 5.6% +€831.8k | -9.1% | PE14.6x | |
| WEB Warehouses Estates Belgium S.C.A | €39.80 | 0.5% +€700.6k | 7.0% | PB0.8x |