Narrative Update • Jun 26
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Belgian (BEL20) Real Estate Sector Analysis
UpdatedJul 22, 2026
DataAggregated Company Financials
Companies31
- 7D-0.2%
- 3M-6.0%
- 1Y-4.5%
- YTD-3.2%
In the last week, the Real Estate industry is up 1.1%, with Aedifica/SA up 1.1%. In the past year, the industry is down 3.6%. As for the next few years, earnings are expected to grow by 3.9% per annum.
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 |
|---|---|---|---|---|---|---|
| Wed, 22 Jul 2026 | €23.7b | €3.2b | €2.5b | 9.5x | 9.5x | 7.4x |
| Fri, 19 Jun 2026 | €26.4b | €3.6b | €2.7b | 9.4x | 9.8x | 7.3x |
| Sun, 17 May 2026 | €26.5b | €3.6b | €2.3b | 9.4x | 11.4x | 7.4x |
| Tue, 14 Apr 2026 | €28.0b | €3.6b | €2.2b | 14.1x | 12.6x | 7.9x |
| Thu, 12 Mar 2026 | €25.1b | €3.7b | €2.3b | 13.1x | 11.1x | 6.8x |
| Sat, 07 Feb 2026 | €26.7b | €3.6b | €2.2b | 13.8x | 12.1x | 7.3x |
| Mon, 05 Jan 2026 | €24.6b | €3.6b | €2.2b | 12.8x | 11x | 6.8x |
| Wed, 03 Dec 2025 | €24.9b | €3.6b | €2.2b | 12.5x | 11.1x | 6.9x |
| Fri, 31 Oct 2025 | €24.7b | €3.6b | €2.2b | 13.7x | 11.4x | 6.9x |
| Sun, 28 Sep 2025 | €23.6b | €3.6b | €2.0b | 13.8x | 11.6x | 6.6x |
| Tue, 26 Aug 2025 | €24.8b | €3.6b | €2.0b | 14x | 12.3x | 6.9x |
| Thu, 24 Jul 2025 | €24.9b | €3.5b | €1.9b | 12.9x | 13.2x | 7.1x |
| Sat, 21 Jun 2025 | €24.5b | €3.5b | €1.9b | 11.7x | 12.8x | 7x |
| Mon, 19 May 2025 | €23.9b | €3.5b | €1.9b | 12.3x | 12.8x | 6.8x |
| Wed, 16 Apr 2025 | €22.7b | €3.5b | €1.9b | 11.5x | 12.3x | 6.5x |
| Fri, 14 Mar 2025 | €22.5b | €3.5b | €1.9b | 11.4x | 11.9x | 6.4x |
| Sun, 09 Feb 2025 | €21.7b | €3.1b | €1.5b | 11x | 14.7x | 7x |
| Tue, 07 Jan 2025 | €20.9b | €3.1b | €1.3b | 11.7x | 16.6x | 6.6x |
| Thu, 05 Dec 2024 | €22.1b | €3.1b | €1.1b | 12.2x | 19.3x | 7.2x |
| Sat, 02 Nov 2024 | €22.8b | €3.1b | €1.3b | 12.8x | 17.4x | 7.2x |
| Mon, 30 Sep 2024 | €25.1b | €3.1b | €1.3b | 13.3x | 19.2x | 8.1x |
| Wed, 28 Aug 2024 | €24.5b | €3.0b | €1.2b | 13.2x | 19.7x | 8.3x |
| Fri, 26 Jul 2024 | €24.2b | €2.9b | €1.1b | 14.6x | 22.1x | 8.4x |
| Sun, 23 Jun 2024 | €24.0b | €2.9b | €1.0b | 14.1x | 22.8x | 8.3x |
| Tue, 21 May 2024 | €25.5b | €2.9b | €1.1b | 14.1x | 23.6x | 8.9x |
| Thu, 18 Apr 2024 | €24.2b | €2.9b | €853.4m | 14.3x | 28.3x | 8.3x |
| Sat, 16 Mar 2024 | €23.8b | €2.8b | €865.6m | 13.4x | 27.5x | 8.4x |
| Mon, 12 Feb 2024 | €24.7b | €2.8b | €808.6m | 12.7x | 30.5x | 8.7x |
| Wed, 10 Jan 2024 | €26.1b | €3.0b | €690.3m | 11.9x | 37.8x | 8.8x |
| Fri, 08 Dec 2023 | €26.0b | €3.0b | €706.7m | 12.8x | 36.8x | 8.8x |
| Sun, 05 Nov 2023 | €24.0b | €3.0b | €762.0m | 12.3x | 31.5x | 8.1x |
| Tue, 03 Oct 2023 | €22.6b | €2.9b | €1.1b | 10.7x | 20.2x | 7.7x |
| Thu, 31 Aug 2023 | €24.6b | €3.0b | €1.2b | 10.2x | 20.2x | 8.3x |
| Sat, 29 Jul 2023 | €25.0b | €2.9b | €2.1b | 9.3x | 12x | 8.5x |
Price to Earnings Ratio
12x
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 9.6x which is lower than its 3-year average PE of 17.9x.
- 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 6.3% per year over the last three years.
- Revenues for these companies have grown 3.1% 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 | 1.02% | |
| Real Estate | -0.17% | |
| Residential REITs | 1.74% | |
| Health Care REITs | 0.95% | |
| Industrial REITs | 0.80% | |
| REITS | -1.12% | |
| Retail REITs | -1.20% | |
| Real Estate | -1.21% | |
| Specialized REITs | -4.00% | |
Industry PE
- Investors are most optimistic about the Residential REITs industry which is trading above its 3-year average PE ratio.
- Analysts are expecting annual earnings growth of 12.2%, which is higher than its past year's earnings decline of 28.6% per year.
- Investors are most pessimistic about the Specialized REITs industry, which is trading below its 3-year average of 7.1x.
Forecasted Growth
- Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 14% over the next 5 years.
- This is better than its past earnings decline of 9.8% per year.
- In contrast, the Specialized REITs industry is expected to see its earnings decline by 14% 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 | |
|---|---|---|---|---|---|
| AED Aedifica/SA | €69.90 | 1.1% +€62.6m | 7.0% | PB0.9x | |
| WDP Warehouses De Pauw | €22.10 | 0.8% +€42.3m | 4.7% | PB1x | |
| XIOR Xior Student Housing | €27.95 | 1.6% +€21.0m | -10.8% | PB0.7x | |
| MONT Montea Comm. VA | €67.90 | 0.7% +€11.6m | 1.5% | PB0.8x | |
| HOMI Home Invest Belgium | €19.46 | 2.1% +€8.0m | -1.7% | PB0.7x |