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Belgian (BEL20) Real Estate Sector Analysis
UpdatedJan 12, 2026
DataAggregated Company Financials
Companies32
- 7D5.3%
- 3M6.3%
- 1Y21.3%
- YTD5.4%
Over the last 7 days, the Real Estate industry has risen 5.4%, and Warehouses De Pauw contributed the most with a gain of 5.0%. This means that the industry has gained 21% over the past year. Earnings are forecast to grow by 9.4% 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 |
|---|---|---|---|---|---|---|
| Mon, 12 Jan 2026 | €25.9b | €3.6b | €2.2b | 13.3x | 11.6x | 7.2x |
| Wed, 10 Dec 2025 | €23.8b | €3.6b | €2.2b | 12.5x | 10.6x | 6.6x |
| Fri, 07 Nov 2025 | €24.7b | €3.6b | €2.2b | 12.7x | 11.1x | 6.9x |
| Sun, 05 Oct 2025 | €24.3b | €3.6b | €2.0b | 14.1x | 11.9x | 6.8x |
| Tue, 02 Sep 2025 | €24.9b | €3.6b | €2.0b | 14.2x | 12.4x | 6.9x |
| Thu, 31 Jul 2025 | €24.4b | €3.5b | €1.9b | 13.5x | 13.1x | 6.9x |
| Sat, 28 Jun 2025 | €24.5b | €3.5b | €1.9b | 12x | 12.8x | 7x |
| Mon, 26 May 2025 | €23.5b | €3.5b | €1.9b | 12.3x | 12.5x | 6.7x |
| Wed, 23 Apr 2025 | €23.4b | €3.5b | €1.8b | 11.8x | 12.7x | 6.7x |
| Fri, 21 Mar 2025 | €22.8b | €3.5b | €1.9b | 11.4x | 12.1x | 6.4x |
| Sun, 16 Feb 2025 | €21.8b | €3.1b | €1.5b | 11.2x | 14.6x | 7x |
| Tue, 14 Jan 2025 | €20.6b | €3.1b | €1.3b | 11.3x | 16.4x | 6.5x |
| Thu, 12 Dec 2024 | €21.4b | €3.1b | €1.3b | 11.3x | 17.1x | 6.8x |
| Sat, 09 Nov 2024 | €22.7b | €3.1b | €1.3b | 12.7x | 17.6x | 7.2x |
| Mon, 07 Oct 2024 | €24.6b | €3.1b | €1.3b | 12.8x | 18.7x | 7.9x |
| Wed, 04 Sep 2024 | €24.2b | €3.0b | €1.2b | 12.7x | 19.4x | 8.1x |
| Fri, 02 Aug 2024 | €24.2b | €2.9b | €1.2b | 15.1x | 20.7x | 8.4x |
| Sun, 30 Jun 2024 | €23.9b | €2.9b | €1.0b | 14.6x | 22.7x | 8.3x |
| Tue, 28 May 2024 | €25.1b | €2.9b | €1.1b | 15.1x | 23.1x | 8.8x |
| Thu, 25 Apr 2024 | €24.6b | €2.9b | €1.0b | 14.6x | 24.5x | 8.4x |
| Sat, 23 Mar 2024 | €24.6b | €2.8b | €862.8m | 13.7x | 28.5x | 8.7x |
| Mon, 19 Feb 2024 | €24.8b | €2.9b | €807.4m | 13.2x | 30.7x | 8.7x |
| Wed, 17 Jan 2024 | €26.3b | €3.0b | €690.3m | 11.8x | 38.1x | 8.9x |
| Fri, 15 Dec 2023 | €26.6b | €3.0b | €706.7m | 12.9x | 37.7x | 9x |
| Sun, 12 Nov 2023 | €23.8b | €3.0b | €746.6m | 12x | 31.9x | 8.1x |
| Tue, 10 Oct 2023 | €21.9b | €2.9b | €1.1b | 10.4x | 19.6x | 7.5x |
| Thu, 07 Sep 2023 | €24.2b | €3.0b | €1.2b | 10.3x | 20x | 8.2x |
| Sat, 05 Aug 2023 | €24.7b | €2.9b | €1.7b | 9.6x | 14.8x | 8.4x |
| Mon, 03 Jul 2023 | €23.8b | €2.9b | €2.1b | 7.4x | 11.3x | 8.1x |
| Wed, 31 May 2023 | €24.9b | €2.9b | €2.1b | 7.7x | 11.9x | 8.5x |
| Fri, 28 Apr 2023 | €26.4b | €2.9b | €2.6b | 7.4x | 10.2x | 9.1x |
| Sun, 26 Mar 2023 | €9.0b | €1.1b | €714.5m | 8.7x | 12.6x | 7.9x |
| Tue, 21 Feb 2023 | €27.6b | €2.9b | €4.0b | 7x | 6.9x | 9.4x |
| Thu, 19 Jan 2023 | €26.5b | €2.9b | €4.7b | 6.1x | 5.6x | 9.3x |
Price to Earnings Ratio
5.6x
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 11.6x which is lower than its 3-year average PE of 17.7x.
- The industry is trading close to its 3-year average PS ratio of 7.8x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have declined 22% per year over the last three years.
- Meanwhile revenues for these companies have grown 8.0% per year.
- This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.
Industry Trends
Which industries have driven the changes within the Belgian Real Estate sector?
| BE Market | 2.70% | |
| Real Estate | 5.32% | |
| Specialized REITs | 8.06% | |
| Health Care REITs | 7.61% | |
| REITS | 7.26% | |
| Real Estate | 6.30% | |
| Industrial REITs | 3.99% | |
| Residential REITs | 2.26% | |
| Retail REITs | -0.41% | |
Industry PE
- Investors are most optimistic about the REITS industry which is trading above its 3-year average PE ratio.
- Analysts are expecting annual earnings growth of 34.3%, which is lower than the prior year's growth of 68.5% per year.
- Investors are most pessimistic about the Specialized REITs industry, which is trading below its 3-year average of 7.7x.
Forecasted Growth
- Analysts are most optimistic on the REITS industry, expecting annual earnings growth of 34% over the next 5 years.
- However this is lower than its past earnings growth rate of 68% 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 | |
|---|---|---|---|---|---|
| AED Aedifica/SA | €73.25 | 7.7% +€249.6m | 33.3% | PB1x | |
| COFB Cofinimmo | €86.05 | 8.0% +€243.7m | 63.7% | PB0.9x | |
| WDP Warehouses De Pauw | €23.14 | 4.6% +€239.3m | 25.4% | PB1.1x | |
| SHUR Shurgard Self Storage | €31.50 | 8.1% +€237.2m | -9.1% | PB0.7x | |
| VGP VGP | €103.60 | 7.4% +€193.8m | 45.1% | PE8.7x |
