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Brazilian (BOVESPA) Real Estate Sector Analysis

UpdatedJan 11, 2026
DataAggregated Company Financials
Companies107
  • 7D1.5%
  • 3M8.6%
  • 1Y28.9%
  • YTD1.6%

Xp Log Fundo Investimento Imobiliario FII is up -1.0%, leading the way for the Real Estate industry, which has gained 1.5%. This takes the industry's 12 month performance to a gain of 29%. Looking forward, earnings are forecast to grow by 1.2% annually.

Sector Valuation and Performance

Has the Brazilian Real Estate Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 11 Jan 2026R$151.8bR$18.5bR$5.8b7.9x26.3x8.2x
Tue, 09 Dec 2025R$113.1bR$18.5bR$5.8b8x19.6x6.1x
Thu, 06 Nov 2025R$108.2bR$18.3bR$5.9b7.6x18.2x5.9x
Sat, 04 Oct 2025R$108.9bR$18.5bR$6.1b7.6x17.8x5.9x
Mon, 01 Sep 2025R$109.4bR$18.5bR$6.2b7.7x17.7x5.9x
Wed, 30 Jul 2025R$78.5bR$18.6bR$6.4b7.4x12.3x4.2x
Fri, 27 Jun 2025R$78.5bR$19.4bR$7.4b7.9x10.7x4x
Sun, 25 May 2025R$75.6bR$19.7bR$7.4b8x10.2x3.8x
Tue, 22 Apr 2025R$71.2bR$19.5bR$7.0b7.8x10.1x3.6x
Thu, 20 Mar 2025R$67.8bR$18.7bR$6.0b7.4x11.3x3.6x
Sat, 15 Feb 2025R$65.6bR$18.4bR$6.1b7.6x10.7x3.6x
Mon, 13 Jan 2025R$63.9bR$18.1bR$5.9b6.9x10.9x3.5x
Wed, 11 Dec 2024R$68.3bR$18.4bR$6.2b7.2x11x3.7x
Fri, 08 Nov 2024R$75.0bR$18.2bR$5.8b7.8x13x4.1x
Sun, 06 Oct 2024R$76.8bR$18.1bR$5.7b9.4x13.6x4.2x
Tue, 03 Sep 2024R$78.9bR$17.5bR$5.2b9.1x15.1x4.5x
Thu, 01 Aug 2024R$78.8bR$16.5bR$5.0b9.3x15.8x4.8x
Sat, 29 Jun 2024R$76.6bR$16.8bR$5.3b9.3x14.3x4.6x
Mon, 27 May 2024R$77.9bR$16.6bR$5.3b9.8x14.8x4.7x
Wed, 24 Apr 2024R$79.2bR$17.4bR$7.9b9.3x10x4.5x
Fri, 22 Mar 2024R$81.6bR$15.9bR$7.1b9.6x11.5x5.1x
Sun, 18 Feb 2024R$75.0bR$14.3bR$6.6b10x11.4x5.2x
Tue, 16 Jan 2024R$85.5bR$15.8bR$7.0b10.5x12.2x5.4x
Thu, 14 Dec 2023R$82.7bR$29.0bR$7.0b10.1x11.8x2.9x
Sat, 11 Nov 2023R$80.3bR$29.0bR$7.2b9.4x11.2x2.8x
Mon, 09 Oct 2023R$78.0bR$15.7bR$7.2b8.7x10.9x5x
Wed, 06 Sep 2023R$79.8bR$15.6bR$7.1b10x11.2x5.1x
Fri, 04 Aug 2023R$84.6bR$14.8bR$5.3b12.1x16x5.7x
Sun, 02 Jul 2023R$83.8bR$14.5bR$5.0b11.6x16.9x5.8x
Tue, 30 May 2023R$78.1bR$15.0bR$5.4b10.4x14.5x5.2x
Thu, 27 Apr 2023R$71.7bR$14.5bR$2.3b11.9x31x5x
Sat, 25 Mar 2023R$54.5bR$13.5bR$1.6b9.6x33.5x4x
Mon, 20 Feb 2023R$69.1bR$16.4bR$4.0b10.8x17.1x4.2x
Wed, 18 Jan 2023R$68.9bR$16.4bR$4.1b11.2x16.8x4.2x
Price to Earnings Ratio

16.8x


Total Market Cap: R$68.9bTotal Earnings: R$4.1bTotal Revenue: R$16.4bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Real Estate Sector Price to Earnings3Y Average 15x202420252026
Current Industry PE
  • Investors are optimistic on the Brazilian Real Estate industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 26.3x which is higher than its 3-year average PE of 15.0x.
  • The 3-year average PS ratio of 4.7x is lower than the industry's current PS ratio of 8.2x.
Past Earnings Growth
  • The earnings for companies in the Real Estate industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 4.1% 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 Brazilian Real Estate sector?

BR Market1.29%
Real Estate1.55%
Real Estate4.52%
REITS0.74%
Specialized REITs0%0
Hotel and Resort REITs0%0
Office REITs-0.083%
Industrial REITs-0.40%
Retail REITs-0.63%
Health Care REITs-4.00%
Industry PE
  • Investors are most optimistic about the REITS industry which is trading above its 3-year average PE ratio of 136x.
    • It looks like they are confident that earnings will grow faster in the future than they have historically.
  • Investors are most pessimistic about the Real Estate industry, which is trading below its 3-year average of 11.7x.
Forecasted Growth
  • Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 1.2% over the next 5 years.
  • In contrast, the Real Estate industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
XPLG11 Xp Log Fundo Investimento Imobiliario FIIR$103.70-1.0%
R$884.9m		12.5%n/a
MULT3 Multiplan Empreendimentos ImobiliáriosR$28.696.1%
+R$806.2m		41.7%PE11.4x
IGTI11 IguatemiR$26.554.9%
+R$367.9m		58.0%PE13.6x
ALOS3 AllosR$29.242.4%
+R$344.4m		67.8%PE19.4x
MDNE3 Moura Dubeux EngenhariaR$26.6015.7%
+R$304.5m		160.3%PE6.4x

Latest News

IGTI11
R$26.55
Iguatemi
7D
4.9%
1Y
58.0%

Does Iguatemi (BVMF:IGTI11) Have A Healthy Balance Sheet?

Jan 10
Does Iguatemi (BVMF:IGTI11) Have A Healthy Balance Sheet?
MULT3
R$28.69
Multiplan Empreendimentos Imobiliários
7D
6.1%
1Y
41.7%

MULT3: Stable Assumptions And Higher Future P/E Will Support Upside

Analysts have maintained their fair value target for Multiplan Empreendimentos Imobiliários at R$34.19, explaining that recent adjustments were limited to inputs such as the discount rate, revenue growth expectations, profit margin and future P/E assumptions, rather than indicating a change in their overall view. Valuation Changes Fair Value: Fair value per share remains at R$34.19.
MELK3
R$3.70
Melnick Desenvolvimento Imobiliário
7D
-2.6%
1Y
4.8%

MELK3: Future Shareholder Meeting Will Support Strong Margins And Earnings Conviction

Analysts have kept their price target for Melnick Desenvolvimento Imobiliário broadly in line with prior estimates, reflecting only minor model tweaks around the discount rate, revenue trajectory and future P/E assumptions, rather than a change in core view on the business. What's in the News Melnick Desenvolvimento Imobiliário has scheduled a Special and Extraordinary Shareholders Meeting for December 23, 2025, to be held exclusively remotely in Brazil (Key Developments).
ALOS3
R$29.24
Allos
7D
2.4%
1Y
67.8%

ALOS3: Future Earnings And Risk Profile Will Reflect Updated Fair Value Assumptions

Analysts have modestly raised their price target on Allos to around $31.50, reflecting slightly updated assumptions on fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Allos has scheduled an Analyst/Investor Day to present its overall strategy to the market, giving you a clearer view of how management is thinking about the business and capital allocation (Key Developments).
XPLG11
R$103.70
Xp Log Fundo Investimento Imobiliario FII
7D
-1.0%
1Y
12.5%
JHSF3
R$8.18
JHSF Participações
7D
4.3%
1Y
124.1%

JHSF3: Stable Assumptions And Fair Pricing Will Guide Future Returns

Analysts have slightly lowered their price target for JHSF Participações, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E, which together indicate a more measured risk and return profile for the stock. Valuation Changes Fair Value: Model fair value per share remains unchanged at R$7.39, indicating no shift in the central valuation estimate.
MDNE3
R$26.60
Moura Dubeux Engenharia
7D
15.7%
1Y
160.3%

Investors Aren't Entirely Convinced By Moura Dubeux Engenharia S.A.'s (BVMF:MDNE3) Earnings

Dec 31
Investors Aren't Entirely Convinced By Moura Dubeux Engenharia S.A.'s (BVMF:MDNE3) Earnings
BTLG11
R$103.15
BTG Pactual Logística Fundo de Investimento Imobiliário
7D
-0.5%
1Y
8.0%
CPTS11
R$7.86
Capitania Securities II Fundo Investimento Imobiliario FII
7D
1.0%
1Y
18.6%
LAVV3
R$16.69
Lavvi Empreendimentos Imobiliários
7D
6.0%
1Y
136.4%
LAND3
R$8.46
Terra Santa Propriedades Agrícolas
7D
-4.2%
1Y
-33.8%
RBVA11
R$9.94
Fundo Invest Imobiliario Agencias Caixa - FII Fund
7D
-3.2%
1Y
20.9%
TGAR11
R$89.49
Fundo Investimento Imobiliario TG Ativo Real
7D
-1.9%
1Y
6.5%
NVHO11
R$12.01
Fundo De Investimento Imobiliario Novo Horizonte
7D
-5.2%
1Y
-1.4%
HGLG11
R$156.50
Cshg Logistica - Fundo De Investimento Imobiliario
7D
-0.8%
1Y
3.8%
ANCR11
R$321.75
Fundo de Investimento Imobiliário - FII Ancar IC
7D
-4.0%
1Y
245.6%