Narrative Update • May 21
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Brazilian (BOVESPA) Real Estate Sector Analysis
UpdatedMay 23, 2026
DataAggregated Company Financials
Companies109
- 7D-1.0%
- 3M-7.5%
- 1Y10.3%
- YTD0.2%
In the last week, Real Estate has been flat. As for the the longer term, the industry is up 11% over the past 12 months. Looking forward, earnings are forecast to grow by 4.7% annually.
Sector Valuation and Performance
Has the Brazilian Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 23 May 2026 | R$158.0b | R$21.7b | R$6.7b | 10.3x | 23.5x | 7.3x |
| Mon, 20 Apr 2026 | R$170.4b | R$20.6b | R$6.4b | 12.6x | 26.8x | 8.3x |
| Wed, 18 Mar 2026 | R$155.9b | R$18.8b | R$5.8b | 8.5x | 26.9x | 8.3x |
| Fri, 13 Feb 2026 | R$157.3b | R$18.5b | R$5.7b | 9.2x | 27.7x | 8.5x |
| Sun, 11 Jan 2026 | R$151.8b | R$18.5b | R$5.8b | 7.9x | 26.3x | 8.2x |
| Tue, 09 Dec 2025 | R$113.1b | R$18.5b | R$5.8b | 8x | 19.6x | 6.1x |
| Thu, 06 Nov 2025 | R$108.2b | R$18.3b | R$5.9b | 7.6x | 18.2x | 5.9x |
| Sat, 04 Oct 2025 | R$108.9b | R$18.5b | R$6.1b | 7.6x | 17.8x | 5.9x |
| Mon, 01 Sep 2025 | R$109.4b | R$18.5b | R$6.2b | 7.7x | 17.7x | 5.9x |
| Wed, 30 Jul 2025 | R$78.5b | R$18.6b | R$6.4b | 7.4x | 12.3x | 4.2x |
| Fri, 27 Jun 2025 | R$78.5b | R$19.4b | R$7.4b | 7.9x | 10.7x | 4x |
| Sun, 25 May 2025 | R$75.6b | R$19.7b | R$7.4b | 8x | 10.2x | 3.8x |
| Tue, 22 Apr 2025 | R$71.2b | R$19.5b | R$7.0b | 7.8x | 10.1x | 3.6x |
| Thu, 20 Mar 2025 | R$67.8b | R$18.7b | R$6.0b | 7.4x | 11.3x | 3.6x |
| Sat, 15 Feb 2025 | R$65.6b | R$18.4b | R$6.1b | 7.6x | 10.7x | 3.6x |
| Mon, 13 Jan 2025 | R$63.9b | R$18.1b | R$5.9b | 6.9x | 10.9x | 3.5x |
| Wed, 11 Dec 2024 | R$68.3b | R$18.4b | R$6.2b | 7.2x | 11x | 3.7x |
| Fri, 08 Nov 2024 | R$75.0b | R$18.2b | R$5.8b | 7.8x | 13x | 4.1x |
| Sun, 06 Oct 2024 | R$76.8b | R$18.1b | R$5.7b | 9.4x | 13.6x | 4.2x |
| Tue, 03 Sep 2024 | R$78.9b | R$17.5b | R$5.2b | 9.1x | 15.1x | 4.5x |
| Thu, 01 Aug 2024 | R$78.8b | R$16.5b | R$5.0b | 9.3x | 15.8x | 4.8x |
| Sat, 29 Jun 2024 | R$76.6b | R$16.8b | R$5.3b | 9.3x | 14.3x | 4.6x |
| Mon, 27 May 2024 | R$77.9b | R$16.6b | R$5.3b | 9.8x | 14.8x | 4.7x |
| Wed, 24 Apr 2024 | R$79.2b | R$17.4b | R$7.9b | 9.3x | 10x | 4.5x |
| Fri, 22 Mar 2024 | R$81.6b | R$15.9b | R$7.1b | 9.6x | 11.5x | 5.1x |
| Sun, 18 Feb 2024 | R$75.0b | R$14.3b | R$6.6b | 10x | 11.4x | 5.2x |
| Tue, 16 Jan 2024 | R$85.5b | R$15.8b | R$7.0b | 10.5x | 12.2x | 5.4x |
| Thu, 14 Dec 2023 | R$82.7b | R$29.0b | R$7.0b | 10.1x | 11.8x | 2.9x |
| Sat, 11 Nov 2023 | R$80.3b | R$29.0b | R$7.2b | 9.4x | 11.2x | 2.8x |
| Mon, 09 Oct 2023 | R$78.0b | R$15.7b | R$7.2b | 8.7x | 10.9x | 5x |
| Wed, 06 Sep 2023 | R$79.8b | R$15.6b | R$7.1b | 10x | 11.2x | 5.1x |
| Fri, 04 Aug 2023 | R$84.6b | R$14.8b | R$5.3b | 12.1x | 16x | 5.7x |
| Sun, 02 Jul 2023 | R$83.8b | R$14.5b | R$5.0b | 11.6x | 16.9x | 5.8x |
| Tue, 30 May 2023 | R$78.1b | R$15.0b | R$5.4b | 10.4x | 14.5x | 5.2x |
Price to Earnings Ratio
14.5x
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 23.6x which is higher than its 3-year average PE of 15.1x.
- The 3-year average PS ratio of 5.1x is lower than the industry's current PS ratio of 7.3x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have grown 7.6% per year over the last three years.
- Revenues for these companies have grown 13% 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 Market | -0.71% | |
| Real Estate | -0.97% | |
| Specialized REITs | 0% | 0 |
| Hotel and Resort REITs | 0% | 0 |
| REITS | -0.69% | |
| Industrial REITs | -0.82% | |
| Real Estate | -1.01% | |
| Retail REITs | -1.30% | |
| Health Care REITs | -1.30% | |
| Office REITs | -2.05% | |
Industry PE
- Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio of 106x.
- 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 close to its 3-year average of 9.9x.
Forecasted Growth
- Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 4.7% over the next 5 years.
- This is better than its past earnings growth rate of 2.6% per year.
- In contrast, the Real Estate industry is expected to see its earnings grow by 4.7% 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 | |
|---|---|---|---|---|---|
| MULT3 Multiplan Empreendimentos Imobiliários | R$29.60 | 0.4% +R$63.8m | 14.3% | PE11.9x | |
| IRIM11 Iridium Fundo De Investimento Imobiliario | R$67.82 | 2.0% +R$45.5m | -1.1% | n/a | |
| KNHF11 Kinea Hedge Fund Fundo De Investimento Imobiliario | R$97.83 | 1.1% +R$20.3m | 7.4% | n/a | |
| VGHF11 Valora Hedge Fund Fundo De Investimento Imobiliario - Fii | R$6.02 | 2.0% +R$19.8m | -22.0% | n/a | |
| GZIT11 Gazit Malls Fundo De Investimento Imobiliario | R$41.96 | 2.1% +R$19.2m | -13.5% | n/a |