Analysis Article • May 25
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German (DAX) Real Estate Sector Analysis
UpdatedMay 30, 2026
DataAggregated Company Financials
Companies60
- 7D1.2%
- 3M-15.7%
- 1Y-18.1%
- YTD-5.0%
In the last week, the Real Estate industry is up 1.2%, with GSW Immobilien leading the way, up 7.8%. In contrast, the industry has lost 18% in the last 12 months. As for the next few years, earnings are expected to grow by 1.9% per annum.
Sector Valuation and Performance
Has the German Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 30 May 2026 | €57.5b | €17.3b | €7.2b | 9.5x | 8x | 3.3x |
| Mon, 27 Apr 2026 | €59.5b | €18.0b | €7.7b | 11.8x | 7.8x | 3.3x |
| Wed, 25 Mar 2026 | €55.5b | €18.0b | €4.9b | 10.4x | 11.4x | 3.1x |
| Fri, 20 Feb 2026 | €66.8b | €18.8b | €4.1b | 10.2x | 16.3x | 3.6x |
| Sun, 18 Jan 2026 | €63.5b | €18.8b | €4.1b | 11.1x | 15.5x | 3.4x |
| Tue, 16 Dec 2025 | €64.4b | €19.0b | €4.1b | 13.8x | 15.8x | 3.4x |
| Thu, 13 Nov 2025 | €67.8b | €19.1b | €5.4b | 12.4x | 12.6x | 3.6x |
| Sat, 11 Oct 2025 | €69.6b | €19.4b | €3.0b | 15.4x | 23.2x | 3.6x |
| Mon, 08 Sep 2025 | €70.3b | €19.4b | €3.0b | 14.6x | 23.3x | 3.6x |
| Wed, 06 Aug 2025 | €70.6b | €19.2b | €157.5m | 18.4x | 448.7x | 3.7x |
| Fri, 04 Jul 2025 | €72.4b | €19.2b | €131.5m | 20x | 550.4x | 3.8x |
| Sun, 01 Jun 2025 | €68.0b | €19.5b | -€175,070,786.92 | 22.1x | -388.3x | 3.5x |
| Tue, 29 Apr 2025 | €66.1b | €19.0b | -€578,357,374.25 | 22.1x | -114.2x | 3.5x |
| Thu, 27 Mar 2025 | €59.8b | €18.9b | -€1,311,054,154.23 | 17.3x | -45.6x | 3.2x |
| Sat, 22 Feb 2025 | €65.2b | €17.9b | -€7,474,074,360.89 | 20.7x | -8.7x | 3.6x |
| Mon, 20 Jan 2025 | €66.5b | €17.9b | -€7,469,516,884.62 | 24.9x | -8.9x | 3.7x |
| Wed, 18 Dec 2024 | €68.1b | €17.8b | -€7,659,921,511.63 | 19.2x | -8.9x | 3.8x |
| Fri, 15 Nov 2024 | €68.8b | €17.4b | -€8,667,066,814.56 | 24.9x | -7.9x | 4x |
| Sun, 13 Oct 2024 | €76.4b | €17.2b | -€7,990,940,289.69 | 20.9x | -9.6x | 4.4x |
| Tue, 10 Sep 2024 | €74.3b | €17.1b | -€7,959,095,759.74 | 21.4x | -9.3x | 4.3x |
| Thu, 08 Aug 2024 | €67.9b | €17.2b | -€10,059,363,279.95 | 23.5x | -6.7x | 3.9x |
| Sat, 06 Jul 2024 | €65.9b | €17.4b | -€12,446,013,136.78 | 25.4x | -5.3x | 3.8x |
| Mon, 03 Jun 2024 | €66.9b | €17.5b | -€12,647,506,773.00 | 29.1x | -5.3x | 3.8x |
| Wed, 01 May 2024 | €65.5b | €17.4b | -€12,775,035,986.00 | 27.6x | -5.1x | 3.8x |
| Fri, 29 Mar 2024 | €68.3b | €17.7b | -€16,711,803,448.00 | 33.4x | -4.1x | 3.9x |
| Sun, 25 Feb 2024 | €66.5b | €18.2b | -€16,713,208,499.00 | 32.1x | -4x | 3.7x |
| Tue, 23 Jan 2024 | €75.1b | €19.0b | -€18,166,375,683.00 | 34.4x | -4.1x | 4x |
| Thu, 21 Dec 2023 | €77.8b | €19.5b | -€17,414,824,644.00 | 20.2x | -4.5x | 4x |
| Sat, 18 Nov 2023 | €73.1b | €19.8b | -€16,908,125,008.00 | 13.1x | -4.3x | 3.7x |
| Mon, 16 Oct 2023 | €69.8b | €19.8b | -€16,824,080,054.00 | 13.2x | -4.1x | 3.5x |
| Wed, 13 Sep 2023 | €71.4b | €19.8b | -€16,951,391,536.00 | 12.3x | -4.2x | 3.6x |
| Fri, 11 Aug 2023 | €71.1b | €20.0b | -€9,831,641,688.00 | 18.1x | -7.2x | 3.6x |
| Sun, 09 Jul 2023 | €66.5b | €21.1b | -€3,807,788,344.00 | 20.9x | -17.5x | 3.2x |
| Tue, 06 Jun 2023 | €65.1b | €21.1b | -€3,741,320,269.00 | 16.5x | -17.4x | 3.1x |
Price to Earnings Ratio
-17.4x
Current Industry PE
- Investors are pessimistic on the German 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 8.0x which is higher than its 3-year average PE of -16.5x.
- The industry is trading close to its 3-year average PS ratio of 3.6x.
Past Earnings Growth
- Total earnings for the Real Estate industry have gone up over the last three years and the industry is now profitable.
- Revenues have declined 6.4% per year.
- This means that less sales are being generated overall, but since the cost of doing business is lower, profits have been increasing.
Industry Trends
Which industries have driven the changes within the German Real Estate sector?
| DE Market | 0.70% | |
| Real Estate | 1.16% | |
| Retail REITs | 1.79% | |
| REITS | 1.47% | |
| Real Estate | 1.15% | |
| Office REITs | 0% | 0 |
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 1.4%, which is lower than the prior year's growth of 41.8% per year.
Forecasted Growth
- Analysts are most optimistic on the Retail REITs industry, expecting annual earnings growth of 37% over the next 5 years.
- This is better than its past earnings decline of 9.4% per year.
- 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?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| GIB GSW Immobilien | €69.00 | 7.8% +€283.4m | -6.8% | PE34.5x | |
| VNA Vonovia | €21.43 | 1.5% +€263.0m | -25.7% | PE5.4x | |
| DWNI Deutsche Wohnen | €19.32 | 2.5% +€190.5m | -15.6% | PE7.1x | |
| TLG TLG Immobilien | €12.10 | 5.2% +€64.1m | -17.7% | PE31.3x | |
| DEQ Deutsche EuroShop | €20.50 | 3.1% +€46.5m | 3.7% | PE7.3x |
