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Spanish (IBEX) Real Estate Sector Analysis
UpdatedNov 25, 2025
DataAggregated Company Financials
Companies103
- 7D1.4%
- 3M0.4%
- 1Y6.4%
- YTD6.9%
In the last week, the Real Estate industry is up 1.4%, with MERLIN Properties SOCIMI up 2.8%. This takes the industry's 12 month performance to a gain of 6.4%. Looking forward, earnings are forecast to grow by 4.2% annually.
Sector Valuation and Performance
Has the Spanish Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 30 Nov 2025 | €31.2b | €4.6b | €2.2b | 21.4x | 14.2x | 6.7x |
| Tue, 28 Oct 2025 | €31.7b | €4.4b | €2.2b | 19.6x | 14.6x | 7.1x |
| Thu, 25 Sep 2025 | €30.3b | €4.3b | €2.0b | 21.5x | 14.8x | 7x |
| Sat, 23 Aug 2025 | €29.8b | €4.2b | €2.0b | 21.7x | 15.2x | 7.1x |
| Mon, 21 Jul 2025 | €28.2b | €4.5b | €1.3b | 21.6x | 21.8x | 6.3x |
| Wed, 18 Jun 2025 | €28.0b | €4.5b | €1.3b | 22.7x | 21.2x | 6.2x |
| Fri, 16 May 2025 | €28.2b | €5.0b | €1.4b | 22.6x | 19.8x | 5.6x |
| Sun, 13 Apr 2025 | €26.4b | €4.5b | €853.7m | 23.6x | 30.9x | 5.9x |
| Tue, 11 Mar 2025 | €26.8b | €4.4b | €938.3m | 24.2x | 28.6x | 6.1x |
| Thu, 06 Feb 2025 | €28.2b | €4.5b | -€85,179,130.00 | 25.6x | -331.2x | 6.3x |
| Sat, 04 Jan 2025 | €27.4b | €4.5b | -€84,967,089.00 | 25.6x | -322.4x | 6.1x |
| Mon, 02 Dec 2024 | €27.4b | €4.4b | -€91,284,512.00 | 25.2x | -300x | 6.3x |
| Wed, 30 Oct 2024 | €27.8b | €4.5b | -€179,052,241.00 | 24x | -155.3x | 6.2x |
| Fri, 27 Sep 2024 | €28.6b | €4.4b | -€212,711,995.00 | 24x | -134.6x | 6.5x |
| Sun, 25 Aug 2024 | €27.8b | €4.4b | -€216,426,361.00 | 23.5x | -128.6x | 6.3x |
| Tue, 23 Jul 2024 | €26.0b | €4.3b | -€691,237,994.00 | 25.9x | -37.7x | 6.1x |
| Thu, 20 Jun 2024 | €25.6b | €4.3b | -€926,893,846.00 | 23.6x | -27.6x | 6x |
| Sat, 18 May 2024 | €26.1b | €4.1b | -€700,349,770.00 | 24.2x | -37.2x | 6.3x |
| Mon, 15 Apr 2024 | €24.8b | €4.1b | -€812,526,754.00 | 25.5x | -30.6x | 6x |
| Wed, 13 Mar 2024 | €23.9b | €4.1b | -€820,780,538.00 | 26.3x | -29.2x | 5.8x |
| Fri, 09 Feb 2024 | €24.1b | €3.9b | -€706,833,735.00 | 27.8x | -34x | 6.2x |
| Sun, 07 Jan 2024 | €25.2b | €4.0b | -€696,316,560.00 | 27.7x | -36.2x | 6.3x |
| Tue, 05 Dec 2023 | €25.0b | €4.1b | -€648,184,600.00 | 24.4x | -38.6x | 6.2x |
| Thu, 02 Nov 2023 | €23.1b | €3.9b | -€582,553,255.00 | 29.3x | -39.7x | 5.9x |
| Sat, 30 Sep 2023 | €23.3b | €3.9b | -€565,371,975.00 | 27.9x | -41.2x | 5.9x |
| Mon, 28 Aug 2023 | €23.2b | €3.9b | -€508,701,532.00 | 28.9x | -45.6x | 5.9x |
| Wed, 26 Jul 2023 | €23.7b | €3.9b | €729.8m | 25.3x | 32.4x | 6x |
| Fri, 23 Jun 2023 | €23.4b | €3.9b | €885.1m | 26.3x | 26.4x | 6x |
| Sun, 21 May 2023 | €22.4b | €3.6b | €872.3m | 20x | 25.7x | 6.3x |
| Tue, 18 Apr 2023 | €23.0b | €3.6b | €800.1m | 21.7x | 28.8x | 6.4x |
| Thu, 16 Mar 2023 | €23.1b | €3.6b | €792.2m | 20.2x | 29.2x | 6.5x |
| Sat, 11 Feb 2023 | €24.0b | €3.6b | €2.4b | 17.5x | 10.2x | 6.6x |
| Mon, 09 Jan 2023 | €23.4b | €3.6b | €2.4b | 17.7x | 10x | 6.5x |
| Wed, 07 Dec 2022 | €23.1b | €3.7b | €2.4b | 17.5x | 9.7x | 6.3x |
Price to Earnings Ratio
9.7x
Current Industry PE
- Investors are pessimistic on the Spanish 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 14.2x which is higher than its 3-year average PE of -47.5x.
- The industry is trading close to its 3-year average PS ratio of 6.3x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have declined 2.6% 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 Spanish Real Estate sector?
| ES Market | 3.17% | |
| Real Estate | 1.42% | |
| Office REITs | 2.22% | |
| Real Estate | 2.09% | |
| REITS | 1.89% | |
| Hotel and Resort REITs | 0.30% | |
| Residential REITs | 0.24% | |
| Retail REITs | 0.017% | |
| Industrial REITs | 0% | 0 |
| Health Care REITs | 0% | 0 |
Industry PE
- Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 88.2x.
- Analysts are expecting annual earnings growth of 18.7%, which is lower than the prior year's growth of 26.0% per year.
Forecasted Growth
- Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 19% over the next 5 years.
- However this is lower than its past earnings growth rate of 26% per year.
- In contrast, the Hotel and Resort REITs industry is expected to see its earnings decline by 26% 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 | |
|---|---|---|---|---|---|
| MRL MERLIN Properties SOCIMI | €12.72 | 2.8% +€197.0m | 22.3% | PB0.9x | |
| COL Inmobiliaria Colonial SOCIMI | €5.28 | 3.7% +€116.2m | -3.4% | PB0.6x | |
| AEDAS Aedas Homes | €23.65 | 11.0% +€101.5m | -4.8% | PE7x | |
| MVC Metrovacesa | €11.45 | 2.2% +€37.9m | 31.2% | PS3.1x | |
| YHTI Hotei Properties Group Socimi | €2.48 | 1.6% +€4.6m | -9.5% | PB0.5x |
