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Spanish (IBEX) Real Estate Sector Analysis
UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies106
- 7D1.1%
- 3M6.7%
- 1Y9.9%
- YTD5.0%
Over the last 7 days, the Real Estate industry has risen 1.4%, driven by gains from MERLIN Properties SOCIMI of 4.9%. In the last 12 months, the industry was up 10%. Looking forward, earnings are forecast to grow by 5.3% 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 |
|---|---|---|---|---|---|---|
| Sat, 21 Feb 2026 | €33.3b | €4.7b | €2.2b | 21.1x | 15x | 7x |
| Mon, 19 Jan 2026 | €32.0b | €4.7b | €2.2b | 21.4x | 14.4x | 6.8x |
| Wed, 17 Dec 2025 | €31.1b | €4.7b | €2.2b | 21.4x | 14x | 6.6x |
| Fri, 14 Nov 2025 | €31.9b | €4.5b | €2.2b | 21.5x | 14.2x | 7x |
| Sun, 12 Oct 2025 | €31.0b | €4.4b | €2.2b | 20.4x | 14.4x | 7x |
| Tue, 09 Sep 2025 | €29.4b | €4.2b | €2.0b | 21.7x | 15x | 7x |
| Thu, 07 Aug 2025 | €29.5b | €4.2b | €2.0b | 21.5x | 15x | 7x |
| Sat, 05 Jul 2025 | €28.3b | €4.5b | €1.3b | 22.2x | 21.9x | 6.3x |
| Mon, 02 Jun 2025 | €28.2b | €4.5b | €1.3b | 23.5x | 21.6x | 6.2x |
| Wed, 30 Apr 2025 | €27.4b | €4.5b | €908.1m | 24.3x | 30.2x | 6.1x |
| Fri, 28 Mar 2025 | €27.0b | €4.5b | €970.5m | 24.8x | 27.8x | 6x |
| Sun, 23 Feb 2025 | €27.6b | €4.4b | -€108,674,049.00 | 25.9x | -254.4x | 6.3x |
| Tue, 21 Jan 2025 | €27.7b | €4.5b | -€85,179,130.00 | 25.6x | -324.9x | 6.2x |
| Thu, 19 Dec 2024 | €27.4b | €4.5b | -€71,122,390.00 | 24.5x | -385.1x | 6.1x |
| Sat, 16 Nov 2024 | €28.9b | €4.6b | -€130,990,431.00 | 25.6x | -220.8x | 6.3x |
| Mon, 14 Oct 2024 | €28.3b | €4.4b | -€229,286,780.00 | 25.2x | -123.3x | 6.4x |
| Wed, 11 Sep 2024 | €28.7b | €4.4b | -€219,374,290.00 | 25.2x | -130.7x | 6.5x |
| Fri, 09 Aug 2024 | €27.0b | €4.4b | -€212,189,715.00 | 24.1x | -127.2x | 6.1x |
| Sun, 07 Jul 2024 | €25.8b | €4.3b | -€871,533,994.00 | 25.2x | -29.6x | 6x |
| Tue, 04 Jun 2024 | €25.8b | €4.1b | -€911,809,190.00 | 26.2x | -28.3x | 6.2x |
| Thu, 02 May 2024 | €25.3b | €4.1b | -€788,697,672.00 | 25.5x | -32.1x | 6.2x |
| Sat, 30 Mar 2024 | €24.8b | €4.1b | -€797,387,209.00 | 24.4x | -31.1x | 6x |
| Mon, 26 Feb 2024 | €24.0b | €4.0b | -€746,726,836.00 | 27.7x | -32.1x | 6x |
| Wed, 24 Jan 2024 | €24.9b | €4.0b | -€703,160,776.00 | 27.7x | -35.4x | 6.2x |
| Fri, 22 Dec 2023 | €25.5b | €4.1b | -€663,701,742.00 | 27.7x | -38.4x | 6.3x |
| Sun, 19 Nov 2023 | €24.6b | €4.0b | -€649,022,536.00 | 24.4x | -38x | 6.1x |
| Tue, 17 Oct 2023 | €23.3b | €3.9b | -€576,667,697.00 | 27.9x | -40.5x | 6x |
| Thu, 14 Sep 2023 | €23.5b | €3.9b | -€554,823,529.00 | 28x | -42.3x | 6x |
| Sat, 12 Aug 2023 | €23.3b | €3.9b | -€447,550,537.00 | 28.5x | -52.1x | 5.9x |
| Mon, 10 Jul 2023 | €23.2b | €3.9b | €770.3m | 28.5x | 30.1x | 6x |
| Wed, 07 Jun 2023 | €23.1b | €3.8b | €820.2m | 25.5x | 28.2x | 6.1x |
| Fri, 05 May 2023 | €22.6b | €3.6b | €819.8m | 20x | 27.6x | 6.3x |
| Sun, 02 Apr 2023 | €22.8b | €3.6b | €789.9m | 24x | 28.9x | 6.4x |
| Tue, 28 Feb 2023 | €24.0b | €3.4b | €2.3b | 17.8x | 10.6x | 7x |
Price to Earnings Ratio
10.6x
Current Industry PE
- Investors are optimistic on the Spanish Real Estate industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 53.5x which is higher than its 3-year average PE of -47.0x.
- The 3-year average PS ratio of 6.3x is higher than the industry's current PS ratio of 3.6x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have declined 35% per year over the last three years.
- Meanwhile revenues for these companies have grown 38% 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 | 2.49% | |
| Real Estate | 1.15% | |
| REITS | 2.52% | |
| Office REITs | 1.99% | |
| Hotel and Resort REITs | 1.04% | |
| Industrial REITs | 0.91% | |
| Residential REITs | 0.59% | |
| Retail REITs | 0.096% | |
| Health Care REITs | 0% | 0 |
| Real Estate | -0.70% | |
Industry PE
- Investors are most optimistic about the Real Estate industry even though it's trading below its 3-year average PE ratio of 88.9x.
- Analysts expect its future annual earnings growth (26.1%) to be largely in line with prior year's earnings growth.
Forecasted Growth
- Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 26% over the next 5 years.
- This is roughly in line with its past earnings growth rate.
- 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 | €13.83 | 3.7% +€275.8m | 27.2% | PB1x | |
| COL Colonial SFL Socimi S. A | €5.36 | 2.8% +€88.7m | -3.2% | PB0.6x | |
| ARM Árima Real Estate SOCIMI | €11.29 | 7.2% +€18.6m | 15.5% | PB1x | |
| YATO Atom Hoteles SOCIMI | €16.60 | 3.1% +€16.1m | 16.9% | PB1.5x | |
| YTST Testa Residencial SOCIMI | €3.22 | 3.2% +€13.2m | 2.5% | PB0.4x |
