Analysis Article • Aug 08
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Spanish (IBEX) Real Estate Sector Analysis
UpdatedAug 22, 2026
DataAggregated Company Financials
Companies113
- 7D-1.0%
- 3M-1.7%
- 1Y6.3%
- YTD6.5%
Over the last 7 days, the Real Estate industry has dropped 1.0%, driven by a pullback from MERLIN Properties SOCIMI of 2.8%. This takes the industry's 12 month performance to a gain of 6.3%. Earnings are forecast to grow by 11% 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, 22 Aug 2026 | €35.8b | €5.0b | €2.6b | 14.6x | 13.8x | 7.2x |
| Mon, 20 Jul 2026 | €35.9b | €4.7b | €2.5b | 13.5x | 14.5x | 7.6x |
| Wed, 17 Jun 2026 | €36.2b | €4.7b | €2.4b | 16.8x | 15x | 7.6x |
| Fri, 15 May 2026 | €35.7b | €5.0b | €2.5b | 16.1x | 14.1x | 7.1x |
| Sun, 12 Apr 2026 | €35.4b | €5.1b | €2.4b | 19.6x | 14.5x | 7x |
| Tue, 10 Mar 2026 | €33.3b | €5.0b | €2.4b | 19.4x | 13.7x | 6.6x |
| Thu, 05 Feb 2026 | €32.5b | €4.7b | €2.2b | 21.2x | 14.6x | 6.9x |
| Sat, 03 Jan 2026 | €31.8b | €4.7b | €2.2b | 21.4x | 14.3x | 6.7x |
| Mon, 01 Dec 2025 | €31.6b | €4.7b | €2.2b | 21.4x | 14.4x | 6.7x |
| Wed, 29 Oct 2025 | €31.7b | €4.4b | €2.2b | 21.3x | 14.6x | 7.1x |
| Fri, 26 Sep 2025 | €30.1b | €4.3b | €2.0b | 21.5x | 14.7x | 6.9x |
| Sun, 24 Aug 2025 | €29.8b | €4.2b | €2.0b | 21.7x | 15.2x | 7.1x |
| Tue, 22 Jul 2025 | €28.2b | €4.5b | €1.3b | 21.6x | 21.8x | 6.3x |
| Thu, 19 Jun 2025 | €28.2b | €4.5b | €1.3b | 22.7x | 21.4x | 6.2x |
| Sat, 17 May 2025 | €28.3b | €5.0b | €1.4b | 22.6x | 19.9x | 5.6x |
| Mon, 14 Apr 2025 | €26.4b | €4.5b | €853.8m | 23.6x | 30.9x | 5.9x |
| Wed, 12 Mar 2025 | €26.8b | €4.4b | €938.3m | 24.2x | 28.5x | 6.1x |
| Fri, 07 Feb 2025 | €28.4b | €4.5b | -€85,179,130.00 | 25.6x | -333.6x | 6.3x |
| Sun, 05 Jan 2025 | €27.4b | €4.5b | -€84,967,089.00 | 25.6x | -322.4x | 6.1x |
| Tue, 03 Dec 2024 | €27.2b | €4.4b | -€91,284,512.00 | 25.6x | -297.9x | 6.2x |
| Thu, 31 Oct 2024 | €27.7b | €4.5b | -€181,227,132.00 | 24.1x | -152.6x | 6.2x |
| Sat, 28 Sep 2024 | €28.6b | €4.4b | -€212,711,995.00 | 24x | -134.7x | 6.5x |
| Mon, 26 Aug 2024 | €27.8b | €4.4b | -€216,426,361.00 | 23.5x | -128.6x | 6.3x |
| Wed, 24 Jul 2024 | €26.0b | €4.3b | -€691,237,994.00 | 25.9x | -37.6x | 6.1x |
| Fri, 21 Jun 2024 | €25.8b | €4.3b | -€926,893,846.00 | 23.6x | -27.8x | 6x |
| Sun, 19 May 2024 | €26.1b | €4.1b | -€676,377,445.00 | 24.9x | -38.5x | 6.3x |
| Tue, 16 Apr 2024 | €24.8b | €4.1b | -€812,511,862.00 | 25.5x | -30.5x | 6x |
| Thu, 14 Mar 2024 | €23.9b | €4.1b | -€820,780,538.00 | 26.3x | -29.2x | 5.8x |
| Sat, 10 Feb 2024 | €24.0b | €3.9b | -€706,833,735.00 | 27.8x | -33.9x | 6.2x |
| Mon, 08 Jan 2024 | €25.2b | €4.0b | -€696,316,560.00 | 27.7x | -36.2x | 6.3x |
| Wed, 06 Dec 2023 | €25.3b | €4.1b | -€648,184,600.00 | 24.4x | -39x | 6.2x |
| Fri, 03 Nov 2023 | €23.6b | €3.9b | -€609,292,130.00 | 30.7x | -38.7x | 6x |
| Sun, 01 Oct 2023 | €23.3b | €3.9b | -€573,917,697.00 | 27.9x | -40.5x | 5.9x |
| Tue, 29 Aug 2023 | €23.3b | €3.9b | -€508,701,532.00 | 28.9x | -45.9x | 5.9x |
Price to Earnings Ratio
-45.9x
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 13.8x which is higher than its 3-year average PE of -47.4x.
- The 3-year average PS ratio of 6.4x is lower than the industry's current PS ratio of 7.2x.
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 grown 8.3% per year.
- This means that more sales are being generated by the industry overall, and subsequently profits are increasing too.
Industry Trends
Which industries have driven the changes within the Spanish Real Estate sector?
| ES Market | -0.64% | |
| Real Estate | -1.02% | |
| Health Care REITs | 0.86% | |
| Hotel and Resort REITs | 0.36% | |
| Residential REITs | 0.21% | |
| Industrial REITs | 0% | 0 |
| Retail REITs | -0.13% | |
| Real Estate | -0.65% | |
| Office REITs | -1.21% | |
| 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 3.5x.
- Analysts are expecting annual earnings growth of 9.7%, which is higher than its past year's earnings decline of 24.3% per year.
Forecasted Growth
- Analysts are most optimistic on the REITS industry, expecting annual earnings growth of 15% over the next 5 years.
- However this is lower than its past earnings growth rate of 32% per year.
- In contrast, the Hotel and Resort REITs 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 | |
|---|---|---|---|---|---|
| AEDAS Aedas Homes | €21.80 | 2.1% +€19.7m | 3.3% | PE15.7x | |
| YHTI Hotei Properties Group Socimi | €3.06 | 1.3% +€4.6m | 16.8% | PB0.9x | |
| ISUR Inmobiliaria del Sur | €16.70 | 1.2% +€3.7m | 19.3% | PE7.3x | |
| YATO Atom Hoteles SOCIMI | €17.40 | 0.6% +€3.2m | 18.4% | PB1.7x | |
| YTST Testa Residencial SOCIMI | €3.24 | 0.6% +€2.6m | 3.2% | PB0.4x |