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Turkish (BIST) Real Estate Sector Analysis
UpdatedJan 11, 2026
DataAggregated Company Financials
Companies57
- 7D2.1%
- 3M6.6%
- 1Y57.0%
- YTD2.1%
Over the last 7 days, the Real Estate industry has risen 2.1%, driven by gains from Ziraat Gayrimenkul Yatirim Ortakligi of 7.4%. In the same time, Tera Yatirim Teknoloji Holding was down 28%. This means that the industry has gained 57% over the past year. As for the next few years, earnings are expected to grow by 29% per annum.
Sector Valuation and Performance
Has the Turkish Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sun, 11 Jan 2026 | ₺900.1b | ₺183.5b | ₺79.9b | 15.3x | 11.3x | 4.9x |
| Tue, 09 Dec 2025 | ₺862.1b | ₺182.0b | ₺80.9b | 16.7x | 10.7x | 4.7x |
| Thu, 06 Nov 2025 | ₺908.8b | ₺177.5b | ₺84.1b | 15.6x | 10.8x | 5.1x |
| Sat, 04 Oct 2025 | ₺868.6b | ₺177.2b | ₺84.1b | 15x | 10.3x | 4.9x |
| Mon, 01 Sep 2025 | ₺862.1b | ₺183.0b | ₺86.8b | 11x | 9.9x | 4.7x |
| Wed, 30 Jul 2025 | ₺854.2b | ₺162.2b | ₺82.1b | 12.3x | 10.4x | 5.3x |
| Fri, 27 Jun 2025 | ₺741.1b | ₺162.4b | ₺85.9b | 9.3x | 8.6x | 4.6x |
| Sun, 25 May 2025 | ₺716.4b | ₺169.8b | ₺89.8b | 9.4x | 8x | 4.2x |
| Tue, 22 Apr 2025 | ₺661.1b | ₺146.3b | ₺81.8b | 11x | 8.1x | 4.5x |
| Thu, 20 Mar 2025 | ₺650.9b | ₺147.3b | ₺77.7b | 11.9x | 8.4x | 4.4x |
| Sat, 15 Feb 2025 | ₺612.1b | ₺77.5b | ₺114.0b | 6.1x | 5.4x | 7.9x |
| Mon, 13 Jan 2025 | ₺619.1b | ₺77.4b | ₺114.4b | 6.6x | 5.4x | 8x |
| Wed, 11 Dec 2024 | ₺614.5b | ₺78.6b | ₺114.6b | 7x | 5.4x | 7.8x |
| Fri, 08 Nov 2024 | ₺522.6b | ₺77.7b | ₺107.7b | 5x | 4.9x | 6.7x |
| Sun, 06 Oct 2024 | ₺515.9b | ₺73.2b | ₺101.1b | 4.7x | 5.1x | 7x |
| Tue, 03 Sep 2024 | ₺522.9b | ₺82.1b | ₺107.0b | 6.3x | 4.9x | 6.4x |
| Thu, 01 Aug 2024 | ₺540.1b | ₺85.1b | ₺110.4b | 5.8x | 4.9x | 6.3x |
| Sat, 29 Jun 2024 | ₺520.8b | ₺85.0b | ₺112.7b | 5.3x | 4.6x | 6.1x |
| Mon, 27 May 2024 | ₺506.6b | ₺81.2b | ₺106.2b | 5.7x | 4.8x | 6.2x |
| Wed, 24 Apr 2024 | ₺452.4b | ₺68.2b | ₺122.3b | 4.5x | 3.7x | 6.6x |
| Fri, 22 Mar 2024 | ₺442.1b | ₺53.2b | ₺136.1b | 3.7x | 3.2x | 8.3x |
| Sun, 18 Feb 2024 | ₺465.4b | ₺50.1b | ₺145.0b | 3.1x | 3.2x | 9.3x |
| Tue, 16 Jan 2024 | ₺390.6b | ₺49.9b | ₺143.8b | 3.1x | 2.7x | 7.8x |
| Thu, 14 Dec 2023 | ₺349.4b | ₺46.8b | ₺135.7b | 2.7x | 2.6x | 7.5x |
| Sat, 11 Nov 2023 | ₺388.2b | ₺45.5b | ₺132.2b | 3.1x | 2.9x | 8.5x |
| Mon, 09 Oct 2023 | ₺396.7b | ₺44.4b | ₺136.3b | 2.6x | 2.9x | 8.9x |
| Wed, 06 Sep 2023 | ₺347.4b | ₺43.6b | ₺133.4b | 2.4x | 2.6x | 8x |
| Fri, 04 Aug 2023 | ₺291.8b | ₺38.3b | ₺126.3b | 2.1x | 2.3x | 7.6x |
| Sun, 02 Jul 2023 | ₺222.7b | ₺38.2b | ₺120.9b | 1.9x | 1.8x | 5.8x |
| Tue, 30 May 2023 | ₺196.4b | ₺33.4b | ₺119.0b | 1.6x | 1.7x | 5.9x |
| Thu, 27 Apr 2023 | ₺186.4b | ₺31.9b | ₺117.5b | 1.5x | 1.6x | 5.8x |
| Sat, 25 Mar 2023 | ₺129.9b | ₺17.3b | ₺77.9b | 1.9x | 1.7x | 7.5x |
| Mon, 20 Feb 2023 | ₺196.0b | ₺26.5b | ₺70.9b | 2.8x | 2.8x | 7.4x |
| Wed, 18 Jan 2023 | ₺230.0b | ₺26.2b | ₺42.6b | 8x | 5.4x | 8.8x |
Price to Earnings Ratio
5.4x
Current Industry PE
- Investors are optimistic on the Turkish Real Estate industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 11.3x which is higher than its 3-year average PE of 5.8x.
- The 3-year average PS ratio of 8.0x is higher than the industry's current PS ratio of 4.9x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have grown 23% per year over the last three years.
- Revenues for these companies have grown 91% 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 Turkish Real Estate sector?
| TR Market | 5.20% | |
| Real Estate | 2.13% | |
| Industrial REITs | 14.63% | |
| Hotel and Resort REITs | 8.20% | |
| Office REITs | 6.00% | |
| Residential REITs | 4.57% | |
| REITS | 4.56% | |
| Retail REITs | 1.63% | |
| Real Estate | -6.23% | |
Industry PE
- Investors are most optimistic about the Retail REITs industry which is trading above its 3-year average PE ratio of 12.0x.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Industrial REITs industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 1.7x.
Forecasted Growth
- Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 68% over the next 5 years.
- This is better than its past earnings decline of 64% per year.
- In contrast, the Residential REITs industry is expected to see its earnings grow by 5.7% 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 | |
|---|---|---|---|---|---|
| ZRGYO Ziraat Gayrimenkul Yatirim Ortakligi | ₺24.70 | 7.4% +₺8.0b | 90.0% | PB1.6x | |
| RYGYO Reysas Gayrimenkul Yatirim Ortakligi | ₺24.60 | 14.6% +₺6.3b | 46.4% | PB0.7x | |
| TRGYO Torunlar Gayrimenkul Yatirim Ortakligi | ₺78.80 | 6.3% +₺4.6b | 31.2% | PB0.6x | |
| AHSGY Ahes Gayrimenkul Yatirim Ortakligi Anonim Sirketi | ₺21.74 | 32.7% +₺3.9b | 284.5% | PB2.3x | |
| ADGYO Adra Gayrimenkul Yatirim Ortakligi Anonim Sirketi | ₺55.75 | 24.3% +₺3.2b | 74.1% | PB1.8x |