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Turkish (BIST) REITS Industry Analysis
UpdatedOct 17, 2025
DataAggregated Company Financials
Companies26
- 7D0.6%
- 3M18.2%
- 1Y83.4%
- YTD47.6%
The REITS industry is up 4.0% in the last week, with Pera Yatirim Holding Anonim Sirketi up 25%. Meanwhile, Ziraat Gayrimenkul Yatirim Ortakligi actually underperformed within the industry, shrinking 6.0% in the last week. This means that the industry has gained 89% over the past year.
Industry Valuation and Performance
Has the Turkish REITS Industry valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Fri, 17 Oct 2025 | ₺456.7b | ₺45.9b | ₺27.4b | 13.7x | 16.6x | 10x |
| Sun, 14 Sep 2025 | ₺420.5b | ₺46.0b | ₺26.5b | 12.7x | 15.8x | 9.1x |
| Tue, 12 Aug 2025 | ₺415.4b | ₺45.3b | ₺19.5b | 15.1x | 21.3x | 9.2x |
| Thu, 10 Jul 2025 | ₺372.6b | ₺46.1b | ₺21.7b | 15.9x | 17.1x | 8.1x |
| Sat, 07 Jun 2025 | ₺348.7b | ₺46.1b | ₺21.7b | 15.7x | 16x | 7.6x |
| Mon, 05 May 2025 | ₺359.9b | ₺53.5b | ₺31.1b | 11.8x | 11.6x | 6.7x |
| Wed, 02 Apr 2025 | ₺339.4b | ₺53.2b | ₺31.9b | 12x | 10.6x | 6.4x |
| Fri, 28 Feb 2025 | ₺322.6b | ₺36.4b | ₺47.4b | 5.2x | 6.8x | 8.9x |
| Sun, 26 Jan 2025 | ₺312.5b | ₺33.5b | ₺48.8b | 4.7x | 6.4x | 9.3x |
| Tue, 24 Dec 2024 | ₺295.4b | ₺33.5b | ₺48.8b | 4.7x | 6.1x | 8.8x |
| Thu, 21 Nov 2024 | ₺276.7b | ₺33.4b | ₺49.1b | 4.1x | 5.6x | 8.3x |
| Sat, 19 Oct 2024 | ₺239.7b | ₺33.4b | ₺41.4b | 4.3x | 5.8x | 7.2x |
| Mon, 16 Sep 2024 | ₺240.4b | ₺32.1b | ₺51.4b | 4.7x | 4.7x | 7.5x |
| Wed, 14 Aug 2024 | ₺226.4b | ₺33.9b | ₺53.9b | 4x | 4.2x | 6.7x |
| Fri, 12 Jul 2024 | ₺252.2b | ₺33.9b | ₺53.9b | 4.9x | 4.7x | 7.4x |
| Sun, 09 Jun 2024 | ₺235.6b | ₺27.6b | ₺53.6b | 4.7x | 4.4x | 8.5x |
| Tue, 07 May 2024 | ₺241.7b | ₺23.6b | ₺59.9b | 4.3x | 4x | 10.3x |
| Thu, 04 Apr 2024 | ₺214.8b | ₺22.4b | ₺74.6b | 3.7x | 2.9x | 9.6x |
| Sat, 02 Mar 2024 | ₺254.9b | ₺21.6b | ₺80.8b | 3.5x | 3.2x | 11.8x |
| Mon, 29 Jan 2024 | ₺242.4b | ₺20.3b | ₺91.2b | 2.7x | 2.7x | 11.9x |
| Wed, 27 Dec 2023 | ₺180.2b | ₺17.3b | ₺85.2b | 2.2x | 2.1x | 10.4x |
| Fri, 24 Nov 2023 | ₺210.0b | ₺17.9b | ₺84.0b | 2.1x | 2.5x | 11.7x |
| Sun, 22 Oct 2023 | ₺193.8b | ₺16.3b | ₺88.4b | 2.1x | 2.2x | 11.9x |
| Tue, 19 Sep 2023 | ₺191.8b | ₺16.3b | ₺88.4b | 2.1x | 2.2x | 11.8x |
| Thu, 17 Aug 2023 | ₺163.6b | ₺15.8b | ₺81.5b | 1.9x | 2x | 10.4x |
| Sat, 15 Jul 2023 | ₺137.4b | ₺16.2b | ₺76.0b | 1.8x | 1.8x | 8.5x |
| Mon, 12 Jun 2023 | ₺115.6b | ₺16.2b | ₺76.0b | 1.6x | 1.5x | 7.1x |
| Wed, 10 May 2023 | ₺89.5b | ₺16.4b | ₺75.2b | 1.3x | 1.2x | 5.5x |
| Fri, 07 Apr 2023 | ₺105.0b | ₺16.8b | ₺75.5b | 1.5x | 1.4x | 6.2x |
| Sun, 05 Mar 2023 | ₺194.0b | ₺26.7b | ₺90.6b | 2.3x | 2.1x | 7.3x |
| Tue, 31 Jan 2023 | ₺195.8b | ₺25.9b | ₺42.4b | 5.7x | 4.6x | 7.6x |
| Thu, 29 Dec 2022 | ₺211.4b | ₺25.8b | ₺40.7b | 6.3x | 5.2x | 8.2x |
| Sat, 26 Nov 2022 | ₺189.5b | ₺25.8b | ₺40.7b | 6.4x | 4.7x | 7.3x |
| Mon, 24 Oct 2022 | ₺148.4b | ₺23.7b | ₺35.3b | 5.2x | 4.2x | 6.3x |
Price to Earnings Ratio
4.2x
Current Industry PE
- Investors are optimistic on the Turkish REITs industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 16.9x which is higher than its 3-year average PE of 6.6x.
- The 3-year average PS ratio of 11.4x is higher than the industry's current PS ratio of 10.1x.
Past Earnings Growth
- The earnings for companies in the REITs industry have declined 8.1% per year over the last three years.
- Meanwhile revenues for these companies have grown 25% 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 Turkish Real Estate industry?
| TR Market | -3.17% | |
| Real Estate | -1.96% | |
| REITS | 0.65% | |
| Diversified REITs | 0.65% | |
| Retail REITs | -2.31% | |
| Office REITs | -2.54% | |
| Hotel and Resort REITs | -4.87% | |
| Residential REITs | -5.19% | |
| Industrial REITs | -6.26% | |
Industry PE
- Investors are most optimistic about the Retail REITs industry which is trading above its 3-year average PE ratio of 9.6x.
- Analysts are expecting annual earnings growth of 16.0%, which is higher than its past year's earnings decline of 63.9% per year.
- 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 1.8x.
Forecasted Growth
- Analysts are most optimistic on the Retail REITs industry, expecting annual earnings growth of 16% 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 decline by 4.6% 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 | |
|---|---|---|---|---|---|
| TEHOL Pera Yatirim Holding Anonim Sirketi | ₺62.85 | 23.4% +₺11.9b | 3,928.8% | PB16.1x | |
| PEKGY Peker Gayrimenkul Yatirim Ortakligi Anonim Sirketi | ₺10.41 | 2.6% +₺650.0m | 843.0% | PB6.7x | |
| KGYO Koray Gayrimenkul Yatirim Ortakligi | ₺4.61 | 5.3% +₺230.0m | 58.6% | PB2.6x | |
| PSGYO Pasifik Gayrimenkul Yatirim Ortakligi | ₺3.20 | 0.9% +₺159.7m | 150.0% | PB0.6x | |
| ALGYO Alarko Gayrimenkul Yatirim Ortakligi | ₺21.48 | 2.4% +₺141.3m | 22.3% | PB0.4x |