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Turkish (BIST) REITS Industry Analysis
UpdatedAug 31, 2025
DataAggregated Company Financials
Companies26
- 7D-2.6%
- 3M23.7%
- 1Y78.7%
- YTD36.3%
Over the last 7 days, the REITS industry has dropped 2.6%, driven by Peker Gayrimenkul Yatirim Ortakligi Anonim Sirketi declining 22%. Meanwhile, Pera Yatirim Holding Anonim Sirketi actually outperformed within the industry, gaining 7.2% in the last week. Over the past 12 months, the industry was up 79%.
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 |
|---|---|---|---|---|---|---|
| Sun, 31 Aug 2025 | ₺422.2b | ₺46.1b | ₺28.4b | 10x | 14.9x | 9.2x |
| Tue, 29 Jul 2025 | ₺395.7b | ₺46.1b | ₺21.7b | 18.8x | 18.2x | 8.6x |
| Thu, 26 Jun 2025 | ₺355.0b | ₺46.1b | ₺21.7b | 18.5x | 16.3x | 7.7x |
| Sat, 24 May 2025 | ₺360.2b | ₺53.6b | ₺26.4b | 11.6x | 13.6x | 6.7x |
| Mon, 21 Apr 2025 | ₺352.7b | ₺53.2b | ₺31.9b | 11.5x | 11.1x | 6.6x |
| Wed, 19 Mar 2025 | ₺363.4b | ₺54.5b | ₺28.8b | 12.8x | 12.6x | 6.7x |
| Fri, 14 Feb 2025 | ₺312.3b | ₺33.5b | ₺48.8b | 4.9x | 6.4x | 9.3x |
| Sun, 12 Jan 2025 | ₺300.1b | ₺33.5b | ₺48.8b | 4.8x | 6.2x | 9x |
| Tue, 10 Dec 2024 | ₺302.8b | ₺33.5b | ₺49.1b | 4.1x | 6.2x | 9x |
| Thu, 07 Nov 2024 | ₺249.1b | ₺36.1b | ₺44.3b | 4x | 5.6x | 6.9x |
| Sat, 05 Oct 2024 | ₺243.8b | ₺33.2b | ₺41.0b | 4.1x | 5.9x | 7.3x |
| Mon, 02 Sep 2024 | ₺226.9b | ₺32.1b | ₺51.5b | 4.6x | 4.4x | 7.1x |
| Wed, 31 Jul 2024 | ₺250.1b | ₺33.9b | ₺53.9b | 5x | 4.6x | 7.4x |
| Fri, 28 Jun 2024 | ₺246.0b | ₺34.2b | ₺54.5b | 4.4x | 4.5x | 7.2x |
| Sun, 26 May 2024 | ₺239.5b | ₺25.9b | ₺50.0b | 4.9x | 4.8x | 9.3x |
| Tue, 23 Apr 2024 | ₺233.1b | ₺21.6b | ₺73.7b | 4.1x | 3.2x | 10.8x |
| Thu, 21 Mar 2024 | ₺235.1b | ₺22.4b | ₺76.2b | 3.8x | 3.1x | 10.5x |
| Sat, 17 Feb 2024 | ₺255.2b | ₺20.3b | ₺91.2b | 2.9x | 2.8x | 12.5x |
| Mon, 15 Jan 2024 | ₺221.2b | ₺20.3b | ₺91.2b | 2.6x | 2.4x | 10.9x |
| Wed, 13 Dec 2023 | ₺197.2b | ₺17.2b | ₺84.5b | 2.2x | 2.3x | 11.5x |
| Fri, 10 Nov 2023 | ₺211.5b | ₺16.8b | ₺83.1b | 2x | 2.5x | 12.6x |
| Sun, 08 Oct 2023 | ₺220.8b | ₺16.3b | ₺88.4b | 2.4x | 2.5x | 13.5x |
| Tue, 05 Sep 2023 | ₺187.7b | ₺16.2b | ₺87.6b | 2.1x | 2.1x | 11.6x |
| Thu, 03 Aug 2023 | ₺156.9b | ₺16.3b | ₺81.2b | 2x | 1.9x | 9.6x |
| Sat, 01 Jul 2023 | ₺118.9b | ₺16.2b | ₺76.0b | 1.7x | 1.6x | 7.3x |
| Mon, 29 May 2023 | ₺98.1b | ₺16.2b | ₺75.9b | 1.4x | 1.3x | 6.1x |
| Wed, 26 Apr 2023 | ₺101.0b | ₺16.8b | ₺75.5b | 1.5x | 1.3x | 6x |
| Fri, 24 Mar 2023 | ₺109.7b | ₺16.8b | ₺75.5b | 1.6x | 1.5x | 6.5x |
| Sun, 19 Feb 2023 | ₺178.2b | ₺26.1b | ₺68.9b | 2.8x | 2.6x | 6.8x |
| Tue, 17 Jan 2023 | ₺201.3b | ₺25.8b | ₺40.7b | 6.8x | 5x | 7.8x |
| Thu, 15 Dec 2022 | ₺208.3b | ₺25.8b | ₺40.7b | 6.3x | 5.1x | 8.1x |
| Sat, 12 Nov 2022 | ₺162.6b | ₺22.8b | ₺40.6b | 5.4x | 4x | 7.1x |
| Mon, 10 Oct 2022 | ₺131.7b | ₺23.6b | ₺35.3b | 4.6x | 3.7x | 5.6x |
| Wed, 07 Sep 2022 | ₺146.3b | ₺23.4b | ₺34.9b | 5.5x | 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 15.0x which is higher than its 3-year average PE of 6.1x.
- The 3-year average PS ratio of 11.2x is higher than the industry's current PS ratio of 9.1x.
Past Earnings Growth
- The earnings for companies in the REITs industry have declined 6.8% per year over the last three years.
- Meanwhile revenues for these companies have grown 26% 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 | -0.76% | |
| Real Estate | -1.88% | |
| REITS | -2.55% | |
| Retail REITs | 0.71% | |
| Office REITs | 0.11% | |
| Industrial REITs | -0.68% | |
| Residential REITs | -1.25% | |
| Hotel and Resort REITs | -2.24% | |
| Diversified REITs | -2.55% | |
Industry PE
- Investors are most optimistic about the Retail REITs industry which is trading above its 3-year average PE ratio of 7.4x.
- Analysts are expecting annual earnings growth of 16.0%, which is higher than its past year's earnings decline of 61.3% 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 1.7x.
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 61% 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 | ₺28.64 | 7.2% +₺1.9b | 501.7% | PB10.1x | |
| AHSGY Ahes Gayrimenkul Yatirim Ortakligi Anonim Sirketi | ₺39.96 | 13.9% +₺951.6m | 56.3% | PB1.4x | |
| DGGYO Dogus Gayrimenkul Yatirim Ortakligi | ₺35.48 | 3.4% +₺385.1m | 16.7% | PB1x | |
| AKSGY Akis Gayrimenkul Yatirim Ortakligi | ₺7.78 | 0.9% +₺169.1m | 30.1% | PB0.5x | |
| MSGYO Mistral Gayrimenkul Yatirim Ortakligi | ₺6.27 | 3.3% +₺94.0m | 79.3% | PB0.7x |