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South African (JSE) Real Estate Sector Analysis
UpdatedApr 21, 2026
DataAggregated Company Financials
Companies34
- 7D0.8%
- 3M-0.05%
- 1Y22.6%
- YTD1.5%
Over the last 7 days, the Real Estate industry has risen 2.2%, driven by gains from NEPI Rockcastle of 2.4%. In the last 12 months, the industry was up 24%. Looking forward, earnings are forecast to grow by 11% annually.
Sector Valuation and Performance
Has the South African Real Estate Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Tue, 21 Apr 2026 | R473.8b | R103.9b | R51.8b | 7.9x | 9.1x | 4.6x |
| Thu, 19 Mar 2026 | R448.2b | R104.0b | R53.3b | 7.4x | 8.4x | 4.3x |
| Sat, 14 Feb 2026 | R485.0b | R101.1b | R49.5b | 7.9x | 9.8x | 4.8x |
| Mon, 12 Jan 2026 | R473.3b | R101.3b | R49.7b | 7.9x | 9.5x | 4.7x |
| Wed, 10 Dec 2025 | R451.1b | R103.2b | R51.7b | 7.6x | 8.7x | 4.4x |
| Fri, 07 Nov 2025 | R441.7b | R102.1b | R49.0b | 7.1x | 9x | 4.3x |
| Sun, 05 Oct 2025 | R418.5b | R102.2b | R48.7b | 7.8x | 8.6x | 4.1x |
| Tue, 02 Sep 2025 | R417.9b | R103.4b | R47.6b | 7.2x | 8.8x | 4x |
| Thu, 31 Jul 2025 | R405.7b | R101.8b | R49.3b | 6.8x | 8.2x | 4x |
| Sat, 28 Jun 2025 | R391.9b | R102.1b | R48.7b | 6.3x | 8.1x | 3.8x |
| Mon, 26 May 2025 | R381.4b | R100.7b | R46.6b | 6.1x | 8.2x | 3.8x |
| Wed, 23 Apr 2025 | R376.5b | R100.7b | R47.3b | 6.1x | 8x | 3.7x |
| Fri, 21 Mar 2025 | R372.7b | R98.6b | R45.7b | 6.2x | 8.2x | 3.8x |
| Sun, 16 Feb 2025 | R371.9b | R99.0b | R49.7b | 6x | 7.5x | 3.8x |
| Tue, 14 Jan 2025 | R366.1b | R99.2b | R49.9b | 6x | 7.3x | 3.7x |
| Thu, 12 Dec 2024 | R383.0b | R98.3b | R49.2b | 6.2x | 7.8x | 3.9x |
| Sat, 09 Nov 2024 | R366.7b | R98.2b | R47.6b | 7.4x | 7.7x | 3.7x |
| Mon, 07 Oct 2024 | R376.4b | R97.5b | R45.7b | 7.3x | 8.2x | 3.9x |
| Wed, 04 Sep 2024 | R367.0b | R97.1b | R44.2b | 7.2x | 8.3x | 3.8x |
| Fri, 02 Aug 2024 | R362.6b | R95.6b | R44.3b | 7.2x | 8.2x | 3.8x |
| Sun, 30 Jun 2024 | R346.9b | R94.4b | R45.7b | 6.2x | 7.6x | 3.7x |
| Tue, 28 May 2024 | R323.8b | R92.7b | R44.2b | 5.9x | 7.3x | 3.5x |
| Thu, 25 Apr 2024 | R317.6b | R95.5b | R44.1b | 6.6x | 7.2x | 3.3x |
| Sat, 23 Mar 2024 | R333.5b | R95.2b | R43.5b | 7x | 7.7x | 3.5x |
| Mon, 19 Feb 2024 | R316.8b | R90.0b | R37.8b | 7.4x | 8.4x | 3.5x |
| Wed, 17 Jan 2024 | R343.4b | R97.8b | R39.7b | 8.7x | 8.7x | 3.5x |
| Fri, 15 Dec 2023 | R342.0b | R97.4b | R39.6b | 8.7x | 8.6x | 3.5x |
| Sun, 12 Nov 2023 | R312.7b | R96.4b | R40.6b | 8.3x | 7.7x | 3.2x |
| Tue, 10 Oct 2023 | R311.8b | R95.7b | R47.3b | 7.9x | 6.6x | 3.3x |
| Thu, 07 Sep 2023 | R328.3b | R95.6b | R51.9b | 7.1x | 6.3x | 3.4x |
| Sat, 05 Aug 2023 | R332.3b | R92.5b | R46.9b | 7.9x | 7.1x | 3.6x |
| Mon, 03 Jul 2023 | R322.4b | R92.2b | R47.7b | 7.8x | 6.8x | 3.5x |
| Wed, 31 May 2023 | R322.2b | R91.3b | R47.7b | 7x | 6.7x | 3.5x |
| Fri, 28 Apr 2023 | R338.1b | R88.3b | R52.7b | 6.3x | 6.4x | 3.8x |
Price to Earnings Ratio
6.4x
Current Industry PE
- Investors are optimistic on the South African Real Estate industry, and appear confident in long term growth rates.
- The industry is trading at a PE ratio of 9.2x which is higher than its 3-year average PE of 8.0x.
- The 3-year average PS ratio of 3.8x is lower than the industry's current PS ratio of 4.6x.
Past Earnings Growth
- The earnings for companies in the Real Estate industry have remained mostly flat over the last three years.
- Meanwhile revenues for these companies have grown 5.5% 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 and as a result, profits have held steady.
Industry Trends
Which industries have driven the changes within the South African Real Estate sector?
| ZA Market | 0.30% | |
| Real Estate | 0.79% | |
| Real Estate | 2.05% | |
| Industrial REITs | 1.47% | |
| Specialized REITs | 1.46% | |
| Retail REITs | 0.71% | |
| Residential REITs | 0% | 0 |
| Hotel and Resort REITs | 0% | 0 |
| REITS | -0.57% | |
| Office REITs | -1.24% | |
Industry PE
- Investors are most optimistic about the Office REITs industry which is trading above its 3-year average PE ratio.
- It looks like they are confident that earnings will grow faster in the future than they have historically.
- Investors are most pessimistic about the Retail REITs industry, which is trading close to its 3-year average of 7.3x.
Forecasted Growth
- Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 11% over the next 5 years.
- This is better than its past earnings decline of 5.4% per year.
- In contrast, the Real Estate industry is expected to see its earnings grow by 11% 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 | |
|---|---|---|---|---|---|
| NRP NEPI Rockcastle | R144.39 | 2.4% +R2.4b | 4.0% | PE10.7x | |
| MSP MAS | R20.89 | 4.6% +R606.9m | 14.1% | PE11.7x | |
| VKE Vukile Property Fund | R24.37 | 2.0% +R585.0m | 27.3% | PB1x | |
| RDF Redefine Properties | R6.47 | 1.3% +R555.8m | 47.7% | PB0.8x | |
| LTE Lighthouse Properties | R7.77 | 2.2% +R353.7m | -4.1% | PE8.1x |