South African (JSE) Real Estate Sector Analysis

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
Sat, 06 Jun 2026	R453.9b	R103.0b	R56.4b	7.6x	8.1x	4.4x
Mon, 04 May 2026	R462.1b	R104.2b	R52.0b	7.8x	8.9x	4.4x
Wed, 01 Apr 2026	R444.4b	R104.2b	R52.0b	7.6x	8.5x	4.3x
Fri, 27 Feb 2026	R491.7b	R101.6b	R48.2b	8.2x	10.2x	4.8x
Sun, 25 Jan 2026	R472.7b	R101.2b	R49.6b	7.9x	9.5x	4.7x
Tue, 23 Dec 2025	R460.6b	R102.4b	R50.6b	7.7x	9.1x	4.5x
Thu, 20 Nov 2025	R457.3b	R102.1b	R48.7b	8.2x	9.4x	4.5x
Sat, 18 Oct 2025	R422.0b	R102.1b	R49.2b	8.2x	8.6x	4.1x
Mon, 15 Sep 2025	R416.3b	R101.9b	R49.2b	6.8x	8.5x	4.1x
Wed, 13 Aug 2025	R413.1b	R101.8b	R48.8b	6.8x	8.5x	4.1x
Fri, 11 Jul 2025	R399.1b	R102.0b	R49.5b	6.4x	8.1x	3.9x
Sun, 08 Jun 2025	R392.3b	R100.8b	R46.4b	6.4x	8.4x	3.9x
Tue, 06 May 2025	R389.8b	R100.0b	R46.7b	6.3x	8.4x	3.9x
Thu, 03 Apr 2025	R367.7b	R99.8b	R46.7b	6.2x	7.9x	3.7x
Sat, 01 Mar 2025	R378.5b	R99.8b	R51.1b	6.1x	7.4x	3.8x
Mon, 27 Jan 2025	R365.9b	R99.0b	R49.7b	6.1x	7.4x	3.7x
Wed, 25 Dec 2024	R378.6b	R99.0b	R49.8b	6.2x	7.6x	3.8x
Fri, 22 Nov 2024	R371.7b	R98.4b	R47.1b	6.2x	7.9x	3.8x
Sun, 20 Oct 2024	R374.1b	R98.0b	R45.5b	6.9x	8.2x	3.8x
Tue, 17 Sep 2024	R380.9b	R96.1b	R43.9b	7.9x	8.7x	4x
Thu, 15 Aug 2024	R367.9b	R95.7b	R44.5b	7.3x	8.3x	3.8x
Sat, 13 Jul 2024	R353.5b	R95.4b	R44.1b	7.1x	8x	3.7x
Mon, 10 Jun 2024	R339.2b	R94.9b	R46.4b	6.1x	7.3x	3.6x
Wed, 08 May 2024	R325.6b	R95.2b	R43.9b	5.8x	7.4x	3.4x
Fri, 05 Apr 2024	R333.6b	R95.3b	R43.9b	6.7x	7.6x	3.5x
Sun, 03 Mar 2024	R340.1b	R91.8b	R37.0b	7.4x	9.2x	3.7x
Tue, 30 Jan 2024	R356.3b	R97.6b	R39.5b	8.7x	9x	3.7x
Thu, 28 Dec 2023	R349.4b	R97.6b	R39.6b	8.6x	8.8x	3.6x
Sat, 25 Nov 2023	R321.5b	R97.2b	R40.1b	8.3x	8x	3.3x
Mon, 23 Oct 2023	R300.8b	R96.1b	R46.4b	7.3x	6.5x	3.1x
Wed, 20 Sep 2023	R318.4b	R95.5b	R47.9b	8.4x	6.7x	3.3x
Fri, 18 Aug 2023	R334.2b	R93.0b	R47.3b	8.4x	7.1x	3.6x
Sun, 16 Jul 2023	R322.4b	R92.5b	R47.6b	7.8x	6.8x	3.5x
Tue, 13 Jun 2023	R324.4b	R91.5b	R48.3b	7.4x	6.7x	3.5x

Current Industry PE

Investors are relatively neutral on the South African Real Estate industry at the moment, indicating that they anticipate long term growth rates to remain steady.

The industry is trading close to its 3-year average PE ratio of 8.1x.

The 3-year average PS ratio of 3.9x is lower than the industry's current PS ratio of 4.4x.

Past Earnings Growth

The earnings for companies in the Real Estate industry have grown 5.3% per year over the last three years.
Revenues for these companies have grown 4.0% 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 South African Real Estate sector?


ZA Market	-2.66%
Real Estate	-2.35%
Office REITs	41.72%
Residential REITs	0%	0
Hotel and Resort REITs	0%	0
Retail REITs	-1.44%
Specialized REITs	-1.64%
REITS	-2.10%
Real Estate	-2.96%
Industrial REITs	-8.55%

Industry PE

Investors are most optimistic about the Industrial REITs industry which is trading above its 3-year average PE ratio of 4.5x.

It looks like they are confident that earnings will grow faster in the future than they have historically.

Investors are most pessimistic about the Office REITs industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.

Forecasted Growth

Analysts are most optimistic on the Real Estate industry, expecting annual earnings growth of 11% over the next 5 years.
This is roughly in line with its past earnings growth rate.

In contrast, the Retail REITs industry is expected to see its earnings decline by 3.9% 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
FTA Fairvest	R18.88	4.3% +R1.5b	10.4%	PB3.4x
TEX Texton Property Fund	R4.25	51.8% +R432.2m	42.6%	PB0.7x
OCT Octodec Investments	R17.34	5.0% +R220.9m	68.8%	PB0.7x
EMI Emira Property Fund	R14.90	2.6% +R177.5m	32.7%	PB0.7x
DIB Dipula Properties	R7.21	1.1% +R72.8m	36.0%	PB0.9x

Primegrowth Retail Property Proprietary Limited, Witfontein Mile Proprietary Limited and Twin City Trading 2 Proprietary Limited completed the acquisition of 50% stake in Woodlands Boulevard from Hyprop Investments Limited (JSE:HYP) for approximately ZAR 820 million.

Primegrowth Retail Property Proprietary Limited, Witfontein Mile Proprietary Limited and Twin City Trading 2 Proprietary Limited entered into an agreement to acquire 50% stake in Woodlands Boulevard from Hyprop Investments Limited (JSE:HYP) for approximately ZAR 790 million on February 6, 2026. A cash consideration of ZAR 790.5 million will be paid by Primegrowth Retail Property Proprietary Limited, Witfontein Mile Proprietary Limited and Twin City Trading 2 Proprietary Limited. The aggregate consideration for the 50% of Woodlands undivided share is ZAR 790.5 million (including VAT at 0%), with an escalation of 0.53% per month from August 1, 2025, to the Transfer Date. Each Purchaser will acquire a 1/6th undivided share in the Property and the Rental Enterprise and will accordingly settle their equal portion of the Purchase Price. The Purchase Price will be paid to Hyprop in cash on the date of registration of transfer of the proportionate share of the 50% undivided share in Woodlands Boulevard. The proceeds from the transaction will be deployed by Hyprop to pursue new investment opportunities aligned with the Hyprop group’s strategic growth objectives and capital allocation strategy. Hyprop retains the right to terminate the sale agreement if the necessary transfer documents are not lodged with the deeds registry office by April 30, 2026, or a later date determined by Hyprop. If lodgement has not occurred by April 30, 2026 due to an act or omission on the part of either party which delays lodgement, then a break fee in an amount of ZAR 0.5 million shall be paid by the defaulting party to each aggrieved party. Primegrowth Retail Property Proprietary Limited, Witfontein Mile Proprietary Limited and Twin City Trading 2 Proprietary Limited completed the acquisition of 50% stake in Woodlands Boulevard from Hyprop Investments Limited (JSE:HYP) for approximately ZAR 820 million on March 31, 2026. Java Capital, Legal Advisory Services acted as legal advisor for Hyprop Investments Limited. Adams & Adams acted as legal advisor for buyers.

South African (JSE) Real Estate Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

First half dividend increased to R0.72

New major risk - Share price stability

Non-Independent Non-Executive Director recently bought R77m worth of stock

Afine Investments' (JSE:ANI) Problems Go Beyond Weak Profit

Investor sentiment improves as stock rises 20%

Final dividend increased to R0.65

First half 2026 earnings released: R0.063 loss per share (vs R0.16 loss in 1H 2025)

Final dividend increased to R0.28

Full year 2026 earnings released: EPS: R1.95 (vs R1.17 in FY 2025)

Final dividend increased to R0.65

Final dividend increased to R0.22

Resilient REIT Limited, Annual General Meeting, Jun 25, 2026

Upcoming dividend of R0.66 per share

NEPI Rockcastle N.V., Annual General Meeting, May 13, 2026

Primegrowth Retail Property Proprietary Limited, Witfontein Mile Proprietary Limited and Twin City Trading 2 Proprietary Limited completed the acquisition of 50% stake in Woodlands Boulevard from Hyprop Investments Limited (JSE:HYP) for approximately ZAR 820 million.

Price target decreased by 8.4% to R23.67