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South African (JSE) Real Estate Sector Analysis
UpdatedApr 15, 2026
DataAggregated Company Financials
Companies34
- 7D0.7%
- 3M0.1%
- 1Y23.6%
- YTD0.7%
Over the last 7 days, the Real Estate industry has risen 3.5%, driven by gains from Growthpoint Properties of 6.8%. In the last 12 months, the industry was up 23%. As for the next few years, earnings are expected to grow by 11% per annum.
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 |
|---|---|---|---|---|---|---|
| Wed, 15 Apr 2026 | R469.8b | R103.9b | R51.8b | 7.8x | 9.1x | 4.5x |
| Fri, 13 Mar 2026 | R436.8b | R100.7b | R49.2b | 7.7x | 8.9x | 4.3x |
| Sun, 08 Feb 2026 | R483.8b | R101.0b | R49.5b | 8.4x | 9.8x | 4.8x |
| Tue, 06 Jan 2026 | R465.6b | R101.3b | R49.7b | 7.9x | 9.4x | 4.6x |
| Thu, 04 Dec 2025 | R462.6b | R102.8b | R51.8b | 7.9x | 8.9x | 4.5x |
| Sat, 01 Nov 2025 | R435.3b | R101.9b | R49.1b | 8.3x | 8.9x | 4.3x |
| Mon, 29 Sep 2025 | R409.1b | R102.3b | R48.7b | 7.7x | 8.4x | 4x |
| Wed, 27 Aug 2025 | R419.2b | R103.3b | R47.6b | 7.3x | 8.8x | 4.1x |
| Fri, 25 Jul 2025 | R402.3b | R102.0b | R49.4b | 6.8x | 8.1x | 3.9x |
| Sun, 22 Jun 2025 | R389.6b | R101.7b | R48.6b | 6.3x | 8x | 3.8x |
| Tue, 20 May 2025 | R387.5b | R100.7b | R46.5b | 6.6x | 8.3x | 3.8x |
| Thu, 17 Apr 2025 | R370.0b | R100.9b | R47.4b | 6.1x | 7.8x | 3.7x |
| Sat, 15 Mar 2025 | R368.8b | R100.8b | R46.6b | 6.2x | 7.9x | 3.7x |
| Mon, 10 Feb 2025 | R366.6b | R98.7b | R49.4b | 6x | 7.4x | 3.7x |
| Wed, 08 Jan 2025 | R380.6b | R99.1b | R49.8b | 6.1x | 7.6x | 3.8x |
| Fri, 06 Dec 2024 | R378.7b | R98.8b | R49.7b | 6.1x | 7.6x | 3.8x |
| Sun, 03 Nov 2024 | R369.5b | R98.0b | R45.5b | 7.2x | 8.1x | 3.8x |
| Tue, 01 Oct 2024 | R381.0b | R97.1b | R46.1b | 7x | 8.3x | 3.9x |
| Thu, 29 Aug 2024 | R382.9b | R95.6b | R44.8b | 7.7x | 8.5x | 4x |
| Sat, 27 Jul 2024 | R353.9b | R95.7b | R44.4b | 7.1x | 8x | 3.7x |
| Mon, 24 Jun 2024 | R348.1b | R94.1b | R45.4b | 6.2x | 7.7x | 3.7x |
| Wed, 22 May 2024 | R330.5b | R93.9b | R45.5b | 6.3x | 7.3x | 3.5x |
| Fri, 19 Apr 2024 | R320.5b | R95.3b | R43.9b | 6.5x | 7.3x | 3.4x |
| Sun, 17 Mar 2024 | R334.5b | R92.8b | R43.4b | 7.1x | 7.7x | 3.6x |
| Tue, 13 Feb 2024 | R321.5b | R90.1b | R37.9b | 7.6x | 8.5x | 3.6x |
| Thu, 11 Jan 2024 | R342.4b | R97.7b | R39.6b | 8.7x | 8.6x | 3.5x |
| Sat, 09 Dec 2023 | R333.3b | R97.6b | R39.8b | 8.3x | 8.4x | 3.4x |
| Mon, 06 Nov 2023 | R311.9b | R95.6b | R46.2b | 7.7x | 6.7x | 3.3x |
| Wed, 04 Oct 2023 | R313.7b | R95.4b | R46.9b | 7.8x | 6.7x | 3.3x |
| Fri, 01 Sep 2023 | R332.6b | R94.4b | R49.0b | 8.2x | 6.8x | 3.5x |
| Sun, 30 Jul 2023 | R330.0b | R91.8b | R46.2b | 7.9x | 7.1x | 3.6x |
| Tue, 27 Jun 2023 | R317.9b | R92.5b | R47.7b | 7.8x | 6.7x | 3.4x |
| Thu, 25 May 2023 | R323.3b | R90.4b | R50.2b | 6.5x | 6.4x | 3.6x |
| Sat, 22 Apr 2023 | R334.2b | R88.1b | R52.4b | 6.2x | 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 9.0x 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 4.5x.
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 5.7% 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 | -0.22% | |
| Real Estate | 0.65% | |
| Office REITs | 3.19% | |
| Specialized REITs | 1.48% | |
| Real Estate | 1.27% | |
| Industrial REITs | 0.97% | |
| Retail REITs | 0.29% | |
| REITS | 0.19% | |
| Residential REITs | 0% | 0 |
| Hotel and Resort REITs | 0% | 0 |
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 | R141.00 | 0.8% +R781.8m | 3.3% | PE10.4x | |
| SAC SA Real Estate | R3.80 | 5.6% +R547.2m | 36.2% | PB0.9x | |
| VKE Vukile Property Fund | R23.90 | 1.8% +R522.7m | 27.5% | PB1x | |
| MSP MAS | R19.97 | 3.7% +R475.0m | 13.2% | PE11.2x | |
| FFB Fortress Real Estate Investments | R24.00 | 1.6% +R462.9m | 25.9% | PE8.5x |