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South African (JSE) Real Estate Sector Analysis
UpdatedApr 10, 2026
DataAggregated Company Financials
Companies34
- 7D2.2%
- 3M-3.3%
- 1Y26.2%
- YTD-1.5%
Over the last 7 days, the Real Estate industry has risen 3.8%, driven by gains from Growthpoint Properties of 6.2%. This means that the industry has gained 26% over the past year. 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 |
|---|---|---|---|---|---|---|
| Fri, 10 Apr 2026 | R459.1b | R103.7b | R51.7b | 7.8x | 8.9x | 4.4x |
| Sun, 08 Mar 2026 | R464.8b | R102.6b | R49.7b | 8.1x | 9.3x | 4.5x |
| Tue, 03 Feb 2026 | R472.8b | R101.0b | R49.5b | 7.9x | 9.5x | 4.7x |
| Thu, 01 Jan 2026 | R467.5b | R101.6b | R49.9b | 8.1x | 9.4x | 4.6x |
| Sat, 29 Nov 2025 | R467.2b | R102.9b | R50.9b | 8x | 9.2x | 4.5x |
| Mon, 27 Oct 2025 | R429.2b | R101.9b | R49.2b | 8.3x | 8.7x | 4.2x |
| Wed, 24 Sep 2025 | R417.1b | R102.2b | R48.1b | 6.8x | 8.7x | 4.1x |
| Fri, 22 Aug 2025 | R423.4b | R103.3b | R47.6b | 7.4x | 8.9x | 4.1x |
| Sun, 20 Jul 2025 | R399.8b | R101.8b | R49.3b | 6.2x | 8.1x | 3.9x |
| Tue, 17 Jun 2025 | R387.2b | R101.2b | R46.8b | 6.4x | 8.3x | 3.8x |
| Thu, 15 May 2025 | R384.0b | R99.7b | R46.9b | 6.3x | 8.2x | 3.9x |
| Sat, 12 Apr 2025 | R354.4b | R101.1b | R47.6b | 6x | 7.4x | 3.5x |
| Mon, 10 Mar 2025 | R367.8b | R100.1b | R50.2b | 6x | 7.3x | 3.7x |
| Wed, 05 Feb 2025 | R366.0b | R99.1b | R49.8b | 6.1x | 7.3x | 3.7x |
| Fri, 03 Jan 2025 | R378.4b | R98.9b | R49.6b | 6.2x | 7.6x | 3.8x |
| Sun, 01 Dec 2024 | R375.0b | R98.7b | R48.7b | 6.1x | 7.7x | 3.8x |
| Tue, 29 Oct 2024 | R377.8b | R98.0b | R45.6b | 6.9x | 8.3x | 3.9x |
| Thu, 26 Sep 2024 | R383.0b | R97.1b | R46.1b | 6.9x | 8.3x | 3.9x |
| Sat, 24 Aug 2024 | R374.4b | R95.6b | R44.8b | 7.7x | 8.3x | 3.9x |
| Mon, 22 Jul 2024 | R349.0b | R95.7b | R44.4b | 6.7x | 7.9x | 3.6x |
| Wed, 19 Jun 2024 | R353.7b | R94.2b | R45.4b | 6.1x | 7.8x | 3.8x |
| Fri, 17 May 2024 | R327.9b | R94.1b | R45.9b | 6.5x | 7.1x | 3.5x |
| Sun, 14 Apr 2024 | R325.1b | R95.1b | R43.7b | 6.7x | 7.4x | 3.4x |
| Tue, 12 Mar 2024 | R341.4b | R91.8b | R37.2b | 7.7x | 9.2x | 3.7x |
| Thu, 08 Feb 2024 | R324.0b | R90.0b | R37.8b | 7.6x | 8.6x | 3.6x |
| Sat, 06 Jan 2024 | R343.5b | R97.7b | R39.6b | 8.6x | 8.7x | 3.5x |
| Mon, 04 Dec 2023 | R325.7b | R97.5b | R39.7b | 8.1x | 8.2x | 3.3x |
| Wed, 01 Nov 2023 | R303.9b | R95.8b | R46.3b | 7.6x | 6.6x | 3.2x |
| Fri, 29 Sep 2023 | R314.7b | R95.9b | R48.0b | 7.7x | 6.6x | 3.3x |
| Sun, 27 Aug 2023 | R336.2b | R94.1b | R48.7b | 8.2x | 6.9x | 3.6x |
| Tue, 25 Jul 2023 | R327.1b | R92.0b | R46.4b | 7.8x | 7.1x | 3.6x |
| Thu, 22 Jun 2023 | R328.8b | R92.1b | R47.6b | 8.1x | 6.9x | 3.6x |
| Sat, 20 May 2023 | R329.1b | R90.5b | R51.9b | 6x | 6.3x | 3.6x |
| Mon, 17 Apr 2023 | R340.8b | R87.8b | R52.0b | 7.2x | 6.6x | 3.9x |
Price to Earnings Ratio
6.6x
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 8.9x 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 4.4x.
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 | 1.94% | |
| Real Estate | 2.20% | |
| REITS | 4.94% | |
| Industrial REITs | 2.08% | |
| Specialized REITs | 1.61% | |
| Real Estate | 0.92% | |
| Retail REITs | 0.52% | |
| Residential REITs | 0% | 0 |
| Hotel and Resort REITs | 0% | 0 |
| Office REITs | -1.26% | |
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 | |
|---|---|---|---|---|---|
| GRT Growthpoint Properties | R17.25 | 6.2% +R3.4b | 44.0% | PB0.9x | |
| RDF Redefine Properties | R6.27 | 4.5% +R1.9b | 57.1% | PB0.8x | |
| FFB Fortress Real Estate Investments | R23.15 | 3.3% +R889.3m | 29.5% | PE8.2x | |
| NRP NEPI Rockcastle | R137.94 | 0.8% +R760.5m | 5.3% | PE10.3x | |
| SAC SA Real Estate | R3.57 | 7.2% +R656.7m | 31.3% | PB0.8x |
