May 2026
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Largest Real Estate Development Public Companies
Benchmark revenue and EBITDA valuation multiples for public comps like
Gould Investors, Vingroup, Sun Hung Kai Properties, Goodman Group and D.R. Horton.
 | Gould Investors LP is a real estate limited partnership involved in the ownership and operation of a diversified portfolio of real estate assets. The company's real estate assets include office and professional buildings, apartment buildings, shopping centers, mixed-use properties, cooperative and condominium apartments, industrial facilities, and single-tenant properties. Geographically, the activities are carried out in the U.S. | $366 | -5% | $243B | $243B | — | — | ||
 | Vingroup JSC is a Vietnam-based company engaged in construction and provides retail outlets, commercial offices for lease, residential units for lease and sale. It also carries out investment activities, to provide the management service and to conduct other businesses. The company operates through the segments of Sale of inventory properties, Leasing investment properties and related services, Hospitality, entertainment and other services, Health care and related services, Education services, Retail services, Manufacturing activities, and Others. The company generates the majority of its revenue from Sale of inventory properties including developing and trading apartments and villas at real estate projects of the group. | $8 | +353% | $63B | $73B | 5.8x | 22.2x | ||
 | Sun Hung Kai Properties Ltd s is a diversified real estate developer in Hong Kong with a core focus on the residential, office, and retail real estate segment. Most of its business is based in Hong Kong where it is a leading private housing developer and holds a portfolio of high-quality retail and office assets for rental income. The company also invests in other listed entities, including telecommunication company, SmarTone and data center provider, SUNeVision. The Kwok family is the controlling shareholder, with a stake of more than 40%. | $19 | +74% | $54B | $65B | 6.3x | 15.9x | ||
 | Goodman Group owns, manages, and develops industrial properties in 13 countries, historically in Australia but increasingly worldwide. Around half of its operating earnings come from development, a third from management, and the rest from property investment. Most developments are undertaken on behalf of third parties or fund investors. Goodman earns fees in return for development management services. Completed projects are either sold or reside in one of Goodman’s funds or partnerships. Goodman typically retains ownership stakes in the investment vehicles and continues to manage the sites after completion, collecting investment management base fees, performance fees, property services fees, and a share of rental income. | $22 | +0% | $45B | $46B | 25.1x | 29.3x | ||
| With operations in 126 markets across 36 states, D.R. Horton is the leading homebuilder in the United States. It mainly builds single-family detached homes (87% of home sales revenue) and offers products to entry-level, move-up, luxury buyers, and active adults. The company offers homebuyers mortgage financing and title agency services through its financial services segment. D.R. Horton's headquarters are in Arlington, Texas, and it manages six regional segments across the United States. | $146 | +24% | $42B | $46B | 1.4x | 10.2x | ||
 | Samsung C&T Corp is a diversified company. It is engaged in construction, trading, fashion, resort, food & beverages, and biopharmaceutical operations. The Construction division handles domestic and overseas construction projects, the Trading division engages in trading activities, and the Fashion division imports and sells apparel. The Resort division operates Everland, Caribbean Bay, and golf courses, while the Food and Beverages division manages specialty catering and food distribution through Samsung Welstory. The Bio division carries out biopharmaceutical contract manufacturing and biosimilar-related business. | $254 | +152% | $42B | $40B | 1.4x | 10.9x | ||
 | Mitsubishi Estate is one of the three big Japanese real estate companies. Around two thirds of its operating profit comes from leasing office space in Japan, where half of its portfolio is concentrated in the prime Marunouchi/Otemachi district between Tokyo station and the Imperial Palace. Mitsubishi Estate’s predecessor originally bought this land from the government in 1890, and the company sees itself as steward of the showcase area’s long-term development, rarely if ever selling any properties there. | $28 | +67% | $34B | $48B | 4.5x | 16.2x | ||
 | China Resources Land, or CR Land, is a leading real estate developer with nationwide coverage in China. Aside from the core development business, CR Land differentiates itself from peers with a significant investment property portfolio with luxury focused MixC malls, and it holds a 74% stake in listed property management company China Resources Mixc Lifestyle Services. CR Land is a subsidiary of China Resources Holdings, or CR Holdings, a sizable state-owned conglomerate with a diverse presence in the utilities, consumer goods, medical, and property sectors. CR Holdings holds about a 60% stake in CR Land. | $5 | +38% | $32B | $57B | 1.4x | 6.7x | ||
 | Emaar Properties PJSC is engaged in property investment, development, and development management, shopping malls and retail, hospitality, property management, utility services, and investments in providers of financial services. Its segments are, namely, real estate (develop, sell, and manage condominiums, villas, commercial units and plots of land), leasing, retail and related activities (develop, lease and manage malls, retail, commercial, and residential spaces), and hospitality (develop, own, and/or manage hotels, serviced apartments and leisure activities). It earns revenue from sources other than property sales, leasing, retail and related activities, and hospitality, and this revenue is included in other operating income. The majority of revenue comes from real estate. | $3 | -5% | $30B | $14B | 1.0x | 1.8x | ||
| China State Construction Engineering Corp Ltd is a construction and real estate conglomerate. The company conducts its operations through five segments: Housing Construction segment, Infrastructure Construction and Investment segment, Real Estate Development and Investment segment, Design & Survey segment, and Others segment. It derives the majority of its revenue from the Housing Construction segment. The company's services include product technology research and development, survey and design, real estate development, engineering contracting, equipment manufacturing, asset operation, and property management. | $1 | -13% | $30B | $119B | 0.4x | 7.8x | ||
| Mitsui Fudosan Co Ltd is a real estate development and management company. The company operates through five segments. The Condominiums segment sells housing to individuals and rental properties to investors. The Rental segment leases office buildings and commercial facilities. The Facility Operations segment covers hotels, resorts, sports, and entertainment. The Management segment handles property management, brokerage, and asset management. The Others segment engages in new construction contracting. It generates the majority of its revenue from the Rental segment. | $11 | +23% | $29B | $58B | 3.2x | 15.5x | ||
| CK Asset Holdings was the property business arm of the Cheung Kong Group before the spinoff in 2015. It was subsequently renamed CK Asset Holdings from CK Property in 2017. Li Ka-shing and his family remain the largest shareholders of CK Asset over the years, with about a 48% equity stake. The company mainly engages in property development, property investment, and hotel management in Hong Kong and mainland China, while diversifying into social housing, pub operations, and infrastructure management overseas in recent years. | $7 | +58% | $23B | $25B | 3.4x | 10.4x | ||
| PulteGroup Inc is a homebuilder in the United States. The company mainly builds single-family detached homes and offers products to entry-level, move-up, and active-adult buyers. It also offers homebuyers mortgage financing, title, and insurance agency services through its financial services segment. | $118 | +20% | $22B | $22B | 1.3x | 7.4x | ||
 | Vantage is the tower arm of Vodafone, spun off in 2021. Vantage fully owns 45,000 towers in Germany, Spain, Greece, and other European countries. Vantage also owns stakes in Inwit (22,000 towers, Vantage owns 33% stake), the Italian tower operator resulting from the merger of Vodafone and Telecom Italia’s towers in the region, and Cornerstone (14,000 towers, 50% stake) a tower joint venture in the U.K. with Telefonica. | -- | -- | $22B | $27B | 21.2x | 24.3x | ||
| Lennar is one of the largest public homebuilders in the United States. The company’s homebuilding operations target first-time, move-up, active adult, and luxury homebuyers mainly under the Lennar brand name. Lennar’s financial-services segment provides mortgage financing and related services to its homebuyers. Miami-based Lennar is also involved in multifamily and single-family for-rent construction and has invested in numerous housing-related technology startups. | $86 | -19% | $21B | $24B | 0.7x | 8.3x | ||
| Henderson Land Development is a leading property developer in Hong Kong with a focus on urban redevelopment and farmland conversion. The company was founded in 1976, listed in 1981. Henderson Land controls four listed entities directly, including a 69% stake in Henderson Investment, a 41.5% stake in Hong Kong and China Gas, a 33.4% stake in Hong Kong Ferry, and a 50.1% stake in Miramar Hotel & Investment. | $4 | +39% | $21B | $28B | 8.6x | 24.0x | ||
| China Overseas Land & Investment, or COLI, is a large real estate developer in China. Property development accounts for most of the core earnings, with operating scale among the top five of all peers regarding contracted sales. In addition to property development, COLI has actively grown its commercial property portfolio, with a dual focus on offices and shopping malls for recurring income. COLI is a subsidiary of China State Construction Engineering, China's largest construction firm. It also holds about a 40% stake in China Overseas Grand Oceans, a real estate developer focusing on lower-tier cities in China. | $2 | +13% | $21B | $42B | 1.7x | 13.2x | ||
| Daiwa House Industry Co Ltd is engaged in the business of housing, commercial facilities, and urban development. The company operates through seven segments. The Apartment segment develops, sells, and manages condominiums, while the Business Facilities segment handles logistics, manufacturing, medical, and nursing care facilities. The Commercial Facility segment focuses on the development, construction, and management of retail spaces. The Detached Houses segment contracts and sells individual homes. The Environment Energy segment develops renewable power plants and electricity retail. The Rental Housing segment covers development, operation, and brokerage of rental housing, while Others include the resort hotel business. | $30 | -1% | $19B | $36B | 1.0x | 8.1x | ||
| Swire Properties is a Hong Kong-based property investor and Hong Kong's largest office landlord. Its Hong Kong portfolio provides more than 13 million square feet of gross floor area, with its portfolio of grade A office contributing over 9 million square feet. The firm also holds investment properties and development projects in China, the United States, and Southeast Asia. Rental income accounts for over 60% of its total revenue, with property development and hotel operations contributing the balance. The company was listed in 2012. Parent company Swire Pacific holds an 83% stake. | $3 | +47% | $19B | $24B | 11.5x | 21.4x | ||
 | Unibail-Rodamco-Westfield owns a portfolio of quality malls, about two thirds in continental Europe. Since acquiring Westfield in 2018 URW also has about 10% in the UK and about a quarter in the USA, but it plans to drastically reduce exposure to the latter. More than 90% of rent comes from shopping centers, the remainder from offices, mostly Paris, as well as some offices attached to mixed-use assets around the world, and a similar amount from a conventions and exhibitions business in France. | $122 | +27% | $18B | $41B | 11.5x | 12.9x | ||
| Aldar Properties PJSC is a general real estate company. The company along with its subsidiaries is engaged in various businesses predominantly the development, sales, investment, construction, leasing, management, and associated services for real estate. Its operating segment includes Property development and sales; Project management services; International; Investment properties; Hospitality and leisure; Education, Estates and Others. The company generates maximum revenue from the Property development and sales segment. | $2 | -4% | $17B | $19B | 2.1x | 5.9x | ||
| Emaar Development PJSC is a property developer and provider of lifestyle-focused real estate, with operations in the Middle East, North Africa, and Asia. Its principal activities are property investment, development and development management, shopping malls and retail, entertainment, hospitality, property management and utility services and investments in providers of financial services. The majority of the company'ss revenue is derived from the sale of residential units. Geographically, the company is currently operating only in the UAE. | $4 | +13% | $17B | $5B | 0.7x | 1.2x | ||
| NVR Inc is engaged in the construction and sale of residential properties, including single-family detached homes, townhomes, and condominium buildings, all of which are built on a pre-sold basis. Additionally, the company provides related services through its mortgage banking and title services businesses. Its business segments are Homebuilding and Mortgage Banking. Its geographical segments include the Mid Atlantic, the North East, the Mid East, and the South East regions of America. The majority of the company's revenue is derived from the Homebuilding Mid Atlantic segment, which includes homebuilding operations that construct and sell single-family detached homes, townhomes and condominiums in Maryland, Virginia, West Virginia, Delaware and Washington, D.C. regions. | $6,004 | -16% | $16B | $16B | 1.5x | 8.7x | ||
 | DLF Ltd is a general real estate company. The company's development business majorly focuses on developing and selling residential real estate. This includes plotted developments, houses, villas, and apartments of varying sizes and integrated townships, with a focus on high-end, luxury residential developments. DLF's business also consists of commercial and shopping complexes. The company considers merger and acquisition investment as a potential component of its operational growth strategy. | $6 | -26% | $16B | $15B | 18.2x | 51.8x | ||
| Sekisui House Ltd is a Japanese construction company engaged in housing, construction, real estate, and international operations. The company operates through seven segments. The Detached House segment focuses on designing and selling homes. The Rental and Commercial Building segment handles rental housing and commercial properties. The Architecture and Civil Engineering segment undertakes construction and civil engineering projects, and the Rental Housing Management segment is engaged in leasing and management services. The company also operates a Remodeling business for homes and rental units, a Development division covering real estate, condominiums, and urban redevelopment, and an International business that develops and sells housing, land, and apartments overseas. | $22 | +5% | $14B | $23B | 0.9x | 8.7x | ||
| Modon Holding PSC, and its subsidiaries, operate across multiple business activities, including the development, management, sales, leasing and other associated services for real estate. The company is also engaged in the development, management and operations of hotels and exhibition venues, with a portfolio of assets under management across retail, residential, commercial, and sports & leisure. The company's reportable segments are: i) Real Estate Development, ii) Asset and Investment Management, iii) Hospitality, and iv) Events, Catering and Tourism. The majority of revenue is derived from the Real Estate Development segment, which involves master planning, development, sales, and management of real estate projects in the UAE and international markets. | $1 | -6% | $14B | $12B | 3.3x | 8.4x | ||
 | Swiss Prime Site AG is a real estate company based in Switzerland. Its segments include: Real Estate, Asset Management, Retail, Corporate and Shared Services. The Real Estate segment consists of the firm's core real estate activities (the purchase, sale, lease, and development of properties) and financing of these activities. Asset Management includes the fund business, asset management, and investment advisory. The Retail segment consists of the operation of department stores, and Corporate and Shared Services include central group functions as well as internal services that are provided centrally. The majority of the revenue is generated from the Real Estate segment. | $172 | +16% | $14B | $21B | 30.1x | 29.9x | ||
| Omega Healthcare Investors Inc is a real estate investment trust that invests in healthcare-related real estate properties located in the United States (U.S.), the United Kingdom (U.K.), and Canada. The company's objective is to provide attractive returns to investors while serving as the preferred capital partner to its third-party healthcare operating companies and affiliates, as well as other third-party healthcare operators, allowing them to focus on delivering a high level of care to their resident patients. Omega's investment portfolio mainly consists of skilled nursing facilities, assisted living facilities (ALFs), including care homes in the U.K., independent living facilities, rehabilitation and acute care facilities, and continuing care retirement communities. | $46 | +25% | $14B | $18B | 15.3x | 15.6x | ||
| Toll Brothers Inc is the luxury homebuilder in the USA, operating in over 60 markets across 24 states. The Fort Washington, Pennsylvania-headquartered homebuilder caters to affluent first-time, move-up, active-adult, and second-homebuyers. Toll Brothers has shifted in recent years to a greater mix of speculative, or "quick move-in" homes. The homebuilder has also expanded its price points, with a greater emphasis on "affordable luxury. Traditional homebuilding accounts for the majority of Toll Brothers' earnings, but the firm also offers ancillary mortgage, title, insurance, and other services. | $137 | +32% | $13B | $15B | 1.3x | 8.1x | ||
| China Merchants Shekou Industrial Zone Holdings Co Ltd develops and sells residential properties in China and internationally. The company operates through three segments. The Asset Operations segment includes commercial offices, apartment hotels, industrial parks, and other property holding and asset management activities. The Development Business segment focuses on the development and sale of real estate projects, mainly residential buildings. The Property Services segment covers property management, cruise, exhibition, healthcare, and other urban operation services. It generates the majority of its revenue from the Asset Operations segment. | $1 | +5% | $12B | $36B | 1.6x | 19.0x | ||
 | Skanska AB is one of the world's construction and project development companies. It develops properties and structures in the Nordic region, North America, and elsewhere. The company uses its skills and expertise to develop highways, bridges, mass transit, houses, and logistic centers. Skanska operates in business segments: construction, that derives majority of total revenue, residential development, Investment Properties, and commercial property development. Geographically, the company derives majority of revenue from Sweden, it also has its presence in UK, USA, Norway and Others. | $27 | +11% | $11B | $10B | 0.5x | 8.0x | ||
| Poly Developments and Holdings Group Co Ltd is a real estate developer in China. It is principally engaged in the design, development, construction, and sale of residential and commercial properties, as well as the provision of property management services. | $1 | -21% | $11B | $43B | 0.9x | 12.1x | ||
| Lodha Developers Ltd is a real estate developer in India. Its core business is residential real estate developments with a brand presence across luxury, premium, and mid-income housing segments. The company's portfolio includes approximately forty projects across three key real estate markets in India: Mumbai Metropolitan Region (MMR), Pune, and Bengaluru. In addition, it is involved in building select annuity income streams through facilities management, industrial and warehousing, and leasing of selected retail and office spaces. The company has introduced BelleVie, a digital platform that complements its facilities management business by connecting residents with a diverse range of customized marketplace services. It operates in one reportable segment, i.e., Real Estate development. | $10 | -35% | $10B | $10B | 5.7x | 17.8x | ||
 | CTP NV is the full-service commercial real estate developer managing and delivering custom-built, high-tech business parks throughout Central and Eastern Europe, the Netherlands, Austria and Germany A vast majority of its revenue is earned through rental income. Its segments include the Czech Republic, Romania, Hungary, Slovakia, Germany, Netherlands, Poland and Other geographical segments. | $19 | -1% | $9B | $19B | 17.0x | 9.9x | ||
 | SM Prime Holdings Inc is an integrated property developer. It is engaged in acquiring and developing real estate, conducting and maintaining commercial shopping centers, and constructing and managing buildings such as condominiums, apartments, hotels, restaurants, stores, and other structures for mixed-use purposes. The company has four business segments, namely, malls, residential, commercial, and integrated property developments and hotels and convention centers. Maximum revenue is generated from the Malls segment, which develops, conducts, operates, and maintains the business of commercial shopping centers for rent, amusement centers, or cinema theaters within the compound of the shopping centers. | $0 | -17% | $9B | $15B | 6.7x | 11.0x | ||
| PSP Swiss Property AG is a general real estate company, with all its properties active in Switzerland. The company's operating segments are Real estate investments, Property management, and Holding. A majority of its revenue is generated from the Real estate investments segment, which comprises all properties of the Group, such as investment properties, investment properties for sale, own-used properties, development properties, as well as development projects for sale. Income in this segment is generated by the properties mainly in the form of rental income and net changes in fair value. The Property management segment includes all services and activities concerning the management of the company's real estate portfolio, and the Holding segment includes the traditional corporate functions. | $196 | +6% | $9B | $13B | 29.0x | 19.2x | ||
 | Mega Or Holdings Ltd, through its subsidiaries, engaged in the development and management of yielding real estate in the field of commercial and logistics centers in Israel. | $219 | +411% | $8B | $10B | 86.5x | 23.7x | ||
 | PT Chandra Daya Investasi Tbk is an infrastructure investment company. The Company invests in infrastructure businesses, including energy, water, ports and storage, and logistics. The Company Group operates through four main business pillars: Energy Pillar, Logistics Pillar, Port and Storage Pillar, and Pilar Air. Its reportable segments are Sales of electricity, Time charter vessel, Tank & jetty rental, and Other services. The company generates majority of its revenue from Sales of electricity segment. | $0 | -- | $8B | $8B | 52.7x | 48.4x | ||
| Ayala Corporation is a general real estate company. The group is organized into a variety of business units. Ayala's real estate business is predominantly conducted through its subsidiary, Ayala Land, Inc. Its involvement in financial services is through an affiliate, the Bank of the Philippine Islands. The group's business has the following main segments: Parent Company; Real estate and hotels; Financial services and insurance; Telecommunications; Industrial Technologies; Power Generation; and Automotive and Others. | $8 | -20% | $8B | $19B | 3.4x | 7.6x | ||
 | PrologisProperty Mexico SA de CV is engaged in the acquisition, ownership, and leasing of industrial properties throughout Mexico. The company's real estate portfolio comprises large warehouse buildings. It focused on acquiring, owning, and managing Class-A logistics and manufacturing facilities. The company derives nearly all of its revenue as lease rental income from multinational firms. This income is fairly evenly split between its manufacturing-related facilities in Northern Mexico and consumption-related facilities located mainly in Central and Southern Mexico. In terms of total revenue, the majority of Fibra Prologis' customers are general retailers and third-party logistics firms. | $5 | +14% | $8B | $10B | 14.4x | 13.9x | ||
 | CPI Property Group SA is a real estate company. The Group operates in five segments: Retail, Office, Residential, Hotels & Resorts, and Complementary assets. The majority of revenue is generated from the Office segment. The Group owns offices in Berlin, Warsaw, Prague, Vienna, and Budapest. | $1 | -11% | $8B | $18B | 10.9x | 22.1x | ||
| Longfor Group Holdings, or Longfor, is a non-state-owned real estate developer in China with contracted sales value placing it among the top 10 of all China’s developers. The company focuses on developing high quality residential projects, as well as operating shopping malls and rental apartments in China’s wealthier cities. Property development represents the majority of Longfor’s revenue and gross profit, while income from commercial properties, property management and project management services have been growing fast. As at end-2024, Wu Yajun remained the largest shareholder with an over 43% equity interest, while her ex-husband Cai Kui has a 23% stake. | $1 | -14% | $7B | $29B | 2.0x | 30.3x | ||
| Stockland is one of Australia’s largest residential property developers, specializing in masterplanned communities. Earnings from residential and commercial development are lumpy and averaged about 40% of the group’s funds from operations over the past five years. Revenue from masterplanned communities makes up the majority of development income. While land lease assets contribute only a fraction of the total development revenue, the sector is growing. The investment management business, around two thirds of the group’s earnings, generates rental income and investment management fees from a portfolio of retail, logistics, office, and land lease assets. The portfolio mix is evolving, with less retail, and increasing exposure to logistics and office in recent years. | $3 | -21% | $7B | $11B | 4.8x | 15.1x | ||
| AB Sagax is a property company that invests in commercial properties with a focus on the warehouse and light industry segment. The company owns properties in Sweden, Finland, Germany, and Denmark, with a total rental space of more than 3 million square metres. A proportion of the company's real estate portfolio is located in the Stockholm and Helsinki regions. The company's revenue consists of rental income for the provision of premises, of which the majority is derived from the government, municipalities, or companies with sales. | $15 | -13% | $7B | $11B | 18.8x | 18.8x | ||
| Fastighets AB Balder is engaged in acquiring, developing, and managing residential properties and commercial properties based on local presence and creating customer value by meeting the needs of different customer groups for commercial premises and housing in Sweden, Denmark, Finland, Norway, Germany, and the UK. The company's property portfolio contains a wide variety of commercial space, ranging from office, retail, and warehouse space, out of which Residential properties constitute the majority portion of the company's portfolio. The Group’s business segments are; Helsinki, which derives key income, Stockholm, Gothenburg, Copenhagen, South, East, and North. The company generates revenue through income earned on the rents of its properties and on the management of its real estate. | $6 | -19% | $7B | $22B | 14.2x | 13.9x | ||
| Fibra Uno Administracion SA de CV is a Mexico-based company engaged in the operation of real estate investment trust (REIT). It acquires, owns, develops, and operates real estate properties, including industrial, commercial, and office properties. Revenue for the group is derived from the source of a lease, maintenance, dividend from beneficiary rights, and administration fees. Business activity is functioned from various regions of Mexico such as Jalisco, Guerrero, Hidalgo, Guanajuato, and others. | $2 | +14% | $7B | $15B | 8.2x | 6.2x | ||
| China Vanke is a large real estate developer in China with residential property sales among the top three of all peers through the past five years. While property development accounts for most of its revenue and earnings, it has expanded its business presence in investment properties such as commercial retail complexes, long-term leasing apartments, and leasable logistical assets. China Vanke also owns an over-60% equity interest in its property management division Onewo, which manages the second-largest gross floor area in China. It is dual-listed in Shenzhen and Hong Kong, and state-owned Shenzhen Metro is the largest shareholder with an approximate 27% stake. | $1 | -39% | $7B | $48B | 1.4x | (6.0x) | ||
| GPT Group, formerly known as General Property Trust, is Australia’s first property trust. GPT has an ownership interest in, manages, and develops a diversified portfolio of retail, office, and logistics assets predominantly located in Sydney and Melbourne. Retail and office, including contributions from their respective funds management, each account for about two-fifths of group funds from operations. The rest of the earnings come from logistics. GPT manages third-party assets and mandates of AUD 28 billion as of December 2025. | $3 | +4% | $7B | $10B | 14.1x | 11.7x | ||
 | Ezdan Holding Group QSC is a real estate development company. The principal activity of the company is the management and rentals of real estate properties. The company operates in four operating segments namely, the Residential and commercial properties segment, which is the key revenue driver, and includes developing, owning, and renting of real estate properties; the Hotel and suites segment includes managing hotels, suites, and restaurants; and Malls segment includes management of shopping malls. Geographically, the company operates in Qatar and the United Kingdom. | $0 | -18% | $6B | $9B | 19.1x | 142.4x | ||
 | Umm AlQura For Development And Construction Co specializes in developing the Masar Destination project and is responsible for supervising all technical, planning, administrative, and operational aspects of Masar Destination. The group is engaged in real estate activities represented in purchasing, selling and dividing of lands and real estate, off-plan sales activities, management and leasing of owned or leased (nonresidential) properties, in addition to the construction field of public works of residential buildings and non-residential buildings such as schools, hospitals, hotels, etc., and the construction of roads, streets, sidewalks, road supplies, and the construction of bridges and tunnels. | $4 | -29% | $6B | $8B | 10.4x | 29.0x | ||
 | NEPI Rockcastle NV is a commercial property investor and developer. The business activities of the group have functioned through Retail, Office, Residential, Industrial, and Corporate segments. The company's geographic segment includes Romania, Poland, Bulgaria, Slovakia, Hungary, Croatia, Serbia, the Czech Republic, and Lithuania. The company generates the majority of its revenue from the Romania region, followed by Poland. The company has two business segments - Residential and Energy. | $9 | +4% | $6B | $9B | 8.7x | 10.9x | ||
| Castellum AB is a general real estate company. The company operates through its real estate rental segment which develops and rents properties in Sweden and Denmark. Castellum focuses on office, retail, industrial, and residential properties while also providing management services. The company invests in new construction, extensions, reconstructions, and acquisitions. The operational planning of the company is focused on cash flow growth and low financial risk, while its portfolio development is geared toward increasing density and quality. | $13 | +1% | $6B | $13B | 11.8x | 17.4x | ||
 | LondonMetric Property PLC is a real estate company that is engaged in property investment and development across the United Kingdom. The company focuses on properties in the retail and distribution businesses. | $3 | -6% | $6B | $10B | 17.8x | 15.0x | ||
| Taylor Morrison Home Corp is an American residential construction company engaged in residential homebuilding and the development of lifestyle communities. It designs, builds, and sells single and multi-family detached and attached homes in traditionally high growth markets for entry level, move-up, and resort lifestyle buyers. The company has four reportable segments: East, Central, West, and Financial Services. The majority of the company's revenue is derived from its West Segment. | $59 | +6% | $6B | $7B | 0.9x | 6.2x | ||
 | Mabanee Co KPSC is a Kuwait-based company which sells, purchases, develops, and operates real estate properties in Kuwait and abroad, including hotels, guest houses, residential and touristic complexes. The company operates through business segments namely Construction and real estate investment and Hotel operations. It generates maximum revenue from Construction and real estate investment segment. The Construction and real estate investment segment include real estate development, project leasing and construction activity for self or others. | $3 | +19% | $5B | $8B | 18.3x | 20.8x | ||
| LEG Immobilien SE is a general real estate company. The company's portfolio consists mainly of residential units, followed by garages, parking spaces, and commercial units. The business model is supplemented by the targeted development of value-added services. LEG is mainly focused on the German market of the North Rhine-Westphalia region. The company divides its portfolio into three groups: high-growth markets, stable markets, and higher-yielding markets. | $67 | -22% | $5B | $16B | 10.0x | 10.4x | ||
| Dar Alarkan Real Estate Development Company along with its subsidiaries is engaged in the business of development, sale and leasing of real estate projects and associated activities. The company operates in reportable segments namely, Development properties, Leasing of properties and others. The majority of the revenue is generated from the development properties segment. | $5 | -12% | $5B | $7B | 7.0x | 17.4x | ||
| Mirvac started off as a residential property developer and over time expanded into property investment, funds management, and commercial property development. Investment is the major earnings driver, generating about two-thirds of group earnings. The investment portfolio, by book value, is made up of 50% office, 20% retail, 15% industrial and the rest is build-to-rent and land lease assets. Longer term, Mirvac aims to increase exposure to the industrial and living sectors and own fewer offices and retail centers. Development income is volatile and was around one-fourth of fiscal 2025 group earnings. Besides developing apartments and houses, which Mirvac is best known for, it is also involved in commercial and mixed-use precinct developments. | $1 | -21% | $5B | $8B | 4.4x | 15.6x | ||
| Jabal Omar Development Co is engaged in the construction, management, and development of real estate properties located in the Omar Mountain area in Saudi Arabia. The company's segment includes, Operating Hotels; Commercial centers and Properties for development and sale. It generates maximum revenue from the Operating Hotels segment. | $4 | -28% | $5B | $7B | 12.2x | 7.7x | ||
 | Zion Capital Fundo De Investimento Imobiliario Fii main objective is to acquire shares in real estate developments predominantly in the death care sector, seeking to achieve good income for its shareholders. | -- | -- | $5B | $5B | (2722.7x) | — | ||
| Barratt Redrow is the UK’s largest residential property developer by revenue, marketing homes under its three brands: Barratt Homes, David Wilson, and Redrow. Barratt Developments, already the largest residential property developer in the UK by revenue, merged with Redrow in 2024. Barratt Redrow typifies the business model employed by UK homebuilders, traditionally operating in the land development, construction, and sales and marketing segments of the residential property development value chain. | $3 | -45% | $5B | $5B | 0.6x | 6.2x | ||
| Dexus has ownership interest in, manages, and develops a portfolio of office and industrial assets, about half located in Sydney. The office portfolio contributes nearly two-thirds of group earnings, and industrial assets account for about 15%. Dexus also manages third-party assets and has a funds management platform with AUD 36 billion in funds under management as of Dec. 31, 2025, spanning office, industrial, retail, healthcare, infrastructure, and their adjacent sectors. The REIT has stakes in many of the pooled funds, earning distribution income. Management is internalized, in contrast to some of its peers. | $4 | -8% | $5B | $8B | 12.2x | 15.5x | ||
| Rbr Desenvolvimento Comercial Feeder Fof Fundo DE Inv Imob is Brazil based company. It is a real estate investment fund. | $15 | -22% | $5B | $5B | 18155.4x | — | ||
| Persimmon is one of the UK’s largest residential property developers by revenue and dwelling completions, marketing homes under its three brands: Persimmon Homes, Charles Church, and Westbury Partnerships. Persimmon distinguishes itself from peers by operating in the lower-priced segment of the new-build market; Persimmon Homes' average selling price in 2024 was 20% below the UK new-build national average. Like peers, Persimmon has traditionally operated in the land development, construction, and sales and marketing segments of the residential property development value chain. However, unlike peers, in recent years, Persimmon has begun manufacturing its own bricks, tiles, and timber frames, aiming to secure the supply and quality of key materials and manage build cost inflation. | $14 | -20% | $5B | $4B | 0.9x | 6.7x | ||
| Allreal Holding Ltd is a real estate portfolio company in Switzerland. The company divides its business into two segments: real estate and project & development. The real estate division has three subdivisions: portfolio management, real estate management, and Building Management. The company's investment portfolio is mainly composed of commercial properties with a small section of residential investments. The project & development division offers a range of services, stretching from site and ground analysis through the construction of the project. The company develops projects in all segments of real estate for private and institutional investors and owners, and its portfolio. The company operates exclusively in Switzerland with the majority of its business in the Zurich area. | $268 | +12% | $4B | $8B | 14.0x | 19.6x | ||
| GSW Immobilien AG is engaged in the management of its own real estate and the acquisition and management of investments in other companies, particularly real estate holding companies. | $77 | -9% | $4B | $6B | 10.8x | 35.4x | ||
| Makkah Construction & Development Co is engaged in developing construction projects such as developing facilities near the Holy Mosque of Makkah. The company's objectives are to Build up the areas around Makkah Holy mosque, own, develop, operate, and invest in the real estate around Makkah Holy mosque, and carry out all engineering works, survey, demolishing & construction works for the company projects. | $21 | -17% | $4B | $4B | 14.8x | 29.8x | ||
| Meritage Homes Corp is engaged as a designer and builder of single-family attached and detached homes. It has operations in three regions: West, Central, and East, comprising twelve states: Arizona, California, Colorado, Utah, Tennessee, Texas, Alabama, Florida, Georgia, Mississippi, North Carolina, and South Carolina. The company operates with two principal business segments: homebuilding and financial services. The homebuilding segments are engaged in the business of acquiring and developing land, constructing homes, marketing and selling those homes, and providing warranty and customer services, and the financial services segment offers title and escrow, mortgage, and insurance services. The company generates key revenue from the Homebuilding segment. | $64 | +1% | $4B | $5B | 0.9x | 8.9x | ||
| Dubai Residential REIT is a closed-ended real estate investment fund incorporated in the Emirate of Dubai, United Arab Emirates and licensed by the SCA. The Group’s real estate portfolio is categorised into four price segments Premium, Community, Affordable and Corporate Housing which appeal to a range of socioeconomic demographics, in addition to the Other segment. | $0 | -5% | $4B | $4B | 8.3x | 5.2x | ||
| Berkeley Group is a UK homebuilder specializing in large-scale brownfield redevelopment projects in and around London. The group is vertically integrated through the land development, construction, and sales and marketing segments of the residential property development value chain. It also has a nascent proprietary built-to-rent platform. | $44 | -22% | $4B | $4B | 1.1x | 4.7x | ||
| FibraEduca Management SC invests in real estate opportunities in the education sector. The company seeks investment opportunities in the education sector with administrative efficiency to generate returns to investors. | $3 | +4% | $4B | $4B | 16.4x | 13.9x | ||
 | Kiler Holding operates as an investment holding company. The firm, through its subsidiaries, focuses on investments in real estate, sugar production, energy resources, retail, healthcare, tourism, sugar production, and transportation industries. The company's segment includes Construction, Textile, Energy, and Insurance. | $2 | +94% | $4B | $4B | 17.6x | 30.1x | ||
| Tri Pointe Homes Inc is an American construction company that focuses on residential construction. The company is engaged in the design, construction, and sale of single-family attached and detached homes in different states across the United States. Its operations are organized into two principal businesses: homebuilding. which generates key revenue, and financial services. The homebuilding business has three reportable operating segments, based on the geographical layout of the markets, and includes West region, Central region, and East region. The company's financial services operation is comprised of its Tri Pointe Connect mortgage financing operations, Tri Pointe Assurance title and escrow services operations, and Tri Pointe Advantage property and casualty insurance agency operations. | $47 | +59% | $4B | $4B | 1.3x | 13.2x | ||
| Howard Hughes Holdings Inc, through its subsidiary, operates a large-scale, mixed-use real estate platform focused on the development of master planned communities (MPCs), the investment in strategic real estate development opportunities, and the ownership and operation of income-producing properties. The group operates through three reportable business segments: Operating Assets, MPCs, and Strategic Developments. Maximum revenue is generated from the MPC segment, which consists of the development and sale of land in large-scale, long-term community development projects in and around Las Vegas, Nevada; Houston, Texas; and Phoenix, Arizona. Revenues are mainly generated through the sale of residential and commercial land to homebuilders and developers. | $63 | -7% | $4B | $7B | 5.0x | 14.4x | ||
 | Talaat Moustafa Group Holding is a holding conglomerate developing integrated communities, including but not limited to mixed-use real estate and hospitality projects. Its segments include Real estate, periodic-yield income, and Tourism. The Company's main objective is to participate in the incorporation of shareholding companies or participate in the capital increase of such companies. | $2 | +75% | $4B | $3B | 2.8x | 6.0x | ||
| Cavco Industries Inc designs and produces factory-built homes under the Cavco Homes, Fleetwood Homes, and Palm Harbor Homes brands. It also produces modular homes, park model homes, and vacation cabins, as well as commercial structures, among others. The company operates principally in two segments: Factory-built housing, which includes wholesale and retail systems-built housing operations, and the Financial services segment, which includes manufactured housing consumer finance and insurance. Cavco receives a majority of its revenue from the Factory-built housing segment. | $484 | +12% | $4B | $4B | 1.8x | 15.4x | ||
| Taylor Wimpey is the UK’s fourth-largest residential property developer by revenue and dwelling completions and was established via the merger of George Wimpey and Taylor Woodrow in 2007. Taylor Wimpey typifies the business model employed by UK homebuilders, traditionally operating in the land development, construction, and sales and marketing segments of the residential property development value chain. The company also has a small homebuilding operation in Spain. | $1 | -33% | $4B | $3B | 0.6x | 5.8x | ||
| The St. Joe Co is a real estate development, asset management, and operating company and it has three operating segments; the Residential segment plans and develops residential communities and sells homesites to homebuilders or retail consumers, the Hospitality segment that derives maximum revenue, features a private membership club, hotel operations, food and beverage operations, golf courses, beach clubs, retail outlets, gulf-front vacation rentals, management services, marinas, and other entertainment assets, and Commercial segment include leasing of commercial property, multi-family, senior living, self-storage, and other assets and it also oversees the planning, development, entitlement, management, and sale of commercial and rural land holdings. | $65 | +45% | $4B | $4B | 10.3x | 23.3x | ||
 | Olav Thon Eiendomsselskap is a general real estate company that operates in two segments: shopping centers and commercial property. The vast majority of revenue is derived from its shopping center segment. Olav generates most of its revenue in Norway, followed by Sweden. The company aims to realize portfolio returns through active development, effective management, and satisfied tenants. The company considers merger and acquisition investment as a component of its operational growth strategy. | $35 | -- | $4B | $6B | — | — | ||
| Pandox AB is the owner of hotel properties. The company organizes operations into two segments, namely, Lease and Own operations. In Owns Operation Activities, Pandox both owns hotel properties and runs the hotel operations. The company is active in various countries in Northern Europe. | $18 | +4% | $4B | $9B | 11.1x | 13.5x | ||
| AFI Properties Ltd is a real estate developer which initiates, constructs, rents and operates industrial buildings, offices, and commercial properties in Israel and Europe. The company also develops residential projects in Europe. The company's commercial buildings include Beit Harofim, Vertex House, The Main Commercial Center and Stage Center. Its shopping malls consist of Lev Hamoshava at City Center, Lev Talpiot, The Panorama Center and Big Fashion. Its offices portfolio includes Psagot Tower, Concorde Tower and AFI Square-Tel Aviv. Its logistic parks include Rehovot Science Park, Global Park Lod, Weitzmann Science Park and Migdal HaEmek Science Park. | $85 | +45% | $4B | $8B | 14.0x | 12.6x | ||
| Mobimo Holding AG is a Switzerland-based company. The company's business activities consist of the long-term holding and management of commercial and residential properties, the development of commercial and residential properties for its portfolio and third-party investors, and the construction and sale of owner-occupied residential properties. The company operates in two reportable segments; Real estate and Development. The Real Estate segment, which derives key revenue, shows the profit from investment properties held on a long-term basis to generate rental income. The Development segment shows the profit from investment properties under construction for the company's portfolio, development for institutional and private investors, and the construction and sale of condominium apartments. | $470 | +16% | $3B | $6B | 13.4x | 17.8x | ||
| M/I Homes Inc is an American construction company that focuses on residential construction. It consists of two distinct operations: homebuilding and financial services. The homebuilding operations are spread into the Midwest, Mid-Atlantic, and Southern regions, and the financial services operations support homebuilding operations by providing mortgage loans and title services to the customers of homebuilding operations. Homebuilding operations comprises a predominant portion of the revenue. The company builds homes and communities that target entry-level, move-up, and luxury homebuyers. | $128 | +21% | $3B | $4B | 0.8x | 6.2x | ||
| Greenland Holdings Group Corporation Ltd is a China-based company. The company is principally engaged in the business of industrial investment, real estate development, operation, leasing, replacement, residential and infrastructure construction, hotel management, urban rail transit projects, financial information services, greening projects, technical services in the energy field, property management. | $0 | -4% | $3B | $31B | 1.2x | (11.7x) | ||
| Shaftesbury Capital PLC is a property management company that operates a portfolio of real estate assets. With a diverse mix of shops, restaurants, cafes, bars, offices, and residential homes, destinations include the high footfall, and thriving neighborhoods of Covent Garden, Carnaby, Soho, and Chinatown, together with holdings in Fitzrovia. Geographically, all properties are in London. | $2 | -- | $3B | $4B | 13.6x | 7.2x | ||
| TAG Immobilien AG is a general real estate company that operates in Germany It focuses on sales activities in addition to the development and management of a residential property . The company focuses on regions characterized by improving quality of life while considering acquisition activity as a component of its operational growth plan. The company has three segments: Rental Germany, Rental Poland and Sales Poland, which derives maximum revenue. | $17 | -1% | $3B | $7B | 6.1x | 10.8x | ||
| Gav-Yam Lands Corp Ltd is a real estate company. It specializes in the initiation, planning, development, construction, leasing, maintenance, and management of hi-tech, logistics, and industrial parks and centers nationwide, as well as in the construction of dedicated complexes planned for long-term leasing. Through a wholly owned subsidiary, Gav-Yam also provides a variety of maintenance management services to tenants throughout the leasing period. | $14 | +41% | $3B | $6B | 20.5x | 13.6x | ||
| Catena AB is a Sweden-based listed property company that, through collaboration sustainably develops, owns, and manages logistics facilities. The company's operating segment includes Gothenburg; Helsingborg; Jonkoping; Malmo and Stockholm. It derives a majority of its revenue from the Stockholm region. | $47 | -7% | $3B | $5B | 16.5x | 16.8x | ||
| Fundo de Investimento Imobiliario Ancar I C is a real estate investment trust. The company invests majorly in Shopping Centers. | $89 | +215% | $3B | $3B | — | — | ||
| KB Home is an American construction company that focuses on residential construction in the United States. The company builds single-family homes and communities across different geographical segments which include the West Coast which also derives the majority of the revenue, Southwest, Central, and Southeast. The company operates in several markets and focuses on first-time and move-up homebuyers. It also invests in land acquisition and development to support future building activities and is also engaged in financial services operations which includes providing mortgage banking services through its joint venture with a third party. | $48 | -6% | $3B | $5B | 0.8x | 8.4x | ||
| Aroundtown SA is a Luxembourg-based specialist real estate investment group focusing on value-add income-generating properties in the German markets. The group covers commercial and residential real estate assets that benefit from fundamentals and growth prospects. The company operates in Germany, the Netherlands, the United Kingdom, Belgium, and other countries, out of which the majority of the revenue is generated from the German markets. | $3 | -- | $3B | $16B | 8.9x | 12.9x | ||
 | CA Immobilien Anlagen AG is a real estate company involved in owning, developing and managing, especially office properties in Austria and Germany as well as in Eastern Europe. The company generates revenues and other income from rental activities, the sale of properties held for trading, the sale of properties, as well as from development services. The company has two segments: the Eastern Europe core region segment, that consists of Poland and Czechia ; and the Eastern Europe other region segment, that consists of Hungary and Serbia. | $32 | +16% | $3B | $5B | 13.9x | 22.4x | ||
| Bellway is one of the UK’s largest residential property developers. It typifies the business model employed by UK homebuilders, operating in the land development, construction, and sales and marketing segments of the residential property development value chain. | $26 | -29% | $3B | $3B | 0.8x | 7.7x | ||
| ISRAEL CANADA (T R) Ltd is involved in locating, promoting and enhancing properties. The company invests in selected real estate projects in Israel and abroad, while offering its investors a variety of investment alternatives. The company possesses extensive assets in strategic locations in Israel and North America, from residential projects, through commercial assets. | $9 | +138% | $3B | $5B | 18.4x | 57.7x | ||
| Curbline Properties Corp is engaged in the business of owning, managing, leasing, and acquiring a portfolio of convenience shopping centers. The primary source of the company's income is generated from the rental of its convenience shopping centers to tenants. Convenience shopping centers are generally positioned on the curbline of well-trafficked intersections and vehicular corridors, offering excellent access and visibility, dedicated parking, and often include drive-thru units. Approximately half of Curbline properties have at least one drive-thru unit. | $28 | -- | $3B | $3B | 17.5x | 25.7x | ||
| Royal Heijmans NV is a construction company based in the Netherlands. The company is engaged in activities related to property development, construction & technical services and infrastructure in the fields of Living, Working and Connecting. The company realises projects for home buyers, companies and government entities. The operational segments of the company are Real Estate, Construction and Technology and Infrastructure. | $106 | +64% | $3B | $3B | 0.9x | 9.5x | ||
| Green Brick Partners Inc is a homebuilding and land development company. It acquires and develops land, as well as provides land and construction financing to its controlled builders. The company has three reportable segments: builder operations central, builder operations southeast, and land development. The majority of the company's revenue is generated from the builder operations central segment, which is entirely the operations of builders in Texas. The company is engaged in various aspects of the homebuilding process, including land acquisition and development, entitlements, design, construction, marketing, sales, and brand image creation. In addition to homebuilding, the company provides home financing services, such as mortgages and title. | $66 | +12% | $3B | $3B | 1.5x | 7.4x | ||
| Emaar the Economic City JSC is a real estate development and management company. The main activity of the company is the development of the King Abdullah Economic City (KAEC). It is also engaged in the development of real estate in the economic and other zones and other development activities, including infrastructures, promotion, marketing and sale of land within development areas, development of buildings and housing units, and construction on behalf of other parties. The company's reportable segments includes Residential business, Industrial development, Hospitality and leisure, Education services, and City operations. Key revenue is derived from its Residential business segment which includes revenue from sale/lease rental income of land and units for residential purposes. | $3 | -9% | $3B | $4B | 12.5x | 17.3x | ||
| Taiba Investments Co is engaged in buying, selling, leasing, operating, and managing real estate, hotels, commercial centers, hospitals, recreational and other residential, non-residential and tourism facilities. It also include construction, development and maintenance of commercial, residential and other real estate facilities as well as contracting in architectural, civil, mechanical, electrical, agricultural, industrial, mining, credit and mortgage service. The company in engaged in four segments: Real estate sector, Tourism sector, Property management sector and Head office and others. Key revenue is generated from Tourism which includes the operation and accommodation of hotels, hotel suites and tourist resorts. | $10 | +9% | $3B | $3B | 8.8x | 19.0x | ||
| Wihlborgs Fastigheter AB is a property company that operates in commercial properties based in Sweden. Its portfolio consists of commercial properties in the Oresund region, located in Malmo, Helsingborg, Lund, and Copenhagen. The company manages the property portfolio by acquisition, development, and sale of properties. The company generates the majority of its revenue from Rental income. The business comprises two divisions, namely the property management division, which monitors the local market conditions and organizes the property portfolio geographically, and the project development operation, which is involved in new-build and redevelopment projects, procurement, and follow-up procedures. | $9 | -15% | $3B | $6B | 13.0x | 14.8x | ||
| Median | $12 | +1% | $6B | $10B | 7.0x | 13.5x |
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