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Average premium or discount to net asset value (NAV) of listed real estate companies in Europe from January 2015 to May 2025

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Source

Release date

June 2025

Region

Europe

Survey time period

January 2015 to May 2025

Supplementary notes

The figure refers to the constituents of the European Private Real Estate (EPRA) index and shows the share price relative to its average net asset value (NAV) per share. If the result is positive, the share is trading at a premium; if negative, it is trading at a discount.

The NAV is the average of three metrics: 

  • EPRA Net Reinstatement Value (NRV)
  • EPRA Net Tangible Assets (NTA)
  • EPRA Net Disposal Value (NDV)

Includes the following countries: Austria, Belgium, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Spain, Sweden, Switzerland, UK

Citation formats

Premium to NAV for listed real estate companies in Europe 2019-2025

Published by ÌÇÐÄÆƽâ°æ Research Department, Sep 17, 2025

In May 2025, listed real estate companies in Europe traded at an average discount to their net asset value (NAV) of **** percent. That reveals that investors believed that the underlying assets may be overvalued, and the industry is facing challenges. Despite the negative sentiment, the market saw an improvement from September 2022, when the market exhibited the highest discount to NAV, amounting to **** percent. The decline in discount to NAV reveals an early sign of a recovery in the listed real estate market. As of May 2025, Sweden was the only country where listed real estate companies traded at a premium to NAV. Performance also varied across different property types, with industrial showing the highest premium to NAV.

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