In July 2024, listed real estate companies in the United Kingdom (UK) traded at an average discount to their net asset value (NAV) of 18 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 October 2022, when the market exhibited the highest discount to NAV, amounting to 36 percent. The decline in discount to NAV reveals that the gap between stock prices and property values has started to narrow. This trend aligns with the broader European context, where a decline in the discount to NAV has declined since 2023. Notably, as of July 2024, 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.
Average premium or discount to net asset value (NAV) of listed real estate companies in the United Kingdom (UK) from January 2015 to July 2024
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
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EPRA. (August 23, 2024). Average premium or discount to net asset value (NAV) of listed real estate companies in the United Kingdom (UK) from January 2015 to July 2024 [Graph]. In Statista. Retrieved December 15, 2024, from https://www.statista.com/statistics/1536467/premium-to-nav-listed-real-estate-companies-in-the-uk/
EPRA. "Average premium or discount to net asset value (NAV) of listed real estate companies in the United Kingdom (UK) from January 2015 to July 2024." Chart. August 23, 2024. Statista. Accessed December 15, 2024. https://www.statista.com/statistics/1536467/premium-to-nav-listed-real-estate-companies-in-the-uk/
EPRA. (2024). Average premium or discount to net asset value (NAV) of listed real estate companies in the United Kingdom (UK) from January 2015 to July 2024. Statista. Statista Inc.. Accessed: December 15, 2024. https://www.statista.com/statistics/1536467/premium-to-nav-listed-real-estate-companies-in-the-uk/
EPRA. "Average Premium or Discount to Net Asset Value (Nav) of Listed Real Estate Companies in The United Kingdom (Uk) from January 2015 to July 2024." Statista, Statista Inc., 23 Aug 2024, https://www.statista.com/statistics/1536467/premium-to-nav-listed-real-estate-companies-in-the-uk/
EPRA, Average premium or discount to net asset value (NAV) of listed real estate companies in the United Kingdom (UK) from January 2015 to July 2024 Statista, https://www.statista.com/statistics/1536467/premium-to-nav-listed-real-estate-companies-in-the-uk/ (last visited December 15, 2024)
Average premium or discount to net asset value (NAV) of listed real estate companies in the United Kingdom (UK) from January 2015 to July 2024 [Graph], EPRA, August 23, 2024. [Online]. Available: https://www.statista.com/statistics/1536467/premium-to-nav-listed-real-estate-companies-in-the-uk/
