Week Ending: 28 August 2026

Spain ES Sector

Real Estate

For the week ending 28 August 2026, Real Estate declined 0.13% with 6 advancing, 7 declining, and 19 unchanged constituents. The index is equal weighted and built from country-listed equities.

Current architecture Balance

Directional pressure is compressed and neither side has durable control.

49 technical evidence
Index1231.16 1 week-0.13% Breadth19% Members32
Country 🇪🇸 Spain · ES
Universe country-listed
Price basis Adjusted weekly close

Trend architecture

Index, activity fan and structural anchors

Rolling 156-week evidence. Trend Signal points mark weeks when price, trend and the activity fan confirmed together.

Index Value Trend Line Fair Value Activity Lines Constructive architecture Transitional architecture Defensive architecture
Current architecture Balance 1 completed week in this state
Trend acceptance -0.6% Index versus Trend Line
Persistence 50% Positive regime, shorter trend weakening
Participation 19% 6 advancing, 7 declining

Investor positioning lens

Is the evidence ready for capital?

A rules-based technical classification using trend, breadth, persistence, relative strength and path quality.

Current posture Hold and wait for confirmation

The evidence is balanced enough to avoid a defensive call, but not aligned enough for aggressive positioning.

49 technical evidence
out of 100
Evidence balance

Five-pillar map

Wait
Trend
50
Breadth
21
Persistence
62
Relative
47
Risk quality
97
What supports the view
  • Constituent trends show positive multi-horizon persistence.
What restrains conviction
  • Index trend architecture has not delivered a durable upward expansion.
  • Breadth remains too narrow or inconsistent for a high-conviction position.
  • The group is not yet delivering dependable relative outperformance.
  • Stage 4 declining constituents exceed Stage 2 advancing constituents by 24 percentage points.
  • Positive contribution is concentrated in a small leadership cohort.
Independent sentiment overlay Sentiment held separate

Qualified news coverage is too thin to alter the technical positioning view.

Evidence that would change the view
  1. A completed weekly reclaim of 1,238.03, the higher of Trend Line and Fair Value, would improve the structural case.
  2. Breadth holding above 55% for several completed weeks would show that repair is spreading.
  3. Positive 13 and 26-week relative performance would confirm that capital is rotating into the group.

This is a weekly research classification, not personal investment advice. Sentiment is reported as an independent confirmation layer and does not alter the technical score.

Trend state and durability

Architecture, persistence and constituent regimes

The index path is tested against the underlying security-level trend evidence.

Index architecture Balance

Directional pressure is compressed and neither side has durable control.

State age1 weeks
Trend gateMixed
Fan width0.47%
Fast versus slow change-0.24 pts
Above 17% Below 50%
Six completed weeks of price acceptance relative to the full Activity Line fan.
Index persistence

Positive regime, shorter trend weakening

50% agreement

The long trend remains positive, but the 13-week horizon has turned against it.

13-week
-1.4%
26-week
-1.7%
39-week
7.2%
52-week
7.4%
Regime age104 weeks 52-week flips0 52-week boundary1146.64
Constituent trend persistence

Is the index move broadly durable?

100% coverage
Coherent positive22%
Coherent negative12%
Average horizon agreement77%
Positive horizon share55%
Weakening positives9
Repairing negatives1

32 constituents measured as of 28 Aug 2026. Median trend age is 48 weeks.

Custom stage map

Where constituents sit in the cycle

91% coverage
Stage 1 · Basing3%1 securities
Stage 2 · Advancing14%4 securities
Stage 3 · Distribution45%13 securities
Stage 4 · Declining38%11 securities
Re-acceleration watch1 Transition watch2 Relative strength leaders0% Fair Value repairs1

Measured as of 28 Aug 2026. Stages summarize price, Activity Line architecture, Fair Value position and relative evidence.

Architecture breadth

How market energy is distributed

73/100 mean confidence
Upward expansion
17% 5
Rotation up
0% 0
Deceleration
24% 7
Balance
21% 6
Rotation down
0% 0
Downward expansion
38% 11
Unresolved
0% 0

Architecture breadth shows the distribution of expanding, rotating, balancing and contracting securities. It is diagnostic context and is not added as a second vote in the positioning score.

Capital rotation

Performance relative to ES Market Structure

Weakening
Relative index 13-week relative trend Starting level
Rotation dashboard Weakening

A rising relative line means this group is compounding faster than ES Market Structure. A falling line means capital has done better in the parent benchmark.

Relative index99.8
13-week trend100.5
4-week trend change-0.15%
Weekly peer rank6 of 11
1 week
-0.1 pts relative
4 weeks
-0.1 pts relative
13 weeks
-0.3 pts relative
26 weeks
-2.1 pts relative
52 weeks
-2.0 pts relative

Market internals

Participation, dispersion and path risk

Equal-weight index evidence with constituent-level breadth and dispersion.

Breadth

Participation quality

Narrow
Advancing
6
Declining
7
Unchanged
19
4-week average 26%
13-week average 27%
Risk and persistence

Path quality

52-week lens
Annualised weekly volatility5.5%
Drawdown from 52-week high-2.1%
Positive weeks, last 1346%
Current directional run3 weeks
Turnover versus 13-week norm79%
Breadth impulse-8.9 pts
Cross-section

Return distribution

32 measured
Q1 0.0% Median 0.0% Q3 0.0%
Average winner2.1%
Average loser-2.4%
Dispersion1.7 pts
Top-five upside share97%
Top-five capital share75%
Capital data coverage100%

Dispersion describes how far constituent outcomes are spreading apart. Capital concentration is contextual only; the index itself is equal weighted.

Momentum cycle

30-week persistence

Positive readings show expansion. Negative readings show contraction.

Breadth cycle

Net participation

Advancers less decliners as a percentage of measured constituents.

Industry map

Where sector leadership is forming

Performance, breadth and trend acceptance across every qualified industry.

2/6 positive
Above Trend Line3/650% of industries
Constructive breadth1/6At least half advancing
Median industry0.00%1.37 pts dispersion
#1 Repairing

Real Estate - Development

0.67%
Participation60% vs Trend-4.3% vs Fair Value7.6% Members5
#2 Transition

Real Estate Services

0.52%
Participation43% vs Trend-1.6% vs Fair Value20.3% Members7
#3 Narrowing

Reit - Diversified

-0.12%
Participation0% vs Trend0.8% vs Fair Value14.2% Members9
#4 Weakening

Reit - Office

-3.38%
Participation0% vs Trend-5.2% vs Fair Value16.5% Members3
#5 Narrowing

Reit - Residential

0.00%
Participation0% vs Trend1.3% vs Fair Value8.8% Members3
#6 Narrowing

Reit - Retail

0.00%
Participation0% vs Trend4.9% vs Fair Value43.9% Members3

News and narrative

Does company news confirm the market tape?

Open Sentiment Intelligence
Sentiment evidence is still developing

Qualified company-level news coverage is not yet broad enough to influence the group view.

0 qualified records across 32 measured constituents.

Leadership tape

Leaders, laggards and contribution shape

Latest completed week, ranked on uncapped constituent returns.

Leading edge

1 RENRenta Corporación Real Estate, S.A.
4.64% 2 MTBMontebalito, S.A.
3.06% 3 NYENyesa Valores Corporación, S.A.
2.78% 4 HOMENeinor Homes, S.A.
1.21% 5 MVCMetrovacesa S.A.
0.75%

Weakest edge

32 MRLMERLIN Properties SOCIMI, S.A.
-4.18% 31 LIBLibertas 7, S.A.
-3.90% 30 ARMÁrima Real Estate SOCIMI, S.A.
-3.85% 29 COLColonial SFL, Socimi S. A.
-2.10% 28 AEDASAedas Homes, S.A.
-1.38%

Constituent ledger

Sector constituents

All 32 measured constituents, ranked by latest weekly return.

Rank Ticker Company Exchange Market cap Close Index contribution Return
1 REN Renta Corporación Real Estate, S.A. MCE 22.40M 0.722 0.14 pts
4.64%
2 MTB Montebalito, S.A. MCE 63.04M 2.02 0.10 pts
3.06%
3 NYE Nyesa Valores Corporación, S.A. MCE 19.53M 0.0037 0.09 pts
2.78%
4 HOME Neinor Homes, S.A. MCE 1.50B 15.90 0.04 pts
1.21%
5 MVC Metrovacesa S.A. MCE 1.59B 10.72 0.02 pts
0.75%
6 CLNX Cellnex Telecom, S.A. MCE 16.77B 26.23 0.01 pts
0.34%
7 CEV Compañía Española de Viviendas en Alquiler S.A. MCE 238.58M 9.50 0.00 pts
0.00%
8 DOMO Domo Activos, S.A. MCE 15.21M 1.38 0.00 pts
0.00%
9 GGC General de Galerías Comerciales SOCIMI, S.A. MCE 4.16B 161.00 0.00 pts
0.00%
10 ISUR Inmobiliaria del Sur, S.A. MCE 304.75M 16.70 0.00 pts
0.00%
11 YADR Adriano Care SOCIMI, S.A. MCE 117.94M 9.75 0.00 pts
0.00%
12 YADV Advero Properties SOCIMI, S.A. MCE 92.01M 13.60 0.00 pts
0.00%
13 YAI1 All Iron Re I Socimi, S.A. MCE 217.69M 14.00 0.00 pts
0.00%
14 YATO Atom Hoteles SOCIMI, S.A. MCE 568.15M 17.40 0.00 pts
0.00%
15 YCPS Castellana Properties Socimi, S.A. MCE 1.40B 9.50 0.00 pts
0.00%
16 YEPSA Emperador Properties SOCIMI, S.A. MCE 1.26B 10.40 0.00 pts
0.00%
17 YEUR EURO CERVANTES SOCIMI, S.A.U. MCE 158.86M 31.80 0.00 pts
0.00%
18 YFID Fidere Patrimonio Socimi, S.A. MCE 402.97M 40.00 0.00 pts
0.00%
19 YGMP GMP Property SOCIMI, S.A. MCE 1.20B 62.00 0.00 pts
0.00%
20 YGOP Gop Properties Socimi, S.A. MCE 119.13M 17.40 0.00 pts
0.00%
21 YIBI Ibi Lion Socimi, S.A. MCE 99.37M 1.31 0.00 pts
0.00%
22 YMIB Mistral Iberia Real Estate SOCIMI, S.A. MCE 21.67M 0.995 0.00 pts
0.00%
23 YTCH TECHO HOGAR SOCIMI Sociedad de Beneficio e Interés Común, SA MCE 53.53M 1.12 0.00 pts
0.00%
24 YTST Testa Residencial SOCIMI, S.A. MCE 423.91M 3.24 0.00 pts
0.00%
25 YVIT Vitruvio Real Estate SOCIMI, S.A. MCE 304.82M 18.00 0.00 pts
0.00%
26 RLIA Realia Business, S.A. MCE 1.52B 1.01 -0.02 pts
-0.49%
27 YHSP Hispanotels Inversiones Socimi S.A. MCE 101.67M 9.15 -0.03 pts
-1.08%
28 AEDAS Aedas Homes, S.A. MCE 933.00M 21.50 -0.04 pts
-1.38%
29 COL Colonial SFL, Socimi S. A. MCE 3.27B 5.36 -0.07 pts
-2.10%
30 ARM Árima Real Estate SOCIMI, S.A. MCE 256.80M 10.00 -0.12 pts
-3.85%
31 LIB Libertas 7, S.A. MCE 61.54M 2.96 -0.12 pts
-3.90%
32 MRL MERLIN Properties SOCIMI, S.A. MCE 8.28B 13.51 -0.13 pts
-4.18%

The index uses capped equal-weight weekly constituent returns. The ledger shows uncapped security returns so outliers remain visible for research.

Evidence context