In July 2024, listed real estate companies in Spain traded at an average discount to their net asset value (NAV) of 36.2 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, the discount to NAV was the highest, at 56.3 percent. The narrowing of the gap between stock prices and NAV reveals an early sign of a recovery in the listed real estate market. This trend aligns with the broader European context, where most countries observed a discount to NAV. Across the different property types, residential showed the highest discount to NAV.