Analysis of Value Creation in Real Estate.

Abstract

The real estate sector is strategic for the Spanish economy, having experienced significant fluctuations in recent years, including numerous retailer bankruptcies that often generate distrust among shareholders who fear their investments will not be compensated. To obtain relevant information about these companies' ability to create value for their shareholders, we analyzed real estate companies listed on the Spanish stock market. Financial data were processed, and the necessary variables were calculated to conduct an exhaustive analysis of value creation for these companies, following the main theories in the literature. The results indicate that construction and civil engineering companies successfully create value for their shareholders and are thus better equipped to face potential trust crises in times of financial market instability.