Coverage

Paimio Research covers real estate developers and homebuilders as businesses. The question is always the same: is this company selling, what has it already sold, what will that turn into, and can the balance sheet carry it until it does.

The coverage universe is developers whose sales, land, backlog and balance sheets can be checked against public records and filings, and whose shares or bonds are held by people who need the work to be right. Listed equity first, and issuers with public debt where the paper matters more than the shares.

What we look at

Sales and pre-sales, measured against the developer's own history before anyone else's. Backlog, and how it converts into recognised revenue. Land: what it cost, what it is carried at, and how long it lasts. The balance sheet and funding: bank lines, bonds and sukuk, customer deposits and escrow. And the revenue nowcast that ties these together, published before the company reports.

Geography

Wherever the public record is good enough to do the work. Dubai is where the first published work sits, including a full report on Emaar and a monthly ranking of Dubai developers by sales pace, because its land registry records every primary sale. That work stays up as an example of the method. New names are added where the data allows a checkable number, not to fill a map.

What we publish

Company reports on individual developers. Regular sales updates where a registry supports them. Nowcasts of developer sales and revenue published before results, with the record kept in public either way. Coverage is free to read; the data and models behind it are for paying professionals.

How the work is done

Three inputs sit under every number: public sales and transaction records, mapped project by project to the companies that report to shareholders; company filings and disclosures; and field work, because buildings can be visited and launch prices can be checked. Every figure published here should be traceable to a registry, a filing or a stated method.