(Bloomberg) -- Swedish real estate shares fell after business daily Dagens Industri warned of “obvious bubble tendencies” in the sector after a summer rally.

Sagax AB, Fastighets AB Balder and Samhallsbyggnadsbolaget i Norden AB -- this year’s top performers in the Stoxx 600 Real Estate Index -- each fell 4.5% or more on Monday. The sector gauge underperformed all other peers in Europe, down 0.8%. 

“There are signs that equities have been decoupled from fundamental developments as they accelerate much faster than earnings growth,” Dagens Industri analyst Magnus Dagel said in an article on Saturday.

The newspaper said that the sector’s average premium to long-term net asset value of 64% is “excessive,” and that it’s time for share prices to cool down considerably.

Seven of the 10 worst performers in the European real estate index were Swedish, with Castellum AB, Wallenstam AB, Wihlborgs Fastigheter AB and Fabege AB all down 2% or more. 

READ MORE: Swedish CEO Sounds Alarm on ‘Excessive’ Stock Market Valuations

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