Euro zone QE may not help out banks—but watch real estate

The European Central Bank's massive quantitative easing (QE) program may only be of little help to the euro zone's banks, but could boost other sectors like real estate, analysts said on Tuesday.

Credit rating agency Standard & Poor's (S&P) said QE would likely be "only moderately positive" for banks, while a senior investment manager told CNBC that the asset-purchasing program could prove negative in the short-term.

"Quantitative easing will not be a game changer for euro zone banks," said S&P in a report out on Tuesday.

"The effect of QE on each banking system will depend partly on the effect on the underlying economic growth trends in each country…In jurisdictions where there is still significant debt overhang or where there is a clear lack of credit demand, we do not expect QE to have much effect on credit dynamics."