The vast bulk of applied real-estate research examines specific sectors and places. This emphasis is, of course, appropriate given the inherent characteristics of property which generate spatial and sectoral submarkets. Local supply conditions and constraints, localized components of demand and limitations on cross-market arbitrage mean that ‘national’ property markets are often only a statistical artefact. Within national economic spaces rents and prices (quality adjusted) for residential and commercial property differ across cities, and of course inter-urban disparities are marked across the European countries. Property price change rates also differ.