ABSTRACT
The world’s real estate is worth US$280.6 trillion 1 : on average 3.5 times gross domestic product (GDP) and significantly more so in Europe, China/Hong Kong and North America. In the UK, the total stock of property assets has grown at an average rate of 6.1 per cent over 30 years 2 – close to double the rate of inflation – primarily due to a significant rise in the value of residential property.
