ABSTRACT
This chapter provides an overview of the challenges that real estate investors face when they move outside the domestic market within which their knowledge and experience has been learnt. Over the first two decades of the twenty-first century, global real estate investing has become more common place. The classic texts in real estate economics all stress that the market deals in property rights and those rights have unique elements. The chapter provides a framework for understanding how individual market rules impact on the operation of markets and thereby either facilitate or constrain the objectives of specific market players. It also provides examples that focusing on factors that affect investment returns, either directly by affecting cash flows or indirectly through their impact on market dynamics. Capital markets, in any location, are always liable to sudden changes so are a major source of volatility in capital flows and liquidity.
