ABSTRACT
This chapter considers the nature of real estate and property, and their evolution.
Using a PESTEL framework, the real estate market is considered in terms of basic economic theory; its importance to the economy; and the main factors that have impact on it.
Real estate is then compared to the most common alternative investment options and analysed to identify its key characteristics.
The main reasons for owning real estate are briefly outlined and the wide range of real estate owners is identified.
