This text provides an analysis of real estate markets. Empirical examples drawn from Europe, North America, Pacific Rim and emerging markets illustrate the theories and issues discussed. It goes beyond the often descriptive nature of much property market analysis to focus on important theoretical principles. The book is divided into three main sections, covering: microeconomics of property markets; the macroeconomics of commercial property; and the financial economics of property. Throughout, the emphasis is on making an often complex area as accessible and readable as possible, with each...