The real estate market consists of all real property assets with a destination to any use that may be subject to a payment transaction between two or more economic agents. The REM consists of a variety of markets that can be distinguished on the basis of their uses: residential, industrial, commercial, office use, tourist-receptive. The primary category of real estate is the land that can be described as building and not building; only the land defined as building can be considered in the development of the REM. The REM is different from other markets such as equity and/or bonds, due to certain characteristics like the fact of being a less liquid market, with little standardisation and little transparency. However, although characterised in such a way, it is influenced not only by the behaviour of economic agents that make up the demand and supply of real estate, but also by macro-economic aspects of the country in which it is considered. Among the factors that influence the dynamics of the values of real estate assets a dominant role applies to the environmental context where they are located, the housing density and the revaluation speculation. Among the factors that characterise the current REM, and in order to have points of contact with the stock market, is the process of "financialisation" of the sector, which has seen a gradual introduction of innovative tools (real estate funds, securitisation, REIT Real Estate Investment Trusts and Real Estate Investment Companies). The term "financialisation" identifies the process of integration between the financial market and real estate sectors, by highlighting in particular a new approach to the evaluation of real estate assets no longer exclusively based on natural and architectural features of the asset but on its economic and financial capacity to generate cash flows. Financialisation has the effect of partially increasing the standardisation and the liquidity in this market. With this approach, a real estate may be subject to a certain securitisation process with securities whose value depends on the ability to generate income in the future. The process has also led to deep changes in both the demand side, through the entry of new investors such as pension funds; and the supply side, through the use of the practice of securitisation, real estate funds, REITs , and spin-off.
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Editor: Alberto Maria SORRENTINO
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