"By 2016 global real estate markets have generally recovered as real estate asset prices have increased beyond pre-crisis levels. Whereas debt and equity capital was scarce at the time we wrote the first edition, capital is now abundant. In addition, many institutions who had completely exited...

Efficient markets should guarantee the existence of zero spreads for total return swaps. However, real estate markets have recorded values that are significantly different from zero in both directions. Possible explanations might suggest non-rational behaviour by inexperienced market players or...