periodic worldwide economic turmoil over the last few decades has created an environment in which the degree of risk of investment assets is now an important factor in their evaluation. real estate investment: a capital market approach is the first text to examine the effect of such changes on real estate markets, taking an in-depth look at three major areas of financial and economic importance within the real estate profession: * the time value of money and the valuation of cash flows * risk and return in real estate * portfolio management real estate investment: a capital market approach is aimed primarily at students on both undergraduate and postgraduate courses in property investment or finance and mba real estate specialists. the text is also of interest to fund managers, property researchers and professional investment valuers.