Measuring Liquidity in Direct Real Estate Markets

At times of dislocation, whether that is the recent pandemic, the UK’s vote to leave the European Union or going back to the Global Financial Crisis (GFC), property market liquidity is of great concern to investors and managers. The direct real estate market is inherently illiquid when compared to equities or bonds; however, within that context of illiquidity, some property markets are undoubtedly more liquid than others.