Real estate has historically been viewed as a local phenomenon. Builders and investors had, for years, prided themselves in their ability to find the best "location, location, location" based on their local knowledge. It is among the least "tradable" of products, in the sense of being physically unmovable, even though it can be bought and sold both domestically and internationally. This combination of local knowledge and predominantly local tradability was the primary reason why discussions of globalization in the 1990s, overlooked the real estate industry as a possible participant in the ongoing phenomenon of increasing global economic integration. Although an occasional headline would be grabbed by a foreign purchase of a local property, the business itself remained largely local, with the exception of the international property consultancy firms.

In the past two decades, however, globalization has increasingly involved the internationalization of services sectors and the various sub-sectors of the real estate industry have been enthusiastic participants in this global surge. Builders, real estate consulting and services firms, and investors have extended their area of operations beyond local markets to a worldwide base.

Several factors have led to this transformation of the industry. Technological changes have extended the geographic reach and weakened the nexus between “local” and “location”. The increasing opening up of formerly closed economies in the developing world has thrown open significant opportunities for real estate firms across the globe. Liberalization of business licensing, taxation and property ownership regulations in some of the largest emerging real estate markets further facilitates the participation by local real estate firms in global opportunities. There is also compelling evidence of wealth flowing into real estate investments in Asia Pacific both from outside and within the region.

The theme, Globalization of Asia Pacific Real Estate - Challenges and Opportunities, directs the Conference to examine the impact, challenges and opportunities presented by the globalization of real estate, particularly in the Asia Pacific region. Beginning with the legislative frameworks governing the real estate industry in key global cities like Hong Kong and Singapore, the tax structures in cross-border investments in real estate, emerging real estate markets within Asia Pacific, issues relating to data protection among others including future global opportunities for the real estate industry in the context of comparative international statistics and global demographic changes.