What is this year's best-performing sector in the US stock market so far? It's not technology... It's real estate, up 40%, twice as much as the S&P. The rise in interest rates by central banks since last year and the economic downturn have had a powerful impact on the real estate sector in the US and Europe, leading to significant falls in the prices of many assets. In addition, the office segment has suffered from the uneven rollout of return-to-office plans, particularly in the US. In the summer of 2023, some of these trends began to reverse, so they must be analysed to determine whether the sector is on the verge of a turning point. Moreover, we briefly review the recent performance of the Chinese property crisis and its implications.