The real estate market is a particularly diffilcult and fascinating research area as there are fundamental conditions at work complemented with individualizing local factors. The fundamental conditions include macroeconomic factors as well as cultural norms and legal regulations binding in given country. Local markets are also influenced by factors dependent on local economic, social and political conditions. While studying the real estate market, the systemic nature of the social phenomena which this market generates and which are present there should be taken into account. It is also necessary to use an individualized approach while studying local and regional markets, as well as apply dose of caution in comparing international markets.