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Many investors only invest in bricks and mortar, believing that, regardless of what else happens, they’ve still got the property. But history tells a different story, with underwhelming price performance in real terms and many pitfalls for this asset class. The value of bricks and mortar goes up and down, like all other asset classes, and property values can fall, sometimes dramatically. Ultimately, many investors are comforted more by the perceived rather than the actual security of property values, and that is reinforced by the fact that, whilst the rise and fall of share prices might be reported on the nightly news, nobody values their property every day. Infrequent valuations tend to reinforce long-term thinking, which is of course very important to investing success. But intelligent investors focus more on facts than feelings, so let’s explore a few facts about property prices, and the risks involved in investing in real estate.