“…Property counts as one of the most durable and cost-intensive assets for gratifying human needs. In contrast to other assets, real estate is characterised by the following distinctive features (Bone-Winkel, Schulte, Focke, 2008;Gondring, 2009;Brauer, 2011): long life expectancy, long production time, heterogeneity and uniqueness, dependency on its' location, low flexibility in utilisation, and a complete lack of any possibility of being substituted. Possible criteria for further classification of residential housing is the size of a dwelling in square metres or number of rooms, condition of the building or year of construction, fixtures and features and quality of the interior (Brauer, 2011).…”