With nearly $400 trillion in global value, real estate is the world’s largest asset class, over three times the size of the global stock market and nearly four times global GDP. As more people have put their savings in real estate, houses have evolved from shelter to

inflation-hedging assets that carry a significant monetary premium.

Whether it’s San Francisco, London, or Prague, residential and commercial landlords keep investing in more buildings despite only earning a 3% net rental yield.

The reason is very simple: real estate makes for great collateral.

In normal market conditions, banks are always happy to lend against real estate, which is why nearly anyone can…

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