Direct real estate market analysis is a rigorous investigative approach for academic research, and for direct real estate investment research in practice. An Asian International Real Estate Review considers the subject in the context of economic theory pertaining to market disequilibria, utilizing data from major cities in Asia as case studies. Such an approach makes it possible to determine what really defines an Asian direct real estate sector. What is being measured? How does it behave (in terms of price and non-price factors)? How is it structured? How effectively does it achieve sustainable total returns? And how does it manage direct real estate market uncertainty?Direct real estate market uncertainty originates from both the demand-side and the supply-side of the market. The market responds to structural macroeconomic and microeconomic factors that in turn are affected by related public policies. Such factors and policies interact to affect Asian direct real estate in unique ways since the Asian currency crisis of 1997. An Asian International Real Estate Review shows that while the details of direct real estate market analysis are different for the various Asian cities (and their direct real estate sectors) owing to their different stages of maturity, underlying principles nevertheless apply. An Asian International Real Estate Review also looks at managing direct real estate market uncertainty at the portfolio level via the analytical techniques of direct real estate asset allocation, direct real estate value-at-risk (VaR), real option analysis and pricing.