The real estate market has many important characteristics, some of them are shared with other markets, while others apply exclusively to it. We will focus here on some of the most important elements. The real estate market is fundamentally imperfect. This does not mean that it should be avoided, quite the contrary. Imperfection is inherent in many areas of our lives. This is solely due to the lack of very detailed information about it. Each property regardless, of its type, must be considered individually. It has its intrinsic positive and negative characteristics. We certainly cannot judge one property solely on a similar one that sold next door. It may have looked identical from the outside but the detailed features were different. We can consider this using the example of a flat in an apartment building. There are two identical units available in the same building on the same floor with the same liveable area. It would seem that they should have the same value. However one of them faces south and the other faces north. If someone is looking for a sunny flat (in the northern hemisphere) they will consider the one facing south, while the one with a northern orientation would not be considered by them. Hence the imperfection of the real estate market is caused by the lack of repeated rules we could use to evaluate properties. Because of this element, it is impossible to reach an equilibrium, but it will also cause relative stability of prices. Property prices do not react to short-term market changes and are resistant to speculation.