The European real estate markets were largely financialised in the years 2000. The financialisation of real estate requires the transposition to the real estate sector, by nature, of the phenomene of capital and investor globalisation, and the application of financial approaches and techniques in asset management. By being financialised, real estate is considered to be a financial asset. The financialisation of the real estate industry is based on the significant and growing importance of international investors. This article sets out the differences in the financialisation of real estate, which emerged in France in the middle of the year 1990 when the property crisis in offices was managed by the so-called opportunistic investment funds, most of which were North Americans. Jel classification: G01, G21, G23, N14, R30.