The past five years have seen an explosion in activity from high net worth private individuals investing directly in real estate reflecting the relative strong returns provided by real estate, at a time when the cost of finance has fallen providing a positive arbitrage over the property yield. However the ëlumpiness' of property, its illiquidity and size of investment required to gain access to just a single property means that it is often only in reach of high net worth individuals. With significant investment required to invest in limited partnerships, and relatively few authorised vehicles for the smaller private individual, access to real estate largely remains the preserve of the wealthy. Moreover, the closing gap between yields and cost of debt raises question as to whether the private investor will flee the property market particularly if other asset markets begin delivering strong returns. The aim of the paper is to assess the extent to which the private investor will be part of the future property investment landscape, a topical question in the property investment community. The prospect of Real Estate Investment Trusts will provide challenges through enabling smaller private individuals to gain access to real estate performance and offering an alternative investment to wealthier individuals. Another objective of the paper is to highlight likely risks to the property investor from exposure to both existing and future vehicles. The methodology to examine the above issues is a combination of quantitative and behavioural analysis. We make use both of external and Jones Lang LaSalle data sources including the IPD/Jones Lang LaSalle Auction Results Analysis System.