Two decades ago there was a clear distinction between core (mature) and non-core (emerging) real estate markets in Europe. In particular non-core markets accommodated a narrow range of market objectives, exhibited very high transactions and information costs and possessed very limited professional capacity related to real estate. These factors and the risks they implied inhibited investor activity in non-core markets. Recent evidence on the internationalisation of real estate involvements in Europe suggests that such traditional distinctions between core and non-core have become less relevant over time. This paper explores the ënew realityí of core vs. non-core in the context of European real estate markets. It assesses the continued relevance of such a distinction within the context of the significant step-change which has taken place in the structure of European Real Estate Markets over the past twenty years. The analysis suggests that the relevance of the distinction between core and non-core now relates more to investor and product characteristics rather than more traditional market structure based distinctions.