This report offers an integrated assessment of the shift within non-bank financial intermediation in real estate finance from structured products to leveraged institutions and collective investment vehicles. The paper reviews the key trends in real estate finance since the global financial crisis, activities and risks, with a focus on the implications of a prolonged period of low interest rates versus an abrupt path to rate normalisation on fragilities in the sector. In this sense, the report discusses policy considerations to help mitigate procyclicality and excessive risk taking in real estate markets by some entities in the non-bank financial sector.