Eight years after the global crash, investors are flocking back to property, the market is more diverse than ever before and there’s talk of overheating. A significant proportion of this renewed investment is the pension savings of ordinary people. So how confident can we be that it won’t happen again? Banks, insurers and pension funds must all meet tougher regulatory requirements imposed since the crash, but property remains less stringently regulated than other asset classes, less transparent, and its risk management procedures are less well developed. As the current market cycle wears on, investors will inevitably be drawn into taking riskier positions to secure improved returns – positions that could leave them dangerously exposed when the next crash comes. In this cover feature for Modus, I interviewed Martin Brühl of German fund manager Union Investment Real Estate, currently president of the Royal Institution of Chartered Surveyors, about his plans to set a global standard for risk management. I also spoke to RICS members about the challenges of spotting genuinely uncorrelated assets, identifying the real source of funds in a completely international market, and maintaining constant vigilance over a global portfolio.