Description Unlike other investments, real estate is dramatically affected by the condition of the immediate area where the property is located. With the exception of a global recession, real estate is affected primarily by local factors. This is an allegorical depiction of real estate of ones mind as opposite to real world values. Real estate (immovable property) is often considered synonymous with real property (also sometimes called realty), in contrast with personal property (also sometimes called chattel or personality).Allegory, as a visual image or story has a second distinct meaning partially hidden behind its literal or visible meaning. The principal technique of allegory is personification, whereby abstract qualities are given human shapeas in public statues of Liberty or Justice. An allegory may be conceived as a metaphor that is extended into a structured system.