What effect does war or large scale, prolonged military conflict have on property prices?

On a first principles basis, this is what we know about real estate

Inflation hedge. Rents and prices for property generally rises together with the inflation rate. Derived demand. i.e. demand for houses due to population growth results in demand for houses, apartments etc. Demand for legal services results in demand for office space. Demand for retail therapy results in demand for shopping mall space Tangible. Real estate can be felt, touched and seen Requires management. You can’t buy a house, office or retail space without managing it. Low liquidity. You can’t go to your broker, snap your fingers and get cash in exchange for your property.

What would happen in a time of war?

If you’re living in a conflict zone, your property might be bombed out and reduced to rubble. In that case …