EFFICIENCY OF THE REAL ESTATE MARKET: A META-ANALYSIS

Gunther Maier and Shanaka Herath

ERES from European Real Estate Society (ERES)

Abstract: The issue of whether or not the real estate market is efficient has been debated extensively in recent years. We use a meta-analysis to shed light on the issue. A sample of studies published from 1984 is used to examine the robustness of the evidence regarding efficiency of the real estate markets. Empirical studies that test the three versions of the Efficient Market Hypothesis (EMH), i.e. weak, semi-strong and strong form are considered along with tests of market fundamentals and price bubbles. Our dependent variable is whether the real estate market is efficient or not. It is expected that the results are sensitive to several research design parameters such as type of data used (aggregate or transaction level), geography of the market (US, Europe or Asia), type of property (residential, income generating or land etc.), scale of the market (local, regional, national or international), urban/rural classification, and to the publication year.

JEL-codes: R3 (search for similar items in EconPapers)
Date: 2010-01-01
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Citations: View citations in EconPapers (5)

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