Real Estate Market Efficiency. A Survey of Literature

Gunther Maier and Shanaka Herath

No 2009/07, SRE-Discussion Papers from WU Vienna University of Economics and Business

Abstract: In this paper, we discuss the question whether or not the real estate market is efficient. We define market efficiency and the efficient market hypothesis as it had been developed in the literature on financial markets. Then, we discuss the empirical evidence that exists concerning the efficiency or inefficiency of financial markets, usually seen as the reference markets as far as market efficiency is concerned. In a separate section, we turn to the real estate market. There, we define the real estate market and discuss various aspects that are decisive for the efficiency of that market. As it turns out, the result found in the literature is inconclusive. Majority of studies provide evidence supporting inefficiency of the real estate market while several studies maintain the notion of real estate market efficiency.

Keywords: Immobilienmarkt; Markteffizienz (search for similar items in EconPapers)
Date: 2009
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Citations: View citations in EconPapers (13)

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Related works:
Working Paper: Real Estate Market Efficiency: A Survey of Literature (2009)
Working Paper: Real Estate Market Efficiency: A Survey of Literature (2009)
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