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Efficient Real Estate Markets: Paradox or Paradigm?†

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  • George W. Gau

Abstract

This paper examines the question of whether an efficient markets paradigm should be adopted for the modelling and testing of real estate markets. It considers the perceived imperfections commonly suggested for these markets and reviews the existing weak form and semistrong form tests of real estate efficiency. Finally, it examines some of the likely implications for real estate research and practice resulting from the acceptance of such a paradigm. Copyright American Real Estate and Urban Economics Association.

Suggested Citation

  • George W. Gau, 1987. "Efficient Real Estate Markets: Paradox or Paradigm?†," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 15(2), pages 1-12.
  • Handle: RePEc:bla:reesec:v:15:y:1987:i:2:p:1-12
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    File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/1540-6229.00415
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    Cited by:

    1. Gunther Maier & Shanaka Herath, 2009. "Real Estate Market Efficiency: A Survey of Literature," ERES eres2009_155, European Real Estate Society (ERES).
    2. Fayez A. Elayan, 1993. "The Announcement Effect of Real Estate Joint Ventures on Returns to Stockholders: An Empirical Investigation," Journal of Real Estate Research, American Real Estate Society, vol. 8(1), pages 13-26.
    3. Ebrahim, M. Shahid, 2009. "Can an Islamic model of housing finance cooperative elevate the economic status of the underprivileged?," Journal of Economic Behavior & Organization, Elsevier, vol. 72(3), pages 864-883, December.
    4. Eli Beracha & Hilla Skiba, 2011. "Momentum in Residential Real Estate," The Journal of Real Estate Finance and Economics, Springer, vol. 43(3), pages 299-320, October.
    5. Patric H. Hendershott & Thomas G. Thibodeau & Halbert C. Smith, 2009. "Evolution of the American Real Estate and Urban Economics Association-super-1," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 37(4), pages 559-598.
    6. Paschalis Arvanitidis, 2006. "Property Market Purpose Efficiency: An Exploratory Analysis From an Institutional Economics Perspective," ERSA conference papers ersa06p567, European Regional Science Association.
    7. Armonat, Stefan & Pfnür, Andreas, 2002. "Basel II and the German credit crunch?," Publications of Darmstadt Technical University, Institute for Business Studies (BWL) 35585, Darmstadt Technical University, Department of Business Administration, Economics and Law, Institute for Business Studies (BWL).
    8. William L. Attebery & Ronald C. Rutherford & Mark E. Eakin, 1993. "Industrial Real Estate Prices and Market Efficiency," Journal of Real Estate Research, American Real Estate Society, vol. 8(3), pages 377-386.
    9. Richard J. Barkham & Charles W. R. Ward, 1999. "Investor Sentiment and Noise Traders: Discount to Net Asset Value in Listed Property Companies in the U.K," Journal of Real Estate Research, American Real Estate Society, vol. 18(2), pages 291-312.

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