Property Market Efficiency: An Institutional Economics Perspective
This paper reassesses the debate around property market efficiency and\nintroduces an institutional perspective. It considers property market\nefficiency in terms of the specific characteristics of property itself\nand the processes through which property is used and traded. It argues\nthat the institutional dimension fundamentally alters the concept of\nefficiency and leads to a partial and contingent judgement on achieved\nefficiency. Instead of seeking a judgement on whether the `property\nmarket' as an entity is efficient, the institutional approach allows the\npossibility that `property market process' may be efficient for some\nmarket participants but not for others. It also introduces a time\ndimension, suggesting the need to assess the adaptability of property\nmarket process as economic and social conditions change.