EFFICIENT REAL ESTATE MARKET: EPISTEMOLOGICAL AND CONCEPTUAL APPROACH

Abstract

Starting from the fundamental theory of market efficiency, which incorporates and reflects all relevant information, the paper aims to develop epistemological the concept of efficiency in approaching the real estate markets. The shift from a period of science development to another has not affected the term connotation, although it has manifested itself in various forms of application and representation in defining procedural steps at microeconomic and macroeconomic level. In relation to the market, the efficiency is considered a measure and a quantifycation tool and tends to be a defining feature that gives rise to a dilemma, namely whether or not it is efficient the real estate market. The complexity of imperfections, through efficiency appeal, directs the market to the dimension of the contradiction between paradox and paradigm.

Keywords

• efficiency theory
• real estate market
• paradox and paradigm
• private property