Informational efficient prices are a necessary requirement for optimal resource allocation in the commercial real estate market. Prices are informational efficient if they reflect buildings' benefit to marginal buyers, thereby taking account of all available information on future market...

We study the impact of macroeconomic factors on apartment house prices. A simple version of the so-called new IS/LM model is used to analyze the interaction of macroeconomic variables and prices. It is assumed that prices follow the rational valuation formula (RVF), which states that prices...