An earlier paper presented at an ERES conference (Maier et al., 2010) provided evidence that energy efficient improvements in residential properties were not capitalized into prices suggesting that the Austrian residential markets are not efficient. In this paper, we further shed light on this...

"The sales comparison approach of real estate appraisal derives the estimated value of a subject property from transaction prices of recently sold similar properties in the local market. In this way only a very limited number of available transaction information is utilized in the appraisal. The...

The continuous expansion of urban areas at the expense of rural and natural areas should understandably increase the desire for green amenities among urban populations. In this context, greenbelts become an important component in the modern city landscape. We apply the hedonic price method in...

The Hedonic Price Method (HPM), also known as hedonic regression, is used for estimating the value of a commodity or the demand for a commodity. The HPM has been extensively used in real estate and housing market research in the recent past. In this paper, we discuss theoretical and...

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...

The issue of whether or not the real estate market is efficient has been debated extensively in recent years. We use a meta-analysis to shed light on the issue. A sample of studies published from 1984 is used to examine the robustness of the evidence regarding efficiency of the real estate...

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...