THE EFFICIENCY OF SELECTED REAL ESTATE MARKETS IN POLAND

Abstract

Real estate markets (REM) may be classified as strong-form efficient, semistrong-form efficient or weak-form efficient. Efficiency measures the level of development or goal attainment in a complex social and economic system, such as the real estate market. The effectiveness of the real estate market is a function of the efficiency of individual market participants. This paper comprises two parts. The first part attempts to analyze the efficiency of the Polish real estate market as a feature of general market efficiency. It formulates recommendations for improving market efficiency through the choice of adequate research methods and procedures based on the principles of the rough set theory.