Abstract

Property market efficiency in terms of adequate supply of land for proper use will have a strong impact on the value of urban real estate. Land supply plays an important role in providing space for housing which also includes meeting the demands of the commercial and industrial sectors. Hence, the distribution of urban land for development will affect the structural development of a city. Meanwhile, the existence of vacant urban land can lead to an unbalanced real estate development. This paper therefore aims to examine property efficiency relationship between real estate ability and the development process. Literature review from previous studies suggests that it is possible to examine property market efficiency. The term ‘efficiency’ has been viewed from different perspectives of theories or approaches by various researchers. Interestingly, many researchers have tried to examine property efficiency issues from the conventional approach until the emergence of the need to provide an alternative economic institutional approach. Institutionalisms consider rules, policy and organisations and the way these may govern agents’ social relations and their attitudes in the society. It means the major role of institutions in a society is to reduce uncertainty by establishing a stable structure to human interaction.

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