While the discussion of abnormal profit generation in inefficient markets can apply to any number of asset classes that trade in private markets, most of these markets suffer from a lack of data availability. The real estate market is an exception in this respect, and therefore provides an excellent laboratory for constructing a systematic view of whether and how informed institutional-level investors can generate abnormal profits through active trading in a somewhat inefficient market. Indeed, existing studies of the real estate market suggest that property markets display evidence of predictability (see . Liu and Mei (1992, 1994), Barkham and Geltner (1995), Case and Shiller (1990), Case and.
