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Outlines a simple analytical framework for interpreting property market behaviour across use, investment and development markets and reviews evidence on market activity over the period 1970‐1994. A simple model of rational switching within investment markets appears to be supported by market evidence from the 1970s. However, the 1980s does not support such simple hypotheses and raises questions about the basis of property market behaviour, particularly with respect to investment. Have investment decisions been irrational or have we witnessed a necessary and justified realignment of property with respect to other asset classes?
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Geoffrey Keogh (1994) studied this question.
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