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This paper reassesses the debate around property market efficiency and introduces an institutional perspective. It considers property market efficiency in terms of the specific characteristics of property itself and the processes through which property is used and traded. It argues that the institutional dimension fundamentally alters the concept of efficiency and leads to a partial and contingent judgement on achieved efficiency. Instead of seeking a judgement on whether the 'property market' as an entity is efficient, the institutional approach allows the possibility that 'property market process' may be efficient for some market participants but not for others. It also introduces a time dimension, suggesting the need to assess the adaptability of property market process as economic and social conditions change.

S um m ary. This p aper argu es th at the em ergin g research on territor ial com p etition should b e supp lem ented by an exp licit con sideration of the role of real p rop erty, and p rop erty m ark et p rocess, in shaping u rban com petitiven ess. The com petitive position of urban areas depends d irectly on the existin g stock of prop erty an d the¯ow of n ew or m odi® ed build ings. Equally im portan t, how ever, are the institu tion al form and stru cture of th e prop erty m ark et, and the p rocess by which econ om ic p ressu res for change are tran slated into prop erty m ark et activity . Eviden ce from six con trastin g Europ ean cities dem on strates m ark ed differen ces in the in stitution al environ m en t of their resp ective prop erty m ark ets. These differen ces are exp lored in term s of their poten tial sign i® can ce for the d eterm ination of urban com petitiven ess. The illustrative case stud ies provid e a schedule of prop erty m ark et characteri stics w hich can be used to inform exp lanation s of urb an econ om ic change an d to support the d esign of policies for territor ial com petition .

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Purpose -The purpose of this paper is to provide an analysis of the evolution of institutional arrangements to support the internationalisation of real estate involvements in European markets. Design/methodology/approach -Using a broadly institutional economics approach to markets the paper first outlines a market rational for institutional arrangements to support internationalisation and then examines how such arrangements have evolved in the context of European real estate markets. Findings -Significant new institutional arrangements have evolved to support the internationalisation of real estate involvements in Europe. The need to address the information costs and new information requirements necessitated by internationalisation has been a key driver of institutional formation. Both regulatory and informal barriers to internationalisation have also been important drivers of the evolution of new institutional arrangements to support internationalisation. Taken collectively the new institutional arrangement identified should be viewed as a significant step change in the structure of European real estate markets. Broad market evidence points to the success of these arrangements. Originality/value -The paper provides the first systematic account of the evolution of new institutional arrangements to support the internationalisation of real estate involvements in Europe. It identifies the key drivers of institutional formation and provides a sketch of the key characteristics of the institutions which have evolved.