Traditional economics assumes rational investors, whereas markets are full of irrational investors. The abnormal phenomena in asset markets may stem from irrational investors' sentiment. This study examines whether investor sentiment influences the real estate market, transaction prices, trading volumes, time on the market and price concessions. We compile different sentiment indicators, including the direct methods (through questionnaires) producing current and future sentiment indicators, and the indirect methods (through proxies in the real estate market). This study finds that sentiment has statistically significant effects on the real estate market. The impact of sentiment is not only on the price (transaction prices and price concessions) but also on the trading volumes and liquidity.
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