Lecture
This lecture covers the concept of arbitrage with value in real estate economics, focusing on the appreciation of land and property. It explains how to calculate future prices based on known appreciation rates, the conditions of arbitrage and equilibrium, and the impact of inflation on purchasing power. The lecture also discusses nominal and real interest rates, providing formulas for comparing financial and land investments. By the end, students will have a solid understanding of how to apply arbitrage principles in real estate investment decisions.