MSc Real Estate Finance and Investment / Course details

This unit will introduce students to the fundamentals of real estate and also act as an introduction to academic study in this subject area. We will consider the concept of real estate markets: what is a market; how does it operate; what influences it? In this course unit, you will consider real estate and market hierarchies in both a global and national context. Students will explore a number of different geographic and sector markets, critically considering the institutional framework around these: political and legal background; social and cultural aspects; technological and environmental factors. You will study the structure of real estate ownership and how economic and monetary policies shape property cycles and the phenomenon of housing price bubbles. This course unit includes a short residential field trip to London, designed to encourage critical evaluation and comparison of real estate markets.

  NOTE THIS UNIT IS NOT AVAILABLE TO STUDENTS WHO ARE NOT ENROLLED ON MSc REAL ESTATE (ASSET MANAGEMENT OR DEVELOPMENT)

• to provide students with a sound knowledge of the structure and operation of real estate markets and the underlying economic drivers. 
• to encourage critical debate and reflection on the performance of real estate markets in an international context
• to foster a spirit of enquiry
   

A range of teaching and learning methods will be adopted with conventional lectures used to introduce topics in a structured manner. Workshops and seminars are used to explore a particular issue in more depth and encourage critical debate. The residential field trip is an important integral part of the course unit and is designed to introduce students to leading players and properties in a particular market. As noted in the Programme Specification, all course material will be available online. Formative feedback will be given through Q&A, discussion and interactive activities within lectures, workshops, seminars and FAQ section on Blackboard. Substantive written or audio feedback on your assignments will be provided through Blackboard.
 

Show a good understanding of the fundamentals of real estate and the structure and operation of real estate markets.
Explain the causes of economic and property cycles and housing asset ‘bubbles’.
Demonstrate knowledge and understanding of current influences and drivers for a range of real estate markets
 

Critically analyse and evaluate information, make considered judgements and produce innovative and credible solutions to problems

Develop numeracy skills through appreciation of issues around selection, accuracy, uncertainty and approximation with numbers.

Demonstrate high levels of skill in team-working, project management and commercial awareness.

Effectively communicate ideas and arguments using a variety of media, to both specialist and non-specialist audience.

Group Oral Assessment/Presentation (10-15 minutes) 25% weighting

Portfolio (2,500 words) 75% weighting

Formative feedback will be given through Q&A, discussion and interactive activities within lectures, workshops, seminars and FAQ section on Blackboard, including the Property Post discussion board.  Verbal feedback is available on coursework discussed during consultation hours. Substantive written or audio feedback on your assignments will be provided through Blackboard

Students are not expected to read all of the books listed.  You will be directed to read certain sections of some of these and you may wish to read further on particular topics, either in connection with this course unit or other subjects.

Economics:

Brueckner, J (2011) Lectures in Urban Economics, MIT Press.

O'Sullivan, A., (2012) Urban Economics 8th Ed.

Tiwari, P. and White, M. (2010) International real estate economics.  Basingstoke: Palgrave Macmillan

Finance:
Buckle, M. and Thompson, J. (2016) The UK financial system: theory and practice. 5th edn. Manchester: Manchester University Press
Pilbeam, K. (2018) Finance and financial markets 4th edn. London: Macmillan International Higher Education
Valdez, S. and Molyneux, P. (2016) An introduction to global financial markets 8th edn. London: Palgrave Macmillan

Real Estate Markets:
Barkham, R. (2012) Real estate and globalization Oxford: Wiley-Blackwell
Barras, R. (2009) Building cycles: growth and instability.  Oxford: Wiley-Blackwell
Baum, A. (2015) Real estate investment: a strategic approach 3rd ed. Abingdon: Routledge
Cao, J. A. (2015) The Chinese real estate market: development, regulation and investment. Abingdon: Routledge
Dent, P., Patrick, M. and Xu, Y. (2012) Property markets and sustainable behaviour Abingdon: Routledge
Isaac, D. and O’Leary, J. (2011) Property investment 2nd ed.  Basingstoke: Palgrave Macmillan
Lizieri, C. (2009) Towers of capital. Oxford: Wiley-Blackwell
Marriott, O. (1969) The property boom. London: Pan Books
Scott, P. (1996) The property masters: a history of the British commercial property sector Abingdon: Taylor Francis

This unit includes a short residential fieldtrip to London, linked to the assessment, normally held in October.