MSc Real Estate Development

This unit will introduce students to the fundamentals of real estate economics and also act as an introduction to academic study in this subject area. The unit will cover fundamental economic principles underlying citiy regions, urban and land use planning, and commercial and residential real estate markets. Students will also apply  these principles to understand several current and policy relevant debates around real estate, nationally and internationally. In this course unit, students will consider real estate markets within macroeconomic contexts. 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. Students will study the structure of real estate ownership and how economic and monetary policies shape property cycles and the phenomenon of housing price bubbles. 

  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 real estate economics and its applications
• To encourage critical debate and reflection on policies and their implications for the functioning of real estate markets both locally and internationally
• 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. As noted in the Programme Specification, all course material and recordings of lectures will be available online. Students are expected to read suggested papers and reports and take a lead in discussions in the class. Formative feedback will be given through Q&A, discussion and interactive activities within lectures and FAQ section on VLE. Substantive written or audio feedback on assignments will be provided through VLE.

Show a critical understanding of the fundamentals of real estate economics

Have an overview of the structure and operation of real estate markets

Understand economic reasoning to analyse current policy influences and drivers for a range of real estate markets
 

Critically analyse and evaluate information, make considered judgements 

Devise economic frameworks for evaluating  policy impact on real estate markets 

Factor in the effects of various policies to forecast future risks and returns while selecting and making real estate development and investment decisions.
 

Provide credible solutions to policy problems

Accurately interpret and synthesise complex quantitative models and results

Effectively communicate ideas and arguments in writing to both specialist and non-specialist audience.

Develop numeracy skills through appreciation of issues around selection, accuracy, uncertainty with sampling and quantitative methods. 

Portfolio, 3000 words 100% Weighting

Verbal feedback is available on coursework discussed through consultation hours. Substantive written or audio feedback on your assignments will be provided through VLE. 

Economics: 
 

Brueckner, J (2011) Lectures in Urban Economics, MIT Press. 
O'Sullivan, A., (2012) Urban Economics 8th Ed. 
Lall, S. V., Freire, M., Yuen, B., Rajack, R., & Helluin, J. (2009). Urban land market. World Bank: Washington, DC, USA, Springer.
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 
Geltner, D. M., Miller, N. G., Clayton, J., & Eichholtz, P. (2007). Commercial real estate: analysis & investments. Cengage learning.
 

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

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 n: Taylor Francis

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