Masters in Real Estate (Flexible)

Students will be able to demonstrate understanding of how financial issues influence decisions involving real estate within firms. They will show awareness of the problems that have to be overcome if real estate is to be treated on the same basis as other assets that are managed by companies. They will be able to extract information from company accounts and to understand the concepts of market efficiency as applied to property and the different approaches that can be taken to incorporate market perspectives into real estate management and decision making. In particular they will understand the forms of financing available to real estate companies/funds and their relative costs. Finally, students will be able to apply formal models to determine discount rates to be used in investment appraisal.

The content of the module is focused on some of the practicalities of real estate development, as well as on the broader context in which development takes place. There is an emphasison applyingand linkingconcepts from economics, political economy and finance in order to help students to develop their understanding of real estate development as a multidisciplinary process.In addition, students will develop a practical and applied understanding of the financial modelling of real estate development projects.

The module aims to provide the student with an understanding of the role,responsibilities and skills required of the Asset Manager and a critical appreciation of the diversity and development oftheirfunctions.

To enable students to understand the financial, technical and market context of the appraisal of real estate investments. Students will be introduced to different concepts of value and how these relate to decision making in the property investment market. They will apply basic financial and cash flow models to the appraisal of real estate investments, identifying the appropriate approaches for estimating Market Value and Investment Value as defined by International Valuation Standards. The information content of appraisals will also be considered, including inputs such as rental values, capitalisations rates, rental growth rates and exit yields.

The aim of this module is to enable students to develop an understanding of the role of property valuation in both investment and occupier markets. Students will understand the different approaches to valuation and be able to match the methods adapted to the role of the valuation. The module will build on the appraisal issues developed in the REMB05 Real Estate Investment and Appraisal core module and students will be able to distinguish between different concepts of value and the formal definitions of the bases that follow the concept. Students will be able to apply and critically evaluate different techniques and understand their limitations. Students will understand how statutory and quasi-statutory regulations influence and impact upon the valuation process. Students will understand the importance of the valuation process and the internal and external influences affecting this process and its outcomes.

This module introduces students to primary securitised real estate markets. Equity vehicles examined will include listed companies, with a focus on Real Estate Investment Trusts. The module will also examine debt and debt-related products (e.g. residential mortgages and mortgage-backed securities) and other real estate derivative products and investment vehicles. The module will present how the different vehicles are structured and what their applications are in an investment context.

This module aims to provide students with an understanding of why global, national and local housing markets operate as they do, and the implications this has for economies and societies more generally. It also aims to provide students with an understanding of how different types of policy – town planning, fiscal, monetary, etc. – can shape housing markets.

The module explores what has happened to global housing markets over the last century, examining the key supply and demand-side determinants of house prices, rents and affordability. It explores the role of mortgage finance, the relationship between housing markets and the macro-economy, and the recent growth of institutional investment in housing as an asset class. It highlights the distinct features of housing and land markets which make them susceptible to market failure, and discusses the various ways in which the state can intervene to potentially address these market failures.

This module permits a student to conduct a substantial research study on a relevant topic in either real estate or real estate investment and finance that is selected by the student in consultation with the module convenor and a specific supervisor.

The dissertation module provides a vehicle for an in-depth understanding of a chosen area of real estate or real estate investment and finance. Depending on the student’s interest, this requires students to select a relevant topic or issue in their programme area for further research and analysis. They will be specifically required to display academic rigour in carrying out an agreed research programme, in presenting findings, and in producing a high quality, fully referenced dissertation that is supported by appropriate statistical, qualitative and/or illustrative data.