MSc Real Estate

This unit will introduce you 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 in both a global and national context. You 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 how macroeconomics shapes property cycles and the phenomenon of housing price bubbles.

In this module, you will consider the role of property and the purpose of valuation. You will examine the five principal methods of valuation and their application. Working through the learning materials you will develop competence in applying these techniques to various property types and interests, with a particular focus on the market and income approaches. You will research and analyse property data and develop an understanding of the factors which affect value, the hierarchy of evidence and the reliability of valuations.

This module introduces the principles, nature and practice of planning systems and processes around the world to allow you to understand the fundamentals of how planning and development operates in a number of countries.  It examines discretionary, zoning and hybrid systems and explores how such systems impact the development process.

You will examine the process of development, from project inception, site assessment and initial design through to planning, implementation and site disposal.  You will critically consider the inter-relationship of the property market, built form and development and both planning and environmental regulation as different land uses compete with each other for the available supply of resources, to meet the need for both built estate and green space in urban areas.  There is a strong focus on financial appraisal and the importance of financial risk management and viability.

This module is a combination of the context of investment and finance. It aims to comprehensively examine the broad investment markets and to place into context the role of real estate as an investment asset by examining alternative investment vehicles.

You will examine the role of the asset manager, primarily from the perspective of commercial property investment. It will cover both the strategic aims and the tactical approaches that are used in the pro-active asset management of a real estate portfolio. An important part of this course unit is the use of a ‘virtual portfolio’ comprising a variety of properties, with individual risk profiles, for which management information, typical of that found in UK practice, will be provided.

You will identify and investigate a research problem located in or inspired by real estate practice. Beginning with one or more research questions, you will explore a workable solution to that defined issue or problem ideally combining the practical with the theoretical, supported by empirical evidence.

Knowledge and Understanding

• Demonstrate their broadening and deepening subject and/or professional knowledge.
• Demonstrate an increasing and critical engagement with research and scholarship.
• Make recommendations for improvements in professional practice and for the research agenda, including their own studies.

Intellectual Skills

• Critically evaluate relevant bodies of literature.
• Demonstrate critical reasoning through generating research findings that add to the existing body of knowledge on a particular subject area.
• Identify an appropriate range of research methods, including the development of a focal question or hypothesis, an appreciation of the research methodology and analytical techniques to be utilised, the undertaking of a specific research study, the synthesis and evaluation of findings, and a clear statement of conclusions and recommendations.
• Appraise different theoretical perspectives and assessment of their relevance to a problem

Practical Skills

• Conduct literature reviews and secondary research using a range of bibliographic techniques and sources including those available through the world wide web.
• Analyse and synthesise relevant concepts and methods, and apply these to a relevant problem.
• Design and conduct small-scale primary research activities (where appropriate and feasible).
• Manage own work and learning in relation to a research project and write in an appropriate academic manner.

Transferable Skills and Personal Qualities

• Demonstrate analytical and evaluative skills to appraise real estate literature and other sources of evidence.
• Use problem-solving skills: identifying problems, researching, or creating a range of options to resolve them.
• Exemplify high quality written skills: describing, explaining and synthesizing sophisticated arguments; constructing own arguments.
• Use Information Technology: using ICT to search databases and other internet resources for literature and producing documents using word processing and presentation programs.

This course unit will introduce students to the fundamental legal principles that underpin real estate practice and must be understood in order to operate effectively. It will then critically explore how these are manifested in, and the consequential impact on, the real estate market and practice.  Although English law will be used to examine issues in detail, students are encouraged to consider these concepts operating under different legal jurisdictions. The following topic areas will be covered:

• The nature of law and legal frameworks
• Law of contract: how contracts are created, operated and terminated in general
• Leases: how leases are created, operated and terminated, including service of notices
• Other types of contract encountered in real estate practice
• Duties and obligations arising from the law of tort
• Professional negligence, professional regulation and ethics
• Property law – land tenure, third party rights, boundary and neighbour issues
• Conflict avoidance and alternative dispute resolution
• Law of estate agency

Aims

• introduce students to the legal environment in which decisions relating to real estate investment, management and development are made
• provide detailed knowledge and skills on key areas of practice
• provide opportunities for students to critically explore the application of legal principles and procedures
• foster students’ ability to consider issues in a holistic manner

Knowledge and understanding

By the end of this course unit students should be able to:

• Explain the significance of the legal context and framework for real estate practice
• Demonstrate applied knowledge of a range of key legal principles in real estate practice
• Demonstrate a comprehensive understanding of a surveyor’s professional obligations and the role of professional regulation and ethics

Intellectual skills

By the end of this course unit students should be able to:

• Demonstrate the ability to define issues in dispute, identify the relevant legal rules, apply the rules whilst distinguishing between facts in different cases, and reach a reasoned conclusion.
• Differentiate between fact and opinion.

Practical skills

By the end of this course unit students should be able to:

• Identify and use appropriate information retrieval systems.

Transferable skills and personal qualities

By the end of this course unit students should be able to:

• Demonstrate their ability to read a range of complex works and summarise their arguments succinctly.
• Recognise their own limitations and work effectively within these.

Overview

This unit is designed to train the students in conducting applied quantitative research in real estate, housing, or planning contexts. In more detail, the unit introduces and fully covers the following topics:

• Understanding different types of data.
• Presenting and summarizing data using descriptive statistics.
• Gaining an excellent grasp of inferential statistics: probability, probability distributions, expected values, hypothesis testing, correlation and covariance.
• Learning to employ linear regression techniques, hypothesis testing of the regression output, conducting model diagnostics, and interpreting the results.
• Gaining expertise in the econometric modelling of real estate time-series data. This includes time series models, modelling univariate time series, unit root processes, multivariate time series, and forecasting.
• Running multivariate techniques using SPSS, interpreting, and presenting the results and statistical output.

Aims

• Provide research-focused education on the analysis of real estate markets, to outstanding students from the UK and overseas;
• Provide a rigorous exposition of relevant analytical and quantitative tools;
• Give students a good grounding in statistics and modern econometric techniques. The students will fully understand the ways in which these techniques are applied to the empirical analysis of data in the real estate, housing, or planning fields;
• Enable students to conduct excellent quantitative research during their PG dissertation, to progress to higher degrees, or to follow successful careers in the real estate sector, for both public and private organizations, in the UK and overseas.

Knowledge and understanding

By the end of the course unit students should be able to:

• Develop a complete understanding of fundamental concepts in statistics, econometrics, and modelling relevant to real estate, housing, and planning.
• Demonstrate full knowledge of the theory and practice of modern econometrics, particularly applied to real estate.
• Develop competence and understanding to be able to carry out good quality applied quantitative research with confidence and authority.
• Develop the critical insight to appraise econometric results obtained by other researchers.

Intellectual skills

By the end of this course unit students should be able to:

• Systematically approach the construction of a solution to real-life problems, demonstrate the solution’s applicability and show its theory connections.
• Produce a sustained, sophisticated, and logical argument, backed up by empirical statistical results.
• Design and apply appropriate research methodology to a wide range of real estate issues.

Practical skills

By the end of this course unit students should be able to:

• Apply appropriate quantitative techniques to real estate, housing, and planning contexts.
• Design and develop conclusions based on evidence including hypothesis testing and modelling outputs.

Transferable skills and personal qualities

By the end of this course unit students should be able to:

• Project manage complex tasks and deliver to strict deadlines.
• Make presentations and write reports that are well-researched, ethical, coherent, cogent and logically structured.

Aims

• Consider how organisations develop and implement strategic objectives.
• Explore the role of real estate in supporting organisational objectives (for business, public or third sectors)
• Provide students with the depth and breadth of knowledge required to identify and critically evaluate user needs, property resources and the property market from the occupier’s perspective.
• Create communities of practice to develop knowledge and application of discipline-specific subject matter by applying relevant concepts and techniques to solve problems in a project environment.
• Develop high-level communication and information technology skills to solve problems and present solutions. 

Knowledge and understanding

By the end of this course unit students should be able to: 

• Understand the business planning process, its drivers and its limitations.
• Use a range of tools and techniques to identify the needs of real estate occupiers including large and small corporates and the third sector.
• Understand the interrelationship between planning, development, management and occupation of built assets.

Intellectual skills 

By the end of this course unit students should be able to:

• Evaluate the extent to which a particular location can satisfy the needs of real estate occupiers.
• Explore the advantages and disadvantages of a city or region as a location for a range of business sectors.
• Interpret corporate strategy and objectives and apply them to the development of a real estate strategy and operational plan.

Practical skills 

By the end of this course unit students should be able to:

• Deliver solutions to complex real estate problems.
• Provide clear, practical advice to clients

Transferable skills and personal qualities 

By the end of this course unit students should be able to:

• Work effectively in teams and individually, project managing complex tasks and delivering to strict deadlines.
• Make presentations and write reports that are well-researched, ethical, coherent, cogent and logically structured.