Semester 1	Semester 2
Real Estate Economics
Real Estate Appraisal and Evaluation 1
Construction Technology
Spatial Planning (Edinburgh)
Real Estate Investment Analysis
Real Estate Management and Sustainability
Real Estate Development
Real Estate Appraisal and Valuation 2
Real Estate Economics

Semester 1 (mandatory)

This course aims to introduce students to an economic analysis of real estate markets. The course will help students to understand land and property markets from an economic perspective; to examine land and property as a set of linked markets and to consider regulatory constraints on real estate in economic terms including planning. The syllabus includes:

Introduction to key topics in economics – microeconomic demand and supply analysis, Elasticities, the macroeconomy; the economics of property market analysis: use, investment and development. The institutional context. Local, regional, national and global perspectives. Real estate cycles by sector. Property versus other asset classes; Analysis of property sectors (housing, offices, retail, industrial). Spatial economic analysis; Economic basis of planning, planning in a market economy. Economic analysis of planning policy, interaction of real estate and the macroeconomy.

Real Estate Appraisal and Valuation 1

Semester 1 (mandatory)

This course aims to establish the economic context for the creation of value, introduce the principles for the assessment of value in property markets, develop a clear understanding of the valuation process and appropriately apply the principal valuation methods (conventional and contemporary) to a range of property types and interests. Subjects covered by the syllabus include:

Economic context of the property market; The property professions: their role, ethical conduct and regulatory framework; Definitions of price, value and investment value (worth); Introduction to the principal techniques of property valuation; Valuation and appraisal mathematics: Present and Future Value, DCF, NPV and IRR; The valuation process; Analysis of market evidence and measurement practice.

Construction Technology

Semester 1 (mandatory)

The overall aim of this course is to provide students with a basic understanding of the different elements that make-up a building so that they can communicate effectively with construction professionals in the design and construction of buildings. Subjects include:

Structural Requirements for Buildings; Substructure Design – Foundations; Substructure Design – Basements; Structural frames and suspended floors; Superstructure - External walls and cladding Superstructure – Roofs; Services in Buildings; Offsite construction; Low carbon construction.

Spatial Planning

Semester 1 (mandatory)

This course aims to help students to develop a critical understanding of: spatial planning agendas; sectoral and spatial policy frameworks at national, strategic and local levels; legal and ethical frameworks; implementation mechanisms; development management issues; relationships between land and property and planning, including development rights and property rights. The syllabus includes the following subjects:

Reasons for planning; Development Planning; Urbanisation and Urban development; Development and property rights; Development Management; Environmental Assessment; Conservation and Globalisation and urban transitions.

Real Estate Investment Analysis

Semester 2 (mandatory)

This course aims to enable learners to develop an in-depth understanding of property as an investment medium and the application of investment and finance theories to both the general investment markets and the property market. The syllabus consists of the following topics:

Investment theory and the investment decision; the nature of risk and return; the characteristics of property as an investment; the role of property in the multi-asset portfolio; the application of modern portfolio theory; introduction to international real estate portfolio analysis performance monitoring; the emergence of new financial products in the property sector, and market efficiency and the cause of mis-pricing, real estate derivatives.

Real Estate Management and Sustainability

Semester 2 (mandatory)

This course aims to give students an understanding of: the legal framework for property management and ownership; the roles and functions of the property asset manager; the financial, legal and technical skills within the management domain; concepts and tools for sustainability management within real estate. Subjects covered by the syllabus include:

Law of contract, delict, land ownership; Strategy Management introduction and the role of management within surveying; Financial management/Sinking funds/service charges; Lease management; Marketing and negotiation; Physical property management; Concepts of obsolescence; Buy/lease/outsource decision-making and financial analysis; Real Estate management models; Scenario planning; International comparison of real estate strategies; Sustainable development, buildings and corporate social responsibility.

Real Estate Development

Semester 2 (mandatory)

This course aims to achieve an understanding of the structure and functioning of the contemporary real estate market and of the factors influencing the development decision. Subjects covered by the syllabus include:

The real estate market and the property development industry; The factors influencing the development decision; The techniques of development appraisal including cashflow techniques and risk analysis; The nature of planning agreements and their impact on development appraisal; The general form and content of real estate development and investment finance; The form and content of real estate partnerships including appraisal and financing aspects.

Real Estate Appraisal and Valuation 2

Semester 2 (mandatory)

This course aims to develop a critical evaluation of valuation and appraisal methods and provide an opportunity to develop an in-depth knowledge of advanced methods of valuation and appraisal for land and property markets. The course is intended to discuss and explore the following issues:

Investment appraisal: An examination of current issues in investment appraisal; Spreadsheets; Mass appraisal: application of statistical techniques for property appraisal; Business appraisal; Professional valuation and appraisal software.