Real estate markets operate as a series of linked markets and submarkets. This course examines the dynamics of the market and how it is driven by broader economic, social and political forces.

Classes to run in Semester 1 and delivered in 3 hourly blocks, once per week, over 6 consecutive weeks.

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Assessment:

The course will be assessed by a report (maximum 2,500 words) that provides advice to a hypothetical client on the current and future performance of different sectors of the market, and make reasoned predictions to enable them to make an informed decision requiring in the purchase of alternative assets.

The aim of this course is to enable students to visualise real estate as a series of linked markets and submarkets, which themselves relate to, and reflect, broader economic, social and political forces.

In accordance with the specific and evidenced competency requirements of the accreditation body (RICS), by the end of the course, participants should be able to:

■ recognise and evaluate the real estate market as a set of linked markets and submarkets, functionally divided between use, investment and development, and sectorally divided between commercial, residential and other types of property;

■ critically evaluate the institutional context for real estate markets and explain how legal frameworks, especially planning control, zoning and taxation, structure relationships between parties;

■ use microeconomic analysis of supply and demand to evaluate the determination of property prices and use to predict future rents and market values;

■ differentiate between the methods of sale available to vendors, and define and recognise the need for the different types of information required in placing real estate on the market, including that pertaining to its measurement, occupancy and planning status and evaluate the quality of data available in practice;

■ critically discuss how the performance of real estate markets relates to their local, regional, national and international economic context and assess how property market cycles connect to wider economic cycles and events;

■ assess the impacts of changing market conditions on lease terms and property values;

■ evaluate and assess alternative urban economic theories that exist to explain and model the determination of land and property prices;

■ evaluate and assess alternative urban economic models used to determine and/or forecast land and property prices;

■ present reasoned advice on a real estate market and how property prices are expected to perform in the future; and

■ search for, collate and analyse property market and macro-economic data.

Students must submit at least 75% by weight of the components (including examinations) of the course's summative assessment.

Minimum requirement for award of credit for students on MSc Real Estate, MSc City Planning & Real Estate Development and MSc in International Real Estate & Management is D3 or above.

University standard regulations apply to students on other qualifications.