Course syllabus for Market and value in real estate

Course syllabus adopted 2022-02-14 by Head of Programme (or corresponding).

Overview

  • Swedish nameFastighetsmarknad och -värde
  • CodeACE126
  • Credits7.5 Credits
  • OwnerMPDCM
  • Education cycleSecond-cycle
  • Main field of studyCivil and Environmental Engineering
  • DepartmentARCHITECTURE AND CIVIL ENGINEERING
  • GradingTH - Pass with distinction (5), Pass with credit (4), Pass (3), Fail

Course round 1

  • Teaching language English
  • Application code 88121
  • Maximum participants65
  • Open for exchange studentsYes

Credit distribution

0122 Written and oral assignments 3.5 c
Grading: TH		3.5 c
0222 Written and oral assignments 4 c
Grading: TH		4 c

In programmes

Examiner

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Eligibility

General entry requirements for Master's level (second cycle)
Applicants enrolled in a programme at Chalmers where the course is included in the study programme are exempted from fulfilling the requirements above.

Specific entry requirements

English 6 (or by other approved means with the equivalent proficiency level)
Applicants enrolled in a programme at Chalmers where the course is included in the study programme are exempted from fulfilling the requirements above.

Course specific prerequisites

To be eligible for the course you have to meet the entry requirements for the Design and construction project management (DCPM) master programme and (alt. a) have completed the compulsory courses for DPCM or (alt. b) have passed 30 hp in other master level courses in Architecture or Civil Engineering. For programme specific entrance requirements, see programme syllabus.

Aim

The built environment in Sweden is not only consisting of physical entities, but buildings are also valued as financial assets and the real estate market constitutes an important part of the national economy. Thus, understanding the dynamics and mechanisms of defining value in real estate is an important competence for design and construction project management students.

The aim of the course is to facilitate students understanding and knowledge about the practices and theory of values within real estate and to position this competence within design and construction project management scholarship through critical and interdisciplinary perspectives.

Learning outcomes (after completion of the course the student should be able to)

a. Describe and understand the basic mechanisms in the real estate markets
b. Describe and understand managerial perspectives in real estate markets
c. Explain and apply tools for calculation of valuation and profitability of real estate investments
d. Define, describe, review and interrelate core theories on the notion of value in real estate
e. Evaluate and critically reflect upon academic literature within the field of value and profitability of real estate investments
f. Synthesize and apply information from various sources in order to acquire a coherent understanding of how values related theory and professional practice interrelate
g. Demonstrate an understanding of contemporary opportunities and challenges for real estate in the context of sustainable development and digitalization.
h. Develop a sustainable and ethical awareness for the management of real estate
i. Demonstrate an understanding of, and the ability to apply, the principles of teamwork, collaboration and leadership

Content

The course is rooted in theories and practices developed within the realm of real estate economics and investments. Within this perspective, the course will present and discuss different perspectives on real estate economy. Cornerstones in the course will be;
  • Cognitively-based decision-making by different stake-holder perspectives like architecture, planning, economy and investments and management.
  • Theories, tools and methods in real estate market management decisions
  • Process related issues in decision-making and management when to develop real estate property
This above, many times inter-disciplinary, parts of the course represent different approaches to understand development and management of real estate markets.The following topics are covered
  • Real estate finance, investors and stakeholders
  • Real estate evaluation
  • Real estate investment analysis
  • Public housing in Sweden
  • Residential Buildings in Sweden
  • Commercial Buildings in Sweden
  • Digitalisation in real estate
  • Sustainability in real estate
  • Property procurement
The course deepens the participants knowledge of real estate markets in general. It further emphasizes the methods as means to research within this theoretical field. This knowledge is useful for different real estate problems. It also gives the participant an insight into his or her decision-making behavior.

Organisation

The course includes lectures, seminars, exercises, and assignments. Guest lecturers provide insights in theoretical concepts, case-based project work include visits to real estate companies.

Literature

Material distributed during the course will include book chapter, scientific articles and practioners material. A list of relevant articles will be presented prior to course start.

Examination including compulsory elements

The students are expected to be main drivers of their own learning by participating to the courses and commit to their group work.  Active participation in seminars, lectures, exercises and workshops can affect the final grading.

Examination according to learning outcome goals by two assignments:
  • Assignment 1, a group work, literature seminar 35%.
  • Assignment 2, a group note on case study 50%.
  • Assignment 1 and 2 involves handing in a written note and obligatory presentation day
Participation in obligatory course elements and minimum attendance 15%

Absence from one or several of the compulsory seminars or presentation sessions can be substituted with alternative assignments. The decision to approve that such compensatory procedure may be used is made by the responsible teacher on an individual basis. Some course content will only be given at the time presented in the schedule.

Examining assignments (written reports/assignments) that has received grade U (Fail) can be supplemented within 3 weeks from the day of grade announcement. If no such satisfactory supplement is handed in, the student will receive the grade U on the assignment.

The examination form focuses on the students overall performance in the course. The examination will include approved exercises, evaluation of project reports and presentations, active presence. This comprehensive examination is graded with Chalmers scale up to 5.

The course examiner may assess individual students in other ways than what is stated above if there are special reasons for doing so, for example if a student has a decision from Chalmers on educational support due to disability.