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