RE3IRM-International Real Estate Markets

Module Provider: Real Estate and Planning
Number of credits: 10 [5 ECTS credits]
Level:6
Terms in which taught: Autumn term module
Pre-requisites: RE2REEI Real Estate Economics and Investment
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Module version for: 2017/8

Module Convenor: Mr Eamonn D'Arcy

Email: p.e.darcy@henley.reading.ac.uk

Summary module description:

The module is about understanding how commercial real estate markets work in an international context. It covers three distinct, but interrelated areas - topics in international market analysis - analysis of European real estate markets - introduction to global market analysis. 


Aims:
The module aims to provide the student with a comprehensive introduction to key issues in and approaches to the analysis of international commercial real estate markets and in particular to examine the functioning and principal characteristics of Europe's major commercial real estate markets and the European real estate sector.

Assessable learning outcomes:

The module emphasises an understanding of the economic fundamentals, which underpin current market performances and investment prospects in the context of varying professional, institutional and legal arrangements. Upon completion of the module, students should be able to:




  • Identify and explain the main paradigms of property market analysis and their respective strengths and weaknesses

  • Discuss critically issues of institutional change in the property market

  • Construct a property market analysis illustrated by appropriate event histories of market performance

  • Understand the principal determinants of cross-border real estate activity

  • Explain the principal structural differences between Europe's major commercial real estate markets and their implications for market performance

  • Discuss the factors behind the recent performance of property markets in North America and Asia-Pacific.


Additional outcomes:
The module will assist students in developing an overall awareness of the determinants of property market performance at both macro and micro levels. The module will enhance the students' presentation skills and their quantitative and qualitative analytical skills.

Outline content:

The module covers three distinct, but interrelated, areas - topics in international market analysis - analysis of European real estate markets - introduction to global market analysis. The first critically reviews different approaches to market analysis. The second examines the functioning and principal characteristics of Europe's major commercial real estate markets and the European real estate sector. The analysis is supplemented by appropriate case studies of property investment and development in key European cities. The final section provides an introduction to global market analysis, and presents an overview of commercial real estate markets in North America, Asia-Pacific and Africa. This overview is again supported by appropriate illustrative case studies from each region.


Global context:
The vast majority of issues addressed in this module have global relevance. In particular the first and final sections of the module contain an explicitly global perspective on real estate markets.

Brief description of teaching and learning methods:

The module will be primarily lecture and seminar based with directed supplementary reading. The coursework consists of two elements: One minor group assignment involving the development of a short presentation on the construction of an indirect real estate ‘fund of funds’ and its delivery. The second element - one individual 2,000 word report - will act to allow the students to develop and execute a piece of property market analysis on a research topic of their own choosing. The directed reading will consist both of academic material on the theoretical concepts/models relating to the lectures and material relating to contemporary market, economic and political conditions. The students will be encouraged to place the latter material within the theoretical framework provided by the models of market analysis outlined. The directed reading will be supplement by appropriate web-based resources, especially with respect to market reports.


Contact hours:
  Autumn Spring Summer
Lectures 20
Project Supervision 4
Guided independent study 76
       
Total hours by term 100.00
       
Total hours for module 100.00

Summative Assessment Methods:
Method Percentage
Report 75
Oral assessment and presentation 25

Other information on summative assessment:

Formative assessment methods:
Guidance on presentations skills and presentation structure. Guidance on writing a project brief.

Penalties for late submission:

The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy. 

•  where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;

•  where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf

You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.



The Module Convenor will apply the following penalties for work submitted late, in accordance with the University policy.
  • where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;
  • where the piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

  • The University policy statement on penalties for late submission can be found at: http://www.reading.ac.uk/web/FILES/qualitysupport/penaltiesforlatesubmission.pdf
    You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.

    Length of examination:
    None

    Requirements for a pass:
    A mark of at least 40% overall.

    Reassessment arrangements:

    Reassessment will be by the same method as for the module’s original assessment requirements, subject to variation by the Examination Board where appropriate.


    Last updated: 15 May 2017

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