REMF58-Introduction to Real Estate Economics and Investment

Module Provider: Real Estate and Planning
Number of credits: 10 [5 ECTS credits]
Terms in which taught: Autumn term module
Non-modular pre-requisites:
Modules excluded:
Current from: 2023/4

Module Convenor: Dr Carlo Corradini

Type of module:

Summary module description:

This module is designed to cover the  basics of the economics of land and property markets   to provide a foundation for economic commercial real estate analysis. The topics covered by this module include microeconomics of land use, demand and supply of real estate, and property cycles.


The module aims to provide students with insights into the application of basic economic principles and models to understand how  land and real estate markets work. The objective of the module is to develop a comprehensive understanding of how land use is allocated within cities, equilibrium adjustment processes in demand and supply of real estate, dynamics of real estate markets ,and investment from a macroeconomic perspective.

Assessable learning outcomes:

Intended learning outcomes: 

By the end of the module, students will be able to explain the demand and supply factors underlying land and real estate markets and apply them to understand  how they function in the real world. 

Assessable learning outcomes: 

Upon completion of this module, it is expected that the student should be able to: 

  • understand the forces underlying the determination of urban land use and critically evaluate bid-rent models;

  • demonstrate a comprehensive understanding of the principal determinants of the demand for and the supply of commercial, industrial and residential property;

  • develop a practical understanding of different concepts of market efficiency and evaluate their applicability in real estate markets;

  • link macroeconomic conditions to real estate market trends (demand, supply, pricing), and apply a practical understanding of such relationships to changing economic and technological conditions globally.

Additional outcomes:

The module will help build awareness about dynamic conditions in global and local economies, as well as the role of governments and regulations, their impacts on actions of stakeholders in the industry and real estate market outcomes. It will develop students’ ability to use analytical reasoning and critical thinking while making business decisions in a rapidly changing and hyperconnected world. Students will be introduced to key performance metrics: e.g. yields, cap rates, vacancy rates.

Outline content:

  • Agglomeration economics, global networks of cities, urban challenges

  • Determination of land use and land rents from Ricardo to Mills-Muth

  • Dynamic adjustments of demand and supply and price determination (non-residential and residential) 

  • Macroeconomic linkages in real estate markets (non-residential and residential) 

  • Real estate data: rental yields, vacancy rates, construction pipeline, and other fundamentals and performance indicators (non-residential and residential).

Global context:

The literature and datasets that are referred to throughout the module provide a mixture of UK and international examples. 

Brief description of teaching and learning methods:

The module will be comprised of lectures and seminars. The seminars will complement the lecture material, providing students with the opportunity to build on concepts and a further understanding of the economics of real estate markets. Additionally, students will be expected, on an independent basis, to read prescribed articles and prepare for class interaction. 

Contact hours:
  Autumn Spring Summer
Lectures 10
Seminars 5
Guided independent study:      
    Wider reading (independent) 30
    Exam revision/preparation 28 2
    Advance preparation for classes 25
Total hours by term 98 2 0
Total hours for module 100

Summative Assessment Methods:
Method Percentage
Written assignment including essay 100

Summative assessment- Examinations:

Summative assessment- Coursework and in-class tests:

The module?assessment consists of?a major individual assignment based on a project brief supplied to students. Length:?2,500 words.

Assignment Submission Deadline: Week 20?

Formative assessment methods:

Informal feedback will be accessible via workshops/seminars where key theoretical and empirical concepts will be applied and tested.

Penalties for late submission:

Penalties for late submission on this module are in accordance with the University policy. Please refer to page 5 of the Postgraduate Guide to Assessment for further information: 

Assessment requirements for a pass:

The pass mark for this module is 50%.

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.

Additional Costs (specified where applicable):

Last updated: 2 May 2023


Things to do now