REMFRE-Real Estate Economics

Module Provider: Real Estate and Planning
Number of credits: 20 [10 ECTS credits]
Terms in which taught: Autumn term module
Non-modular pre-requisites:
Modules excluded:
Current from: 2023/4

Module Convenor: Dr Yi Wu

Type of module:

Summary module description:

This module covers the economic principles underlying land and property markets, as well as the economics of land markets. 


The module aims to build a solid foundation in the economics of land to provide an insight into the application of economic principles and models to property and land use. 

Assessable learning outcomes:

The module emphasises knowledge and critical understanding of the economic principles underlying land and property markets.  

Upon completion of this module, students should be able to:  

  • evaluate critically the main economic concepts and models relating to the economics of property and land;  

  • demonstrate a systematic understanding of the influence of economic conditions and public policy on the property sector;  

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

  • analyse the occupation, use of, and investment in real estate assets using economic models;  

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

  • apply economic theory to evaluate current economic conditions and assess the principal implications for property and land markets.  

Additional outcomes:

The module will assist students in developing a critical awareness of economic conditions and their significance on business decisions and outcomes. The module will enhance students' quantitative, analytical, and report writing skills and contribute to the qualities and transferable skills necessary for employment.

Outline content:

The first half of lectures develops the fundamental principles of micro-economics and how to apply micro-economic principles to examine real estate market behaviour, urban land patterns, the shape of cities, and relevant planning policy, through the following topics:

  • Micro Economics of land use

  • Agglomeration and Urban structure

  • Interventions in Real Estate Markets

  • Economics of Planning

The second half of lectures set the base of understanding needed to apply economic theory in real estate markets through the following topics:

  • The Real Property Market and Economic Analysis

  • User Market, Investment and Development Market in Real Property

  • Economic analysis of residential, office, retail and industrial markets

  • Housing economics and migration

Brief description of teaching and learning methods:

The module will be primarily lecture based with directed supplementary questions & reading. 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. Students are expected to work with real estate data on case studies in different property markets and participate in in-class discussion. Furthermore, students are required to undertake a major applic ation research assignment, which acts as a consolidating and integrating vehicle for the taught material.

Contact hours:
  Autumn Spring Summer
Lectures 20
Seminars 4
Guided independent study:      
    Wider reading (independent) 25 25
    Wider reading (directed) 20
    Preparation of practical report 33
    Revision and preparation 30 30
    Reflection 13
Total hours by term 115 55 30
Total hours for module 200

Summative Assessment Methods:
Method Percentage
Written exam 50
Written assignment including essay 50

Summative assessment- Examinations:

Two hour written examination (50%)

Summative assessment- Coursework and in-class tests:

The module will include one written report. It will consist of an applied research report based on a project brief supplied to students. Guide length of major assignment: 2,500 words (or equivalent); submission date in week 1 of the Spring Term.

Formative assessment methods:

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: 30 March 2023


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