REMFIRM-International Real Estate Markets

Module Provider: Real Estate and Planning
Number of credits: 20 [10 ECTS credits]
Level:7
Terms in which taught: Spring term module
Pre-requisites:
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2022/3

Module Convenor: Prof Eamonn D'Arcy
Email: p.e.darcy@henley.reading.ac.uk

Type of module:

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 understanding of the key issues in and approaches to the analysis of commercial real estate markets in an international context. It evaluates critically the functioning and principal characteristics of commercial real estate markets and the real estate sectors in both established and emerging markets. 

Assessable learning outcomes:

The module emphasises knowledge and critical understanding of the economic principles underlying property markets and the application of market analysis to real world property problems in an international context. 

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

• 
  

  demonstrate a systematic understanding of the main paradigms of property market analysis and their respective strengths and weaknesses; 

  
  


• 
  

  critically assess institutional change in the property market; 

  
  

• 
  

  construct a critical property market analysis illustrated by appropriate event histories of market performance; 

  
  


• 
  

  demonstrate a comprehensive understanding of the principal determinants of cross-border real estate involvements; 

  
  


• 
  

  demonstrate a practical understanding of the principal structural differences between Europe’s major commercial real estate markets and their implications for market performance; 

  
  


• 
  

  critically evaluate the principal drivers behind the recent performance of property markets in North America and Asia-Pacific. 

  
  

Additional outcomes:

The module will assist students in developing a comprehensive understanding of the determinants of property market performance at both macro and micro levels. It enhances their ability to deal with complex ‘real world’ property market issues both systematically and creatively and to make sound judgements in the absence of complete data. The module will enhance the students’ quantitative and qualitative analytical skills and contributes to the qualities and transferable skills necessary for employment. 

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 comprise lectures and a series of external speaker seminars in international real estate and market analysis. In addition, students are required to undertake a major individual written project in market analysis on a related research topic of their choice. 

Contact hours:

	Autumn	Spring	Summer
Lectures		20
Seminars		10
Guided independent study:
Wider reading (independent)		30
Wider reading (directed)		30
Preparation for presentations		20
Preparation of practical report		60
Revision and preparation		30
Total hours by term	0	200	0
Total hours for module	200

Summative Assessment Methods:

Method	Percentage
Written assignment including essay	60
Oral assessment and presentation	20
Class test administered by School	20

Summative assessment- Examinations:
Not applicable.

Summative assessment- Coursework and in-class tests:

The module will include 3 assignments. 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 (Week 6 Spring Term) and one minor individual assignment in the form of an end-of-term time limited online test of 1 hour 15 minutes (Week 11 Spring Term). A major assignment comprising an applied research report based on a project brief developed by the student will be set in the spring term for submission at the beginning of the summer term. Guide length, Minor Assignments 1,000 words (or equivalent); Major Assignment 3,000 words (or equivalent). Submission Date for major assignment Week 1 Summer 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: http://www.reading.ac.uk/internal/exams/student/exa-guidePG.aspx

Assessment requirements for a pass:
The pass-mark for this module is 50%.

Reassessment arrangements:

Reassessment will be predominately by the same method as for the module’s original assessment requirements. The exception to this will be the first minor group assignment involving the development of a short presentation on the construction of an indirect real estate ‘fund of funds’ where no oral delivery of the presentation will be required. These are subject to variation by the Examination Board where appropriate.  

Additional Costs (specified where applicable):

Last updated: 22 September 2022