REMF68: Real Estate and Urban Economics

Module code: REMF68

Module provider: Real Estate and Planning; Henley Business School

Credits: 20

Level: 7

When you'll be taught: Semester 1

Module convenor: Mr Lukas Makovsky, email: l.makovsky@henley.reading.ac.uk

Pre-requisite module(s):

Co-requisite module(s):

Pre-requisite or Co-requisite module(s):

Module(s) excluded:

Placement information: NA

Academic year: 2024/5

Available to visiting students: No

Talis reading list: Yes

Last updated: 19 November 2024

Overview

Module aims and purpose

The module aims to provide students with insights into the application of economic principles and formal economic models to understand urban socio-economic dynamics and how housing and real estate markets work. Theobjectiveof the module isto develop- through a mix of formal economic modelling and conceptual as well as quantitative perspectives - a comprehensive understanding of economic forces shaping urban economic growth and local structural change, land use allocation within cities, equilibrium adjustment processes in demand and supply of real estate as well as broader dynamics of real estate markets.

Module learning outcomes

By the end of the module, it is expected that students will be able to:

• understand and critically evaluate the main principles and models relating to the economics of cities, property and land through conceptual, theoretical and quantitative perspectives;
• understand the forces underlying the determination of urban land use and the linkages to local economic dynamics;
• demonstrate a comprehensive understanding of the principal determinants of the demand for and the supply of commercial, industrial and residential property;
• apply economic theory to evaluate patially bounded processes of innovation, industrial change as well as local  economic growth and the implications for housing and real estate markets.

Module content

• Agglomeration and urban economic growth 
• Innovation, entrepreneurship and resilience in the local economy 
• Microeconomics of land use 
• Systems of cities and urban growth in the global economy 
• Contemporary issues in urban and regional development
• Demand and supply of real estate: user market, investment and development market in real property 
• Housing demand and supply 
• Economics of land-use planning, supply constraints and housing market dynamics 
• Real estate cycles 
• Macroeconomics and real estate markets

Structure

Teaching and learning methods

The module is taught using a combination of lectures and in-person seminars. 

Each week, one lecture will be devoted to presenting and discussing key theories and concepts. This will be followed by a seminar, where concepts and theory are applied to different cases through class discussions and further material is considered together. 

Study hours

At least 30 hours of scheduled teaching and learning activities will be delivered in person, with the remaining hours for scheduled and self-scheduled teaching and learning activities delivered either in person or online. You will receive further details about how these hours will be delivered before the start of the module.

Please note the independent study hours above are notional numbers of hours; each student will approach studying in different ways. We would advise you to reflect on your learning and the number of hours you are allocating to these tasks.

Semester 1 The hours in this column may include hours during the Christmas holiday period.

Semester 2 The hours in this column may include hours during the Easter holiday period.

Summer The hours in this column will take place during the summer holidays and may be at the start and/or end of the module.

Assessment

Requirements for a pass

Students need to achieve an overall module mark of 50% to pass this module.

Summative assessment

Penalties for late submission of summative assessment

The Support Centres will apply the following penalties for work submitted late:

Assessments with numerical marks

• where the piece of work is submitted after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for that piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of three working days;
• the mark awarded due to the imposition of the penalty shall not fall below the threshold pass mark, namely 40% in the case of modules at Levels 4-6 (i.e. undergraduate modules for Parts 1-3) and 50% in the case of Level 7 modules offered as part of an Integrated Masters or taught postgraduate degree programme;
• where the piece of work is awarded a mark below the threshold pass mark prior to any penalty being imposed, and is submitted up to three working days after the original deadline (or any formally agreed extension to the deadline), no penalty shall be imposed;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.

Assessments marked Pass/Fail

• where the piece of work is submitted within three working days of the deadline (or any formally agreed extension of the deadline): no penalty will be applied;
• where the piece of work is submitted more than three working days after the original deadline (or any formally agreed extension of the deadline): a grade of Fail will be awarded.

The University policy statement on penalties for late submission can be found at: https://www.reading.ac.uk/cqsd/-/media/project/functions/cqsd/documents/qap/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.

Formative assessment

Formative assessment is any task or activity which creates feedback (or feedforward) for you about your learning, but which does not contribute towards your overall module mark.

Reassessment

Additional costs