REMFRE: Real Estate Economics

Module code: REMFRE

Module provider: Real Estate and Planning; Henley Business School

Credits: 20

Level: Postgraduate Masters

When you'll be taught: Semester 1

Module convenor: Dr Yi Wu, email: y.wu9@henley.reading.ac.uk

Module co-convenor: Dr Mark Dobson, email: M.E.Dobson@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: 28 May 2024

Overview

Module aims and purpose

This module covers the economic principles underlying urban and rural economics, planning, and real estate commercial and residential markets.

The module aims to build a solid foundation in the economics of property markets to provide an insight into the application of economic principles and models to land use, city growth, urban and rural development , planning policy and the property market.

Module learning outcomes

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

• Evaluate critically the main economic concepts and models relating to the economics of property and land in both urban and rural contexts;
• Demonstrate a systematic understanding of the influence of economic conditions and publicplanning policy on the property sector;
• Demonstrate a comprehensive understanding of the principal determinants of the demand for, the supply of, and the characteristics of commercial and residential property;
• Apply economic theory to evaluate current economic conditions and assess the principal implications for urban and rural development and the property market.

Additional outcomes: 

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

Module content

The lectures develop 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, as well as setting up the foundational understanding required to apply economic theory in real estate markets.

It does so through engagement with the following topics:

• Agglomeration and urban structure
• Micro economies of land use
• Economics of town planning
• Rural economies
• The real property market and economic analysis
• Economic analysis of commercial and residential markets
• Housing economics and housing policy

Structure

Teaching and learning methods

The module will be primarily lecture-based with directed supplementary questions and reading. The directed reading will consist both of academic material on the theoretical concepts/models relating to the lectures and policy/practice 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 expected to complete the practical exercises after each major topic area coverede. At the end of the module students are expected to undertake a major application of this material via a project report, which acts as a consolidating and integrating vehicle for the taught content and reading.

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