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FINN3061: Real Estate Finance
Aims
- The module seeks:
- To provide students with knowledge and understanding of questions in real estate finance linked to appropriate methodologies for their analysis.
- To enable students to rigorously explore issues in real estate finance by using computer programming and professional data sources.
- To become familiar with the valuation techniques employed in the real estate finance industry.
- To prepare students to make sound decisions concerning real estate use and investment.
- To provide students with the opportunity to develop the ability to appreciate academic and applied literature relating to real estate finance.
Content
- Legal concepts in real estate finance and investment.
- House price fundamentals and property valuation.
- Determinants of regional house price dynamics.
- Formation of housing bubbles.
- Real estate financing including: the mortgage contract; residential mortgages; commercial mortgages, government affordability programmes.
- Lease and rental contracts and payments.
- Risk analysis of real estate investments.
- The secondary mortgage market.
- International real estate investment.
- Real Estate Investment Trusts.
Learning Outcomes
Subject-specific Knowledge:
- On completion of this module students should have:
- developed an advanced knowledge of the central issues and questions in real estate finance;
- developed an advanced knowledge of the transaction processes in the real estate industry;
- developed an advanced knowledge of the techniques used to evaluate real estate investment projects.
Subject-specific Skills:
- On completion of this module students should be able to:
- apply relevant software packages to rigorously explore issues in real estate finance and investment.
- identify relevant data sources for real estate valuation analysis.
- critically evaluate the appropriateness of different valuation techniques used by real estate professionals.
Key Skills:
- Examples are provided to demonstrate how students will have the opportunity to develop the following key skills:
- Written Communication - through the formative and summative assignments;
- Planning and Organising - observing the strict assignment deadlines; revising relevant material in preparation for assessments;
- Problem Solving - by applying appropriate analytical and quantitative skills to evaluate theoretical concepts using real data;
- Initiative - by searching relevant literature, identifying recent developments and information in preparation of the summative assignment;
- Numeracy - by analysing real estate market data;
- Computer Literacy - by using appropriate software programmes to analyse financial data.
Modes of Teaching, Learning and Assessment and how these contribute to the learning outcomes of the module
- Teaching is by lectures and seminars. Learning takes place through attendance at lectures and participation in workshops, including independent study in solving assigned problems.
- Formative assessment is by means of weekly online quizzes.
- Summative assessment is via two online tests taken during term time and an assignment.
Teaching Methods and Learning Hours
| Activity | Number | Frequency | Duration | Total/Hours | |
|---|---|---|---|---|---|
| Lectures | 20 | 1 per week | 1 hr | 20 | |
| Revision Lectures | 2 | 1 per week in term 3 | 1 hr | 2 | |
| Seminars | 8 | Fortnightly | 1 hr | 8 | |
| Preparation and Reading | 170 | ||||
| Total | 200 |
Summative Assessment
| Component: Online Test | Component Weighting: 30% | ||
|---|---|---|---|
| Element | Length / duration | Element Weighting | Resit Opportunity |
| Online test 1 | 45 minutes | 50% | same |
| Online test 2 | 45 minutes | 50% | same |
| Component: Assignment | Component Weighting: 70% | ||
| Element | Length / duration | Element Weighting | Resit Opportunity |
| Assignment | 1500 words max | 100% | same |
Formative Assessment:
Weekly online quizzes