Course Catalogue

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This course aims to explore how real estate value is created, appraised and exploited in the context of competitive markets and a global economy. It will equip students with the mathematical principles underpinning valuation, and enable them to use a selection of traditional and contemporary techniques based on mathematical formulae to value land and buildings.

The course will be delivered in 6 x 3 hourly blocks, once per week, and supported by 4 2 hours small group workshops, 1 2 hours tutorial and a 1.5 hrs IT lab learning to use CoStar

Mandatory Entry Requirements

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Assessment:

The course will be formally assessed by means of a coursework report (100%). This will be a valuation report based on corporate real estate scenario requiring students to undertake a series of market valuations and appraise alternative real estate options.

This course aims to explore how real estate value is created, appraised and exploited in the context of competitive markets and a global economy. It will equip students with the mathematical principles underpinning valuation, and enable them to use a selection of traditional and contemporary techniques based on mathematical formulae to value land and buildings.

In accordance with the specific and evidenced competency requirements of the accreditation body (RICS), by the end of the course, participants should be able to:

■ evaluate market processes, and how the performance of real estate markets is connected to broader economic trends, at the urban, regional, national and international levels;

■ differentiate between different property values and definitions, and appreciate how value can influence and be influenced by land, planning and urban policies;

■ understand and apply the appropriate UK and international standards and guidance relating to the measurement and valuation of property, and fully understand the basis on which measurements should be undertaken for different property types in the valuation and appraisal process;

■ measure a property to an appropriate degree of accuracy using different measurement instruments and sources of errors;

■ explain the importance of identifying and defining the needs of clients, and the systems and procedures appropriate to manage client care;

■ explain the professional requirements of the RICS Red Book (IVS) and terms of engagement (scope of work) prior to undertaking a valuation;

■ recognise the different purposes for which valuations may be required, and the need for valuers to maintain independence and objectivity;

■ manipulate, analyse and evaluate property transaction, and appreciate that this is an important part of the valuation process;

■ search for and analyse comparable market evidence using a transaction database and other appropriate sources of information.

■ extract and assess data in company accounts and apply in the Going Concern method of valuation;

■ understand and explain the mathematical foundations of real estate valuation and appraisal, and apply to the solving of valuation and appraisal problems;

■ undertake uncomplicated leasehold and freehold (may also be referred to as heritable or ownership interest in Scotland) valuations using any one of the traditional methods of valuation and a suitable yield, and advise clients on the results;

■ apply a growth explicit discounted cash flow model to the valuation of an investment; and

■ critically appraise the relevance and limitations of the main methods of real estate valuation and contemporary methods of real estate valuation.

Students must submit at least 75% by weight of the components (including examinations) of the course's summative assessment.

Minimum requirement for award of credit for students on MSc Real Estate, MSc City Planning & Real Estate Development, and MSc International Real Estate & Management is D3 or above.

Students on other qualifications then University standard regulations apply.