Real Estate as an Asset Class
- Module code
- Module leader
- Professor Bill Seabrooke
- Module level
- Module credits
- Min study time
- 150 hours
- Contact Hrs within study time
- 24 hours
This module introduces and asks students to critically reflect on the concept of real estate as an asset class and critically examines features of real estate as an investment. The module will introduce students to real property, and how it relates to the institutions that operate in a real estate market. It will consider the principles of valuation of these real estate assets, and introduce students to concepts behind investment decisions, accounting procedures, taxation implications and the use of statistical analysis to help real estate managers make well informed investment decisions. It also considers business management, including business planning, corporate recovery and insolvency and managing resources. The module will be delivered through a face-to-face introductory session and, for the duration of the module, through online e-learning activities.
To achieve credit for this module, students must be able to:
- Critically evaluate the key aspects of real estate with the context of a real estate market; (A1 B2 C1 C2 D5)
- Understand and apply the basic methods of valuation to a real estate asset; (A2 B4 D3)
- Understand and critically evaluate the complex nature of real estate as an investment; and (A3 B1 B5 C3 D2 D4)
- Interpret and apply accounting regulations, taxation frameworks and property finance to real estate assets. (B3 C4 D1)
|Coursework||1 x written assignment||50%|
|Examination||1 x multiple choice test||50%|
Students should be familiar with the content of at least one of the following:
- Baum, A. (2009). Commercial Real Estate Investment: A Strategic Approach. (2nd edition). Estates Gazette.
- Baum, A. and Crosby, N. (2007). Property Investment Appraisal. (3rd edition). London: International Thompson Business Press (chapters 1, 2, 5, 6).
- Lawson, F.H. and Rudden, B. (2002). The Law of Property. (3rd edition). Oxford University Press.
- Linneman, P. (2011). Real Estate Finance and Investments: Risks and Opportunities. (3rd edition). Linneman Associates, Philadelphia.
- Lumby, S. Investment Appraisal and Financial Decisions. (latest edition). London: Chapman and Hall.
- Online material published on Gateway.
- RICS ISURV and other publications.