KA5037 - Real Estate Economics

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What will I learn on this module?

You will learn about and examine the economy and core economic concepts and how these are related to, and influence real estate markets and their performance. The module aims to provide students with the opportunity to apply economic theory to real estate markets; specifically the development, use, management and adaptation land and buildings in an urban context. At the end of the module you should be able to employ property market and other economic data to analyse the nature, condition and structure of urban property markets. Assessment is by way of a written coursework and an examination, providing both formative and summative feedback.
Indicative syllabus
Economic principles applied to:
• Commercial & residential property markets
• Property investment markets
• Development land markets
• Property market cycles
• The construction industry
• Planning for urban growth and land use
• Transport and infrastructure
• Adaptation and change of use of buildings

How will I learn on this module?

You will be taught using a series of lectures and seminars that will progressively develop the topic from theoretical principles to practical examples. Lectures will be used to communicate key concepts and theories; whilst a range of seminar directed learning activities will be used to apply and analyse material including: appraisal of relevant economic theories, and sources of data such as market reports and relevant real estate and economic indicators and indices; and individual and group exercises, which will give you the opportunity to engage with some of the complex nuances of the subject. Seminars are initially used to reinforce learning of micro-economic theory and its application to property markets and case studies to expose ‘real world’ issues to scrutiny, examination and discussion. The module assessment will consolidate the lecture and seminar material and challenge you to develop knowledge and understanding of economic theories, concepts and indicators, and how these influence real estate markets, whilst integrating your learning across the syllabus. This module will enhance your understanding of the key concepts that underpin real estate markets and how they function and behave, and prepare you for the final year of the degree programme, when these concepts will be expanded and applied to more sophisticated concepts such as real estate investment finance and strategies.

How will I be supported academically on this module?

You will have access to a wide range of learning resources and guidance for both directed and independent learning, facilitated by use of the Electronic Learning Portal:
Support will include feedback from tutors during seminars. In addition, tutors will respond to questions via the module’s discussion board on the University’s eLearning Portal so that the whole group can benefit. All learning materials from lectures and seminars will be accessible via the eLearning Portal, as well as additional support material, such as articles and publications, relevant to the module. A module handbook containing lecture and seminar materials and additional reading and information will be distributed at the beginning of the taught programme to enhance taught sessions, and help to guide and support independent learning. Feedback provided on summative assessments will enable you to refine and improve your knowledge and understanding of the subject area and enable you to engage with increasingly sophisticated topics as the module progresses.
You will also have access to a range of resources, data sets, and databases via the University Library catalogue and ‘Skills+’ repository, and you will also be provided with access to subscription only resources such as EGi, CoStar and Digimap.

What will I be expected to read on this module?

All modules at Northumbria include a range of reading materials that students are expected to engage with. The reading list for this module can be found at: http://readinglists.northumbria.ac.uk
(Reading List service online guide for academic staff this containing contact details for the Reading List team – http://library.northumbria.ac.uk/readinglists)

What will I be expected to achieve?

Knowledge & Understanding:
1. You will understand the key macro and micro economic factors and indicators that influence and impact on real estate market performance.
2. You will appreciate and be able to interpret the nature, condition, and structure of real estate markets within the wider economy.
3. You will explore and discuss the roles of different actors within real estate markets

Intellectual / Professional skills & abilities:
4. Analyse and the growth, functioning and performance of real estate markets based on your knowledge, understanding, and interpretation of macro and micro economic indicators

Personal Values Attributes (Global / Cultural awareness, Ethics, Curiosity) (PVA):
5. Demonstrate the capacity for independent, evidence based thinking and decision making

How will I be assessed?

a Summative assessment and rationale for tasks

The summative assessment will be in three parts throughout the academic year.

The first assessment (worth 30% of the total module mark) will be an assignment based on field study visit to London.

The second assessment will be a class test (worth 30%) based on syllabus delivered predominantly in the first half of the module designed to ensure that you have a clear understanding of core economic concepts to underpin your understanding and learning for the duration of the module.

The third assessment (worth 40% of the module mark) will be done towards the end of the second semester. It will be a written report that compares and contrasts market indicators and trends between two locations.

Collectively, these assessments will address MLO1-5

b. Additional formative assessment – detail of process and rationale
Formative feedback will be provided by teaching staff during seminar activities and tasks that will enhance learning and understanding of the module topics, and will contribute to understanding of the assessments.

c. Indication of how students will get feedback and how this will support their learning

Detailed written summative feedback will be provided for the written assessments, and feedback on the class test will be provided via the electronic Learning Portal, and verbally in seminars.

Pre-requisite(s)

None

Co-requisite(s)

None

Module abstract

This module aims to develop your understanding of the key economic concepts and indicators which underpin real estate market function, activity, and performance, within the context of the wider economy. Topics explored include: the principles of supply and demand; business cycles and property cycles; the economics of investment markets; the impact of the economy on residential property markets; the economics of rent; economics of development; the role of transport and infrastructure on economic activity; the construction market and its impact on the real estate market, and the role of government and government policies and property resources. Learning materials are delivered in lectures and seminars and are available online via the electronic Learning Portal, and are supported by tasks to extend, consolidate and test your knowledge and understanding. You will be introduced to a number of economic data resources and datasets that will underpin your learning and be useful to you in the assessments. Filed study and case studies will be used to demonstrate examples of real estate economics in the real world. The first assessment is based on field study visit to London, the second assessment is a class test and the final assignment is a comparative market analysis between two locations. A module specific approach to research rich learning provides you with a contextual framework that you then actively apply to markets and organisations operating within the built environment. As an autonomous, self-directed learner your engagement with the module and its assessment will assist in the development of the knowledge, skills and attributes that are valued by employers.

Course info

UCAS Code K440

Credits 20

Level of Study Undergraduate

Mode of Study 3 years full-time or 4 years with a placement (sandwich)/study abroad

Department Architecture and Built Environment

Location City Campus, Northumbria University

City Newcastle

Start September 2020

Fee Information

Module Information

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