KA7010 - Property Markets, Investment and Finance

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What will I learn on this module?

You will learn about and examine the global economics of real property in the context of markets, cities, investment and finance. The module aims to evaluate concepts of global property market economics, investment and finance and analyse their application to inter-related markets in real estate. These will include the behaviour of occupiers, investors, financiers, developers and contractors. You will be introduced to a range of economic principles relevant to global commercial real estate markets, and develop an understanding of real estate investment finance. You will appraise global real estate investment assets and their performance from the perspective of a range of stakeholders and investor types. The module will enable you to recognise the crucial role of the investment sub-market within the wider property market, and how it influences real estate activity, development, and values.
Indicative syllabus
• Global Real estate markets and interaction with the economy
• Property cycles and demographics
• Urbanisation and the future city
• Lives of buildings, occupier markets and new ways of working
• Real estate investment markets
• New property technology and market disruption
• Infrastructure and real estate
• Regulating property markets
• Real estate investment yields, measuring returns and risk
• Real estate compared to other investment asset classes
• International investment and capital markets
• Financialisation
• Direct and indirect real estate investment vehicles
• Real estate portfolio diversification and Modern Portfolio Theory
• Real estate finance, real estate as collateral for debt
• The features of property secured lending and gearing effects
• Future trends in real estate investment and finance

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 activities will be used to apply and analyse material including: appraisal of relevant case studies, and sources of data such as market reports and relevant real estate indicators and indices; group discussions; and individual and group exercises, which will give you the opportunity to engage with some of the complex nuances of the subject. Guest lectures will be organised in conjunction with property investment practitioners and organisations to provide further insight into the discipline. The module assessment will consolidate the lecture and seminar material and enable you to apply your knowledge and understanding to an investment appraisal exercise reflective of current professional practice. These activities and assessments combined will challenge you to develop deep understanding of theories and concepts and apply them to analyse current issues in property economics, investment and finance, whilst integrating your learning across the syllabus.

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 small-group seminars and tutorials. In addition tutors will respond to questions via the module’s discussion board at 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 each module. 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.
Focused academic support coupled with timely formative and summative feedback should enable you to meet your full academic potential within this module.
You will also have access to a range of resources, data sets, and databases via the University Library catalogue and ‘Skills Plus’ repository, and you will also be provided with access to subscription only resources such as EGi, CoStar Suite, Investment Property Databank, and Focus.

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 appreciate the complexity of the macro- and micro-economic factors influencing global real estate markets, including trends and cycles and how real estate sub-markets interrelate.
2. You will understand the investment characteristics of different forms of real estate vehicles in the context of the wider investment market

Intellectual / Professional skills & abilities:
3. Analyse and evaluate alternative investment strategies and methods of portfolio diversification by different types of investor, from individual to institutional.
4. Critically analyse the characteristics and performance of alternative investment assets in comparison to direct and indirect property investment vehicles

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.

Assessments one and two are linked (each worth 25% each of the total module assessment), and are designed to provide you with an opportunity to develop an understanding of the different aspects and theories of the property market and apply them by researching a specific market, and presenting these findings in the form of a professional report (assessment one) and a client presentation (assessment two). These will be assessed sequentially with both formative and summative feedback provided to reinforce and improve your learning for the subsequent assessments.

Assessment three (worth 50% of the total module assessment) is assessed in collaboration with KA7009 Commercial Property Valuation, and is designed to provide you with an opportunity to apply your understanding of portfolio management and performance to advise on the market rent and value, active management strategy, and potential for income growth of a portfolio of properties held by trustees.

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 each piece of assessed coursework.

Pre-requisite(s)

None

Co-requisite(s)

None

Module abstract

This module aims to develop your understanding of the economic and business environment within which built environment professional disciplines operate. Topics explored include: the interrelationship between the business cycle; the interrelationship between the submarkets of the wider property market; the macro- and micro-economic factors that impact and influence the real estate investment market; understanding risk and how it is managed to maximise real estate investment returns; portfolio strategy and diversification; the characteristics and performance of investment assets and how they interrelate and impact on direct and indirect real estate investment assets; globalisation and international property markets. 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. Assessment is through three pieces of coursework that are supported by a module specific approach to research rich learning. This approach 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.

What will I learn on this module?

You will learn about and examine the global economics of real property in the context of markets, cities, investment and finance. The module aims to evaluate concepts of global property market economics, investment and finance and analyse their application to inter-related markets in real estate. These will include the behaviour of occupiers, investors, financiers, developers and contractors. You will be introduced to a range of economic principles relevant to global commercial real estate markets, and develop an understanding of real estate investment finance. You will appraise global real estate investment assets and their performance from the perspective of a range of stakeholders and investor types. The module will enable you to recognise the crucial role of the investment sub-market within the wider property market, and how it influences real estate activity, development, and values.
Indicative syllabus
• Global Real estate markets and interaction with the economy
• Property cycles and demographics
• Urbanisation and the future city
• Lives of buildings, occupier markets and new ways of working
• Real estate investment markets
• New property technology and market disruption
• Infrastructure and real estate
• Regulating property markets
• Real estate investment yields, measuring returns and risk
• Real estate compared to other investment asset classes
• International investment and capital markets
• Financialisation
• Direct and indirect real estate investment vehicles
• Real estate portfolio diversification and Modern Portfolio Theory
• Real estate finance, real estate as collateral for debt
• The features of property secured lending and gearing effects
• Future trends in real estate investment and finance

Course info

Credits 20

Level of Study Postgraduate

Mode of Study 1 year full-time
1 other options available

Department Architecture and Built Environment

Location City Campus, Northumbria University

City Newcastle

Start September 2019

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