RE3IRM-International Real Estate Markets

Module Provider: Real Estate and Planning
Number of credits: 10 [5 ECTS credits]
Level:6
Terms in which taught: Autumn term module
Pre-requisites: RE2REEI Real Estate Economics and Investment
Non-modular pre-requisites:
Co-requisites:
Modules excluded:
Current from: 2019/0

Email: p.e.darcy@henley.reading.ac.uk

Type of module:

Summary module description:

The module is about understanding how commercial real estate markets work in an international context. It covers three distinct, but interrelated areas - topics in international market analysis - analysis of European real estate markets - introduction to global market analysis.Ìý

Aims:

The module aims to provide the student with a comprehensive introduction to key issues in and approaches to the analysis of international commercial real estate markets and in particular to examine the functioning and principal characteristics of Europe's major commercial real estate markets andÌýthe European real estate sector.Ìý

Assessable learning outcomes:

The module emphasises an understanding of the economic fundamentals, which underpin current market performances and investment prospects in the context of varying professional, institutional and legal arrangements.Ìý

Upon completion of the module, students should be able to:Ìý

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  identify and explain the main paradigms of property market analysis and their respective strengths and weaknesses;Ìý

  
  


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  discuss critically issues of institutional change in the property market;Ìý

  
  


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  construct a property market analysis illustrated by appropriate event histories of market performance;Ìý

  
  


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  understand the principal determinants of cross-border real estate activity;Ìý

  
  

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  explain the principal structural differences between Europe's major commercial real estate markets and their implications for market performance;Ìý

  
  


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  discussÌýthe factors behind the recent performance of property markets in North America and Asia-Pacific.Ìý

  
  

Additional outcomes:

The module will assist students in developing an overall awareness of the determinants of property market performance at both macro and micro levels. The module will enhance the students' presentation skills and their quantitative and qualitative analytical skills.Ìý

Outline content:

The module covers three distinct, but interrelated, areas - topics in international market analysis - analysis of European real estate markets - introduction to global market analysis. The first critically reviews different approaches to market analysis. The second examines the functioning and principal characteristics of Europe's major commercial real estate markets and the European real estate sector. The analysis is supplemented by appropriate case studies of property investment and development in key European cities. The final section provides an introduction to global market analysis, and presents an overview of commercial real estate markets in North America, Asia-Pacific and Africa. This overview is again supported by appropriate illustrative case studies from each region.Ìý

Global context:

The vast majority of issues addressed in this module have global relevance. In particular the first and final sections of the module contain an explicitly global perspective on real estate markets.Ìý

Brief description of teaching and learning methods:

The module will be primarily lecture and seminar based with directed supplementary reading. The coursework consists of two elements: One minor group assignment involving the development of a short presentation on the construction of an indirect real estate ‘fund of funds’ and its delivery. The second element - one individual 2,000 word report - will act to allow the students to develop and execute a piece of property market analysis on a research topic of their own choosing. The directed reading will consist both of academic material on the theoretical concepts/models relating to the lectures and material relating to contemporary markets, economic and political conditions. The students will be encouraged to place the latter material within the theoretical framework provided by the models of market analysis outlined. The directed reading will be supplementedÌýby appropriate web-based resources, especially with respect to market reports.Ìý

Summative assessment- Examinations:
None

Summative assessment- Coursework and in-class tests:

One group presentation (25%)Ìý-ÌýAutumn Week 5Ìý

One individual 2,000 word report (75%)Ìý-ÌýSpring Week 5Ìý

Formative assessment methods:
Guidance on presentations skills and presentation structure. Guidance on writing a project brief.

Penalties for late submission:

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  where the piece of work is submitted up to one calendar week after the original deadline (or any formally agreed extension to the deadline): 10% of the total marks available for the piece of work will be deducted from the mark for each working day (or part thereof) following the deadline up to a total of five working days;Ìý

  
  


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  whereÌýthe piece of work is submitted more than five working days after the original deadline (or any formally agreed extension to the deadline): a mark of zero will be recorded.Ìý
  
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  The University policy statement on penalties for late submission can be found at:ÌýÌý

  
  

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You are strongly advised to ensure that coursework is submitted by the relevant deadline. You should note that it is advisable to submit work in an unfinished state rather than to fail to submit any work.Ìý

Assessment requirements for a pass:

The pass-mark for this module is 40%.Ìý

Reassessment arrangements:

Reassessment will be predominately by the same method as for the module’s original assessment requirements. The exception to this will be the group assignment involving the development of a short presentation where no oral delivery of the presentation will be required. These are subject to variation by the Examination Board where appropriate.Ìý

Additional Costs (specified where applicable):

Last updated: 26 July 2019