KA5037 - Real Estate Economics

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 data analysis demonstration using market reports, research papers, and other outputs. Seminars are initially used to reinforce learning of 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 materials from lectures and seminars, further encouraging you to develop knowledge and understanding of economic theories, concepts, and indicators. It will also explore how these factors influence real-world real estate markets, while 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.

You will have access to a wide range of learning resources and guidance for both directed and independent learning, facilitated by 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. Additional reading and information will also be distributed during the taught sessions in order to 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.

All modules at Northumbria include a range of reading materials that students are expected to engage with. Online reading lists (provided after enrolment) give you access to your reading material for your modules. The Library works in partnership with your module tutors to ensure you have access to the material that you need.

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

a Summative assessment and rationale for tasks

The summative assessment will be in one parts:.

The COURSEWORK assessment (worth 100% of the total module mark – 2000 words) will be an individual assignment based on a current property markettrend. Students will analyse a chosen market topic and evaluate the structural changes to the existing market according to the economic principles introduced in the module. With multiple empirical analyses from secondary data, students will critically discuss the market's future development and existing knowledge gaps to provide economic and market policy suggestions.
(MLO 1-5)


b. Additional formative assessment – detail of process and rationale
Formative feedback will be provided by teaching staff during seminar activities and self-guided quiz exercises, which 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 via the electronic Learning Portal. Verbal guide will be given in assessment support seminars on students’ queries.

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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. 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.