DA5092 - Real Estate Economics

This year long module progressively develops the subject of real estate economics by establishing theoretical principles then applying theory in practice using examples and case studies. Delivery of the module is structured around a comprehensive module handbook and on-line learning materials made available via elearning platform. Extensive use is made of electronic resources particularly professional analyses and topical multi-media. Lecture capture will be used elaborate on the content contained in the workbook along with audio recording and notes to support presentations on key concepts.

For each discrete topic, a series of directed learning tasks will be set to encourage you to apply theory and analyse documents and data. Learning tasks will comprise directed reading in order to respond to set questions, online multiple choice tests, other computer based activities and exercises. You will be encouraged to critically appraise materials and data, such as market such as market reports and relevant real estate and economic indicators and indices in order to explore some of the complex nuances of the subject. The first half of the module will concentrate on micro-economic theory and its application to real estate markets; the second half will focus on topical economic issues using ‘real world’ examples and case studies to examine real estate markets in practice. Extensive use of online discussion boards will be made to allow you to share ideas with other students.

The module assessment seeks to consolidate the workbook and on-line learning materials by challenging you to develop knowledge and understanding of economic theories, concepts and indicators, and demonstrate how these can be used to better understand real estate markets. This will typically involve the comparison and evaluation of key real estate market indicators and the identification of trends and drivers that influence their performance. 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 later stages of your degree programme, when these concepts will be expanded and applied to more complex and sophisticated domains such as real estate investment finance, advanced valuation and real estate development.

If you are in employment your workplace will be the main learning environment, in effect acting as a framework for real estate economics. However, tutor support will be available via drop-in sessions throughout the module study period. If you are in employment it is recognised that there is the need for modes of blended learning delivery, experiential assessment, and opportunities to combine work and study through independent study, embedded learning opportunities, and relevant communications technologies. Lecture capture will be used to elaborate on the content contained in any teaching material along with audio recording and notes to support presentations on key topics.

You will have access to a wide range of elearning resources and guidance for both directed and independent learning, facilitated by use of the elearning platform and framed by a comprehensive module workbook. The workbook contains discrete activities for each topic reinforced by online tests and a wide range of materials from the real estate sector including professional bodies and organisations

You will be encouraged to participate in online discussion boards where tutors will respond to individual questions related to module syllabus and assessment for the benefit of all students studying the 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.

If you are in employment your workplace will be the main learning environment, however, tutor support will be available via drop-in sessions throughout the module study period. The eLP, telephone and email will be used as a means of communication once the initial briefings have taken place and work-based visits will be made by tutors if appropriate.

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)

Essential Reading
1. Jowsey, E. (2011) Real Estate Economics, Basingstoke, Palgrave MacMillan
Recommended Reading
2. Ball, M., Lizieri, C., and MacGregor, B. (1998) The Economics of Commercial Property Markets, London. Routledge
3. Eccles, T., Sayce, S. & Smith, J. (1999) Property and Construction Economics, London. Thomson Business Press
4. Evans, A. (2004) Economics, Real Estate and the Supply of Land. Oxford. Blackwell
5. Evans, A. (2004) Economics and Land Use Planning, Oxford. Blackwell
6. Harvey, J. and Jowsey, E. (2004) Urban Land Economics, 6th Ed., Basingstoke. Palgrave MacMillan
7. Harvey, J. and Jowsey, E. (2007) Modern Economics, 8th Ed., Basingstoke. Palgrave MacMillan
8. Myers, D. (2008) Construction Economics. 2nd Ed. , Abingdon. Taylor and Francis
9. Myers, D. (2011) Economics and Property, 3rd Ed., London. Estates Gazette
Websites and Journals
Bank of England: www.bankofengland.co.uk
British Council for Office: www.bco.org.uk
British Property Federation: www.bpf.org.uk
Centre for Cities: www.centreforcities.org
Commercial property agents: www.cbre.co.uk ; www.gva.co.uk ; www.lsh.co.uk ; www.geraldeve.com ; www.savills.co.uk ; www.jll.co.uk ; www.cushmanwakefield.co.uk ; www.knightfrank.com ;
Estates Gazette: www.estatesgazette.com
Estates Gazette Interactive: www.egi.co.uk
Focus/Costar: www.focusnet.co.uk
HM Treasury: www.hm-treasury.gov.uk
Investment Property Databank: www.ipd.com
ISurv: www.isurv.com *
Property Week www.propertyweek.com
Royal Institution of Chartered Surveyors www.rics.org.uk
UK National Statistics: www.statistics.gov.uk

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

Intellectual / Professional skills & abilities:
4. critically analyse the growth, functioning and performance of urban 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 of the module comprises two components:

Assignment A (50%) – sectoral/spatial market data analysis

Assignment B (50%) – comparative market analysis – will be a written report which compares and contrasts the indicators/trends of commercial markets in two locations.

Students will be given some choice as to the sectors and locations for both assignments. Both assignment to be submitted using Turnintin.

Collectively, these assessments will address MLO1-5

b. Additional formative assessment – detail of process and rationale
Formative feedback will be provided through engagement with the directed learning including the on-line multiple choice tests and by discussion boards around discrete activities.

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

Detailed formative feedback will be provided using in test comments in the individual reports and using Turnitin grading form. Summative assessment will be provided using Turnitin grading form to show a breakdown of the marks for each component of the marking scheme.

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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 and real estate cycles; the economics of real estate investment markets; socio economic drivers and their impact on residential markets; the economics of rent; real estate development economics; the role and impact of transport and infrastructure on economic activity; construction market economics; urban growth, land use and planning and the role of government. Module delivery and learning is framed and delivered by a comprehensive module workbook which contains activities, directed learning tasks and signposting of independent learning opportunities. This is complemented by a wide variety of online resources, including multi-media, multiple choice tests, to consolidate and extend your knowledge and understanding. You will be introduced to a number of economic data resources and datasets that will be able to exploit for the assessments.

If you are in employment your workplace will act as a framework for real estate economics to develop your skills and knowledge.