Duration: 3 hours for 13 weeks [ECTS: 6]

Aim and objectives

The aim of the course is to enhance understand of the mechanisms of the real estate market towards the formation of the urban built space. The course’s objectives are to provide students with the conceptual and analytical tools for the comprehension of the function of the real estate market (its economic, spatial and institutional dimensions), the development of cities and the provision of the built environment. On these grounds it provides an introduction to key areas of the real estate discipline.

Course Outline

• Introduction and overview of the course. Real estate discipline and real estate economics
•  Definition and characteristics of the real estate and the real estate market
• Mechanisms and functions of the market: demand and supply, use and investment markets, BLM model, DW model, relational and dynamic models
• Location of activities and real estate demand
• Real estate supply: property development and finance, heterodox approaches (Marxist, Structure and Agency, Institutional analysis) and market analysis
• The urban land market: land rents and land uses
• Development of cities, agglomeration economies, city size and urban transformation
• Macroeconomics and the real estate market: market cycles, bubbles, maturity and efficiency of the market
• Corporate real estate and real estate management

Learning outcomes

Upon successful completion of the course, students will be able to:

• identify and discuss the idiosyncratic characteristics of real estate and real estate market in comparison to other goods/assets and markets
• outline the basic characteristics of, and distinguish between, the submarkets of use, investment, development and land
• outline the basic principles of, and distinguish between, the models of BLM, DW και Keogh
• outline the mechanisms that give rise to spatial distribution of different sectoral activities
• outline the mechanism of urban land rent theory and use it in order to specify the spatial distribution of economic activities within urban space
• describe the economic forces, contextual trends and emerging patterns of urban development, urban transformation and spatial distribution
• specify and distinguish between the stages in property development
• present and assess the financial instruments that are available to developers
• distinguish and describe the levels in real estate strategic management
• articulate and explain the basics in development of real estate cycles and bubbles
• review the key literature in a related topic
• plan, organize and conduct primary research
• collect, analyse and interpret information (data) related to the above
• write and present a short scientific report.