Objectives

The course provide an introduction to real estate markets, financial instruments to fund real estate projects, and valuation tools to analyze real estate investment opportunities. The course emphasizes how to apply standard financial theory to real estate, while taking into account the unique properties of the real estate market. The teaching format will be a combination of lectures and applications to illustrate the main concepts.

Contents

The course focuses on the following modules:

-Real estate markets

-Mortgages

-Income property investments

-Mortgage backed securities

-Property funds

References

Lecture slides as well as other papers and material covered will be posted on the course website before each session.
The recommended textbooks for the course are:

-William B. Brueggeman, and Jeffrey D. Fisher, Real Estate Finance and Investments, 17th Edition, McGraw-Hill;
-David M. Gentler, Norman G. Miller, Jim Clayton, and Piet Eichholtz, Commercial Real Estate Analysis and Investments, 3rd Edition, Mbition Publishing.

Evaluation

First attempt

Exam:

Written 2h00 hours

Documentation:

Not allowed

Calculator:

Allowed with restrictions

Evaluation:

Non-programmable scientific calculator allowed.

Retake

Exam:

Written 2h00 hours

Documentation:

Not allowed

Calculator:

Allowed with restrictions

Evaluation:

Non-programmable scientific calculator allowed.