PROPERTY

Credit Points

15

Course Coordinator

Mr S Devaney

Pre-requisites

None

Co-requisites

None

Overview

The module considers the nature and operation of investment markets with a focus on three major asset classes; shares, bonds and real estate. It looks at the characteristics of these different investment options, especially in terms of the risks and returns associated with each. The module also introduces basic financial mathematics involving the time value of money, calculation of present and future values, and the computing of rates of return for investments or projects. Finally, it considers the role of financial institutions and regulatory bodies, and the area of personal finance in which consumers and financial markets interact.

Structure

2 one-hour lectures and 1 one-hour tutorial per week.

Assessment

1st Attempt: 1 two-hour examination containing multiple choice and written elements (75%); Continuous assessment (25%) comprising an investment portfolio exercise and report.

Resit: 1 two-hour examination containing multiple choice and written elements (100%).

Formative Assessment

Practice multiple choice questions during delivery of the module.

Feedback

A written feedback form will be produced for the portfolio exercise and report once marked. Practice multiple choice exercises will be followed by an indicative mark and worked solutions.

Credit Points

15

Course Coordinator

Professor N Hutchison

Pre-requisites

None

Co-requisites

None

Overview

Environmental and climatic influences in building design and material choice;sustainable built environment; building degradation and pathology; building defects; structural and condition surveys; building measurement and survey drawings; planning, legal and financial framework.

Structure

1 two-hour lecture plus 1 one-hour lecture per week, plus three site visits/field trips.

Assessment

1st Attempt: Continuous assessment (100%) comprising two elements:
i) one 1500 word essay (50%)
ii) one class test lasting one hour (50%)
Resit: One 1500 word essay on a new topic.

Formative Assessment

Formative assessment will be provided on the essay.

Feedback

Individual feedback will be given on the essay and the outcomes of the class test will be discussed in lectures.

Credit Points

15

Course Coordinator

Dr D Roberts

Pre-requisites

None.

Overview

This course provides an introduction to the following concepts in an accessible and straightforward manner: summary descriptive measures; measuring variability; index numbers; inequality indices; probability and probability distributions; confidence intervals; hypothesis testing; the χ² and F distributions; correlation; regression analysis and time series analysis.

Structure

2 one-hour lectures and 1 one-hour tutorial per week plus 1 two-hour project class.

Assessment

1st Attempt: 1 two-hour written examination (80%) and in-course assessment (20%).

Resit: 1 two-hour written examination (80%) plus course work mark (20%).

Credit Points

15

Course Coordinator

Mr R Skene

Pre-requisites

Available only to students in Programme Year 2 or above.

Overview

This course provides an overview of Land Law in Scotland, providing a practical application of the law to other land economy courses and to practice. It covers the capacity to hold land; the evolutions of land tenure in Scotland and current law and practice relating to land tenure. It deals with subordinate rights in land; restrictions on the use of land; land registration and convincing.

Structure

3 one-hour lectures per week and 1 one-hour tutorial per fortnight.

Assessment

1st Attempt: 1 two-hour written examination (80%) and 1 assignment (20%).

Resit: 1 two-hour written examination (80%) and 1 assignment (20%).

Formative Assessment

Feedback

Credit Points

15

Course Coordinator

Mr D Scofield

Pre-requisites

EC 1003 and EC 1503. Available only to students in Programme Year 2.

Overview

This course examines the economic characteristics of property. Introduction to property market analysis: use, investment and development. Analysis of property sectors (housing, office, retail, industrial). Macroeconomics of property markets, the interaction between property markets and the economy. Economic basis of planning, planning regulation in a market economy. Economic analysis of planning policy and delivery, techniques of economic and environmental evaluation in planning.

Structure

3 one-hour lectures and one tutorial per fortnight.

Assessment

1st Attempt: 1 two-hour written examination (80%) and in-course assessment (20%).

Resit: 1 two-hour written examination (80%) and in-course assessment mark (20%).

Credit Points

15

Course Coordinator

Mr K Petrie

Pre-requisites

PO 1001

Overview

1. The property market and property profession.


2. Property use, investment and development.


3. Definitions of value and measurement practice.


4. The valuation process.


5. Introduction to the five principal methods of property valuation.


6. Analysis of comparables.


7. Revision of financial mathematics.


8. Application of valuation techniques to various property types and interests.

Structure

2 one-hour lectures per week, 1 one-hour tutorial per fortnight, occasional half-day site visits.

Assessment

1st Attempt: 1 two-hour written examination (60%), continuous assessment (40%).

Resit: 1 two-hour written examination (100%).

Credit Points

30

Course Coordinator

Dr Q Xiao

Pre-requisites

PO 2501, or EC 2002 or PO 2501.

Notes

Elective for Property single and joint honours and MA Economics single and joint honours.

Overview

The microeconomics of housing markets. Housing market segmentation, disequilibrium in housing, defining neighbourhoods. Analysis of house price models. Housing and the macroeconomy, the behaviour of the finance industry and its impact on housing markets. The interaction between housing and labour markets. Housing taxation and right to buy. Institutional and policy influences in housing markets. The impact of the planning system, housing supply.

Structure

3 one-hour lectures and 1 one-hour seminar per week.

Assessment

1st Attempt: 1 two-hour written examination (60%) and two pieces of in-course assessment (40%).

Resit: 1 two-hour written examination (60%) and two pieces of in-course assessment (40%).

Credit Points

30

Course Coordinator

Professor N Hutchison

Pre-requisites

Principles of Property Valuation

Overview

This course will examine current issues in investment appraisal. It will cover calculations of worth, growth explicit DCF techniques, surrender and renewal valuations; valuation accuracy and variation; business valuations; rent reviews; valuation reports; national taxation and valuation for rating purposes.

Structure

3 one-hour lectures per week. 1 two-hour tutorial and/or practical workshop per week.

Assessment

1st Attempt: 1 two-hour examination (60%) and in-course assessment (40%).

Resit: 1 two-hour examination (60%) and in-course assessment mark (40%).

Credit Points

30

Course Coordinator

Mr S Devaney

Pre-requisites

PO 2501 or EC 2002 or AC 2026. Available to students in Programme Year 3 or above.

Overview

This course analyses the structure of international property markets, focusing on Europe, North America and Asia-Pacific. It examines the impact of global and local economic forces and national institutional characteristics on the behaviour and development of property markets in various countries. It discusses how these factors affect the attractiveness of different property markets for international investors. It also examines how real estate service providers have adapted to a changing international business environment.

Structure

1 two-hour lecture per week and 1 one-hour seminar per week.

Assessment

1st Attempt: 1 two-hour examination (60%) and in-course assessment (40%).

Resit: 1 two-hour examination (60%) and original in-course assessment mark (40%).

Credit Points

30

Course Coordinator

To be confirmed

Pre-requisites

PO 2501 or EC 2002 or AC 2026. Available to students in Programme Year 4 only.

Overview

This course examines theories and issues relevant to investment in property in the contexts of both mixed-asset and property portfolios. Themes include risk and return; the application of Modern Portfolio Theory (including the Capital Asset Pricing Model, capital market line) and security market line; market efficiency and the implications for investors; risk and duration; property market modelling and forecasting. Drawing these themes together, benchmarking and property portfolio strategy and management are examined in the context of practical examples.

Structure

2 one-hour lectures per week and a total of 5 one-hour tutorials/seminars.

Assessment

1st Attempt: 1 two-hour written examination (60%) and in-course assessment: two multiple choice tests (40%).

Credit Points

30

Course Coordinator

Mr S Devaney

Pre-requisites

Available to Senior Honours students who have passed MS 4032.

Overview

Personal research supported by formal introduction to research methods (in associated course) and by regular supervision.

Structure

Required field work: discussion with supervisor.

Assessment

1st Attempt: In-course assessment: submission of dissertation (including original work) on topic approved by the Dissertation Coordinator (100%).