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Last modified: 24 Jun 2020 14:31

Course Overview

This course deals with the detail of why property requires to be valued and how the valuation process operates in the UK by way of the implementation of the RICS “Red Book”. The five property valuation methods are discussed via a series of lectures supplemented by tutorials/workshops in which valuation problem-solving tasks are discussed, with a focus on the investment method and the critique of traditional approaches.  Practical valuation exercises are undertaken, which include the inspection and measurement of property and the analysis of comparable evidence.

Course Details

Study Type Undergraduate Level 2
Session Second Sub Session Credit Points 15 credits (7.5 ECTS credits)
Campus Aberdeen Sustained Study No
  • Dr N Liu
  • Professor Norman E. Hutchison

Qualification Prerequisites

  • Programme Level 2

What courses & programmes must have been taken before this course?

What other courses must be taken with this course?


What courses cannot be taken with this course?


Are there a limited number of places available?


Course Description

This course introduces students to the concept of value in UK real estate markets, including an examination of the distinguishing features of real estate markets and the different types of legal interests in property. It examines the five main methods of valuation with particular emphasis on the comparable and investment methods. Through lecture examples and tutorial exercises, the course teaches a structured approach to the assimilation and analysis of relevant evidence for valuation. It also utilizes compounding and discounting techniques and applies these to the valuation of various property types and interests. Lastly, the practical context in which valuations are conducted is considered, including the workings of the RICS Valuation Standards and how valuations are reported.

Contact Teaching Time

Information on contact teaching time is available from the course guide.

Teaching Breakdown

  • 1 Seminar during University weeks 28, 30, 32, 34
  • 1 Tutorial during University weeks 27, 29, 31, 33, 38

More Information about Week Numbers

In light of Covid-19 and the move to blended learning delivery the assessment information advertised for courses may be subject to change. All updates for first-half session courses will be actioned no later than 1700 (GMT) on 18 September 2020. All updates for second half-session courses will be actioned in advance of second half-session teaching starting. Please check back regularly for updates.

Summative Assessments

2 x 2000-word essays (50% each) that cover all five valuation methods.

Resit (for students who took the course in Academic Year 2020/21):   

A series of short essay questions that cover all five valuation methods. Students will have a few days to complete the questions.

Formative Assessment

There are no assessments for this course.

Course Learning Outcomes

Knowledge LevelThinking SkillOutcome

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