Level 1
- PO 1001 - INTRODUCTION TO INVESTMENT AND FINANCE
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- Credit Points
- 20
- Course Coordinator
- Dr N Dunse
Pre-requisites
None.
Overview
The aim of this course is to explain the principles and practices of financial markets and investment decision making. It also offers an understanding of the jargon that is used by financial practitioners and in the financial press. The module starts by looking at financial institutions, such as the London Stock Exchange and explains how price indices and their derivatives are calculated. Concepts such as the time value of money, present value and future value, risk and return, valuation and the opportunity cost of capital are developed. The course explains why there are markets for property, futures and options, unit trusts (mutual funds), commodities, currencies and money and how these financial products are traded in the financial markets.
Structure
3 one-hour lectures per week and 1 one-hour tutorial per week.
Assessment
1st Attempt: 1 two-hour written examination (60%) and in-course assessment: one 40 minute multiple choice test (20%) and one 1000 word essay/report (20%).
Resit: 1 two-hour written examination (100%).
- PO 1501 - BUILDING TECHNOLOGY
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- Credit Points
- 10
- Course Coordinator
- To be arranged
Pre-requisites
None
Overview
This course discusses and explores the following:- the building design process; the construction team; functional requirements of buildings, including infrastructure and explanation of basic building details; the dynamics of materials and structures; the identification of site characteristics and influence of exposure; the causes of building defects and decay; the principles of dilapidation; the principles of land and building surveying; scaled representations and the complexity of building; and basic building services.
Structure
16 one-hour lectures, 4 two-hour workshops, 1 full day practical exercise and 2 half-day field visits.
Assessment
1st Attempt: in-course assessment (100%) – 3 projects.
Resit: in-course assessment (100%) – 3 projects.
Level 2
- PO 2001 - UNDERSTANDING STATISTICS
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- 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 original course work mark (20%).
- PO 2003 - PRINCIPLES OF PROPERTY VALUATION
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- Credit Points
- 15
- Course Coordinator
- Dr N Dunse
Pre-requisites
Overview
- The property market and property profession.
- Property use, investment and development.
- Definitions of value and measurement practice.
- The valuation process.
- Introduction to the five principal methods of property valuation.
- Analysis of comparables.
- Revision of financial mathematics.
- 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%).
- PO 2501 - LAND AND PROPERTY ECONOMICS
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- Credit Points
- 15
- Course Coordinator
- Dr D Roberts
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 original in-course assessment mark (20%).
- PO 2502 - VALUATION: PRINCIPLES INTO PRACTICE
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- Credit Points
- 15
- Course Coordinator
- Professor N Hutchison
Pre-requisites
Available only to students in Programme Year 2 or above.
Overview
The course examines issues concerning the valuation of land and property interests. Topics include an examination of the techniques for and practical examples of valuations for trading properties and development properties; RICS’ Appraisal and Valuation Manual and valuations for special purposes which will include company accounts, insurance and taxation, incorporating national taxation – taxation of income and expenditure, inheritance tax, tax on capital gains and stamp duty; and local taxation – an introduction to the Scottish rating system, council tax and non-domestic rates.
Structure
3 one-hour lectures per week, 1 one-hour 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 original in-course assessment mark (20%).
Level 3
- PO 3001 - CONTEMPORARY APPRAISAL
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- Credit Points
- 30
- Course Coordinator
- Dr N Dunse
Pre-requisites
Overview
This course will examine current issues in investment appraisal. It will cover mass appraisal techniques and the application of statistical techniques for property appraisal including application of computer packages such as geographical information systems (GIS) and artificial intelligence (AI). Analysis of balance sheets will be covered in business appraisal along with valuation of special business properties. The course will also cover development appraisal.
Structure
2 one-hour lectures and 1 one-hour tutorial 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%).
- PO 3002 - PROPERTY PORTFOLIO INVESTMENT
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- Credit Points
- 30
- Course Coordinator
- Dr R Schulz
Pre-requisites
Available to students in Programme Year 3 or above.
Overview
This course examines the role of property as an investment asset. It compares property against the different asset classes of shares and bonds and further differentiates property investment into direct and indirect investment alternatives. Also covered is index construction, depreciation, benchmarking and modern portfolio theory. Efficiency and pricing in the property market is then discussed with its impact on investment.
Structure
3 one-hour lectures and 1 one-hour tutorial per week.
Assessment
1st Attempt: 1 two-hour examination (60%) and two pieces of in-course assessment (40%).
Resit: 1 two-hour examination (60%) and original in-course assessment mark (40%).
- PO 3003 - HOUSING ECONOMICS
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- Credit Points
- 30
- Course Coordinator
- To be advised
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%).
- PO 3501 - INTERNATIONAL PROPERTY MARKET ANALYSIS
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- Credit Points
- 30
- Course Coordinator
- To be advised
Pre-requisites
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
3 one-hour lectures and 1 one-hour tutorial 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%).
Level 4
- PO 4001 - HOUSING ECONOMICS (LEVEL 4)
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- Credit Points
- 30
- Course Coordinator
- To be advised
Pre-requisites
Available only to students in Programme Year 4 who have passed PO 2501, OR EC 2002.
Notes
Elective for MA Property single and joint honours, and MA Economics single and joint honours.
Overview
This course offers students the opportunity to study the microeconomics of housing markets. Issues include: housing market segmentation, disequilibrium in housing, defining neighbourhoods and analysis of house price models. Also considered is 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 and housing supply.
Structure
1 two-hour lecture and 1 one-hour seminar per week.
Assessment
1st Attempt: 1 two-hour written examination (60%) and two pieces of in-course assessment (20% each).
Resit (for Honours students only): Candidates achieving a CAS mark of 6-8 may be awarded compensatory level 1 credit. Candidates achieving a CAS mark of less than 6 will be required to submit themselves for re-assessment and should contact the Course Co-ordinator for further details.
- PO 4002 - PROPERTY PORTFOLIO INVESTMENT (LEVEL 4)
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- Credit Points
- 30
- Course Coordinator
- Dr R Schulz
Pre-requisites
Available to students in Programme Year 4 only.
Overview
This course examines theories and issues relevent 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-hours tutorials/seminars.
Assessment
1st Attempt: 1 two-hour written examination (60%) and in-course assessment (40%).
Resit (for Honours students only): Candidates achieving a CAS mark of 6-8 may be awarded compensatory level 1 credit. Candidates achieving a CAS mark of less than 6 will be required to submit themselves for re-assessment and should contact the Course Co-ordinator for further details.
- PO 4003/PO 4503 - DISSERTATION
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- Credit Points
- 30
- Course Coordinator
- Dr D Roberts
Pre-requisites
Available to Senior Honours students who have passed LE 3520.
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%).
Resit (for Honours students only): Candidates achieving a CAS mark of 6-8 may be awarded compensatory level 1 credit. Candidates achieving a CAS mark of less than 6 will be required to submit themselves for re-assessment and should contact the Course Co-ordinator for further details.
- PO 4501 - INTERNATIONAL PROPERTY MARKET ANALYSIS (LEVEL 4)
-
- Credit Points
- 30
- Course Coordinator
- To be advised
Pre-requisites
Only available to students in Programme Year 4.
Notes
Students who have completed LE 3024, International Property Market Analysis, are not eligible to take this course.
Overview
This course discusses and explores the following topics:
- Structure of international property markets, focusing on Europe, North America and Asia-Pacific.
- International political economy as a context for interpreting land and property markets.
- National property markets at different stages of development.
- Differences in national legal and planning systems, and their impact on property markets
- Case studies in international property.
Structure
1 two-hour lecture per week and 1 two-hour seminar per fortnight (times to be arranged).
Assessment
1st Attempt: 1 two-hour written examination (60%) and in-course assessment (40%).
Resit (for Honours students only): Candidates achieving a CAS mark of 6-8 may be awarded compensatory level 1 credit. Candidates achieving a CAS mark of less than 6 will be required to submit themselves for re-assessment and should contact the Course Co-ordinator for further details.
- PO 4502 - PROPERTY FINANCE AND INVESTMENT
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- Credit Points
- 30
- Course Coordinator
- Dr P Tiwari
Pre-requisites
PO 3002 or PO 4002 or equivalent.
Notes
Available only to students in Programme Year 4.
Overview
This course will cover rent modelling and forecasting, inflation hedging capabilities of direct and indirect property, price discovery between securitised and unsecuritised property, property finance of residential and income generating property, financing of property development, and amortization.
Structure
1 two-hour lecture and per week and 1 two-hour workshop per fortnight.
Assessment
1st Attempt: 1 two-hour written examination (60%) and in-course assessment comprising two pieces of coursework (20% each).
Resit: 1 two-hour written examination (100%).