Real Estate, Planning and Regeneration MSc Programmes

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1 Real Estate, Planning and Regeneration MSc Programmes 2018/19 Urban Studies School of Social and Political Sciences

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3 Click here to return to REPR webpage OVERALL STRUCTURE FOR REAL ESTATE, PLANNING AND REGENERATION MSc PROGRAMMES Page 3 MSc in City Planning: Diagrammatic Structure (RTPI accredited) MSc in City Planning and Real Estate Development: Diagrammatic Structure (RICS and RTPI accredited) MSc in International Real Estate and Management: Diagrammatic Structure (RICS accredited) MSc in Real Estate: Diagrammatic Structure (RICS accredited) Postgraduate Certificate in Real Estate 12 Postgraduate Certificate in Spatial Planning INDIVIDUAL COURSE DETAILS Advanced Real Estate Valuation and Appraisal 15 Asian Cities 17 Community Empowerment and Engagement 19 Contemporary Planning Systems 20 Corporate Finance 21 Designing Places 22 Dissertation: REPR 23 Development Appraisal for Real Estate Surveyors 24 Development Economics 25 Development Process 26 Foundations of Housing Management Practice 27 Governance and Markets 28 Housing Business 29 Housing, Inequality and Society 30 International Real Estate Analysis 31 International Real Estate Markets 33 International Urban Challenges 34 Managing Strategic Change 35 1

4 Marketing Management 37 Operations Management 38 Principles and Applications of GIS 39 Professional Practice, Ethics and Management 40 Project Management 41 Property Law for Real Estate Surveyors 42 Real Estate Finance and Investment 43 Real Estate Markets 44 Real Estate Valuation and Appraisal 45 Regenerating Cities 47 Scottish Housing Law 48 Spatial Planning Strategies 49 Strategic Real Estate Management 50 Sustainable Housing Development 52 Sustainable Urban Futures 53 Transport Planning Lab 54 Transport Planning Methods 55 Transport Studies 56 Understanding Housing Markets 57 Urban Design Policy And Practice 58 Urban Studies Researching and the Dissertation 59 2

5 STRUCTURE OF THE REAL ESTATE, PLANNING AND REGENERATION MSc PROGRAMMES The Real Estate, Planning and Regeneration (REPR) MSc Programmes are designed as 180 credit awards at Level 11 of the Scottish Credit and Qualifications Framework. Each degree is divided into three equal parts each of 60 credits. Part 1: Part 2: Part 3: Understanding Urban Systems, Markets, Institutions and Governance This is different for the MSc in Real Estate and MSc in International Real Estate and Management. It is called Understanding Markets and Institutions for the MSc in Real Estate and Understanding and Managing Markets, Institutions and Resources MSc in International Real Estate and Management to reflect the greater focus on markets or management. Making a Practical Difference Research Skills and Experience Part 1a: Understanding Urban Systems, Markets, Institutions and Governance (40 credits) Part 1a is intended to provide a strong common foundation in urban analysis and development process upon which action and intervention can be built. Planning students learn not only how cities function but also about the market, institutional and governance context within which this takes place. All students on planning MSc degrees take the following courses: Contemporary Planning Systems (10 credits) Development Process (10 credits) Development Economics (10 credits) Governance and Markets (10 credits) Part 1a: Understanding Markets and Institutions (40 credits) Part 1a is intended to provide students on the MSc in Real Estate with core competencies on property law, urban economics and development process. They take the following core courses: Development Appraisal for Real Estate Surveyors (10 credits) Development Process (10 credits) Property Law for Real Estate Surveyors (10 credits) Real Estate Market (10 credits) 3

6 Part 1a: Understanding and Managing Markets, Institutions and Resources (40 credits) Part 1 is intended to provide students on the MSc in International Real Estate and Management with a strong common foundation in management and development process upon. Students learn key management principles and concepts, and about the development process and real estate markets that organisations operate in. Students on the MSc in International Real Estate and Management take the following core courses: Development Process (10 credits) Managing Strategic Change (10 credits) Project Management (10 credits) Real Estate Markets (10 credits) Part 1b: Exploring Reflective Practice (10 credits) Part 1b concentrates on the personal and professional qualities needed in an effective and reflective practitioner. All students on the programme take the following courses: Professional Practice, Ethics and Management (10 credits) Integrative Planning/Real Estate Seminars Part 2: Making a Practical Difference (60 credits) Part 2 enables students to apply the broad understanding they have developed of concepts and contexts to find answers to specific practical challenges in their chosen area of interest. The core and optional courses available to students depend on their degree programme. The core courses (30 credits) on the MSc in City Planning are Designing Places (10 credits) and Spatial Planning Strategies (20 credits). Students are also required to take 30 credits of Pathway specialist courses. The core and optional courses available vary as follows, according to student s choice of specialist pathway. Recommended Housing Pathway o Pathway Core: Sustainable Housing Development (20 credits ) o Foundations of Housing Management Practice (10 credits) o Housing Businesses (10 credits) o Principles and Applications of GIS (10 credits) o Understanding Housing Markets (10 credits) o Housing, Inequality and Society (10 credits) o Scottish Housing Law (10 credits) Recommended International Planning Pathway o Pathway Core: International Urban Challenges OR Asian Cities (20 credits) o Principles and Applications of GIS (10 credits) o Sustainable Urban Futures (10 credits) o Community Empowerment and Engagement (10 credits) Recommended Regeneration Pathway o Pathway Core: Regenerating Cities (20 credits) o Sustainable Urban Futures (10 credits) o Principles and Applications of GIS (10 credits) o Community Empowerment and Engagement (10 credits) Recommended Transport Pathway o Pathway Core: Transport Planning Methods (20 credits) 4

7 o Pathway Core: Transport Studies (10 credits) o Pathway Core: Transport Planning Lab (10 credits) Recommended Urban Design Pathway o Pathway Core: Urban Design Policy and Practice (10 credits) o Urban Design History (10 credits) o Urban Design Landscape (10 credits) o Community Empowerment and Engagement (10 credits) The core courses (60 credits) on the MSc in City Planning and Real Estate Development are as follows: Designing Places (10 credits) Property Law for Real Estate Surveyors (10 credits) Real Estate Markets (10 credits) Real Estate Valuation and Appraisal (10 credits) Spatial Planning Strategies (20 credits) The core courses (30 credits) on the MSc in Real Estate are Advanced Real Estate Valuation and Appraisal (10 credits), Real Estate Finance and Investment (10 credits) and Real Estate Valuation and Appraisal (10 credits). Students are also required to take 30 credits of Pathway specialist courses. The core and optional courses available vary as follows, according to student s choice of specialist pathway. Recommended Housing Pathway o Pathway Core: Foundations of Housing Management Practice AND Scottish Housing Law (20 credits) o Sustainable Housing Development o Housing Businesses o Understanding Housing Markets o Strategic Real Estate Management Recommended International Real Estate Pathway o Pathway Core: International Real Estate Analysis OR Asian Cities (20 credits) o Principles and Applications of GIS o Sustainable Urban Futures Recommended Real Estate Finance and Investment Pathway o Pathway Core: Corporate Finance (20 credits) o Strategic Real Estate Management o International Real Estate Markets Recommended Regeneration Pathway o Pathway Core: Regenerating Cities (20 credits) o Contemporary Planning Systems o Sustainable Urban Futures o Principles and Applications of GIS o Community Empowerment and Engagement The core courses (50 credits) on the MSc in International Real Estate and Management are as follows: Development Appraisal for Real Estate Surveyors (10 credits) International Real Estate Analysis (20 credits) 5

8 Real Estate Markets (10 credits) Real Estate Valuation and Appraisal (10 credits) PLUS 10 credits of optional courses form the following list: Advanced Real Estate Valuation and Appraisal (10 credits) Marketing Management (10 credits) Operational Management (10 credits) Principles and Applications of GIS (10 credits) Real Estate Finance and Investment (10 credits) Part 3: Research Skills and Experience (60 credits) In Part 3, students have the chance to work in depth on a pathway topic of their own choice, subject to the approval of the Programme Director. All students on the programme therefore take: Urban Studies Researching and the Dissertation (10 credit) Dissertation: REPR (60 credits) Planning students can choose whether to pursue original investigative work through an academic dissertation or a design-led dissertation. Students on the Transport pathway in MSc City Planning take Transport Planning Methods instead of Urban Studies Researching and the Dissertation. 6

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10 MSc in City Planning PART 1A: Understanding Urban Systems, Markets, Institutions and Governance Governance and Markets (10 credits) Contemporary Planning System (10 credits) Development Process (10 credits) Development Economics (10 credits) Pathway Option (10 credits) Pathway Option (10 credits) Spatial Planning Strategies (20 credits) Dissertation/Design-based dissertation (60 credits) Pathway Option (10 credits) Designing Places (10 credits) Professional Practice, Ethics and Management (10 credits) US Researching and the Dissertation (10 credits) * Integrative Planning Seminars (0 credits) PART 1B: Exploring Reflective Practice PART 2: Making a Practical Difference PART 3: Research Skills and Experience * Students on the Transport Specialist Option take Transport Planning Methods

11 MSc in City Planning and Real Estate Development REPR Programmes and Courses PART 1A: Understanding Urban Systems, Markets, Institutions and Governance Governance and Markets (10 credits) Contemporary Planning System (10 credits) Development Process (10 credits) Development Appraisal for Real Estate Surveyors (10 credits) Real Estate Markets (10 credits) Real Estate Valuation and Appraisal (10 credits) Spatial Planning Strategies (20 credits) Dissertation (60 credits) Property Law for Real Estate Surveyors (10 credits) Designing Places (10 credits) Professional Practice, Ethics and Management (10 credits) US Researching and the Dissertation (10 credits) Integrative Planning Seminars (0 credits) PART 1B: Exploring Reflective Practice PART 2: Making a Practical Difference PART 3: Research Skills and Experience

12 MSc in International Real Estate and Management PART 1A: Understanding and Managing Markets, Institutions and Resources Managing Strategic Change (10 credits) Project Management (10 credits) Development Process (10 credits) Real Estate Markets (10 credits) International Real Estate Analysis (20 credits) Real Estate Valuation and Appraisal (10 credits) Strategic Real Estate Management (10 credits) Dissertation (60 credits) Option (10 credits) Development Appraisal for Real Estate Surveyors (10 credits) Professional Practice, Ethics and Management (10 credits) Integrative Real Estate Seminars (0 credits) Options: Marketing Management Operational Management Principles and Applications of GIS Advanced Real Estate Valuation and Appraisal Real Estate Finance and Investment US Researching and the Dissertation (10 credits) PART 1B: Exploring Reflective Practice PART 2: Making a Practical Difference PART 3: Research Skills and Experience

13 MSc in Real Estate PART 1A: Understanding Markets and Institutions Real Estate Markets (10 credits) Development Process (10 credits) Pathway Option (10 credits) Real Estate Valuation and Appraisal (10 credits) Property Law for Real Estate Surveyors (10 credits) Development Appraisal for Real Estate Surveyors (10 credits) Pathway Option (10 credits Advanced Real Estate Valuation and Appraisal (10 credits) Dissertation (60 credits) Pathway Option (10 credits Real Estate Finance and Investment (10 credits) Professional Practice, Ethics and Management (10 credits) US Researching and the Dissertation (10 credits) Integrative Real Estate Seminars (0 credits) PART 1B: Exploring Reflective Practice PART 2: Making a Practical Difference PART 3: Research Skills and Experience 12

14 POSTGRADUATE CERTIFICATE IN REAL ESTATE This is a 60 credit programme intended to provide a recognised University qualification for practitioners who will to extend their knowledge and understanding through reflective and structured CPD learning. It may also serves as a launch pad for less experienced students into the Real Estate, Planning and Regeneration MSc Programmes. Students who achieve the Postgraduate Certificate in Real Estate should typically be able to: 1. Understand fundamental concepts in real estate and apply them to particular case studies; 2. Recognise the role of real estate in the sustainable use, management and development of the urban environment; 3. Make a more informed contribution to policy and practice debates on the future development of real estate; and 4. Demonstrate their capacity to succeed on the MSc Programme in Real Estate, Planning and Regeneration, should, having completing the requirements for the certificate, they wish to transfer. Students on the Postgraduate Certificate in Real Estate take the following courses: Development Appraisal for Real Estate Surveyors (10 credits) Development Process (10 credits) Real Estate Valuation and Appraisal (10 credits) Real Estate Markets (10 Credits) PLUS a further 20 credits chosen from courses listed below Advanced Real Estate Valuation and Appraisal (10 credits) Professional Practice, Ethics and Management (10 credits) Property Law for Real Estate Surveyors (10 credits) Real Estate Finance and Investment (10 credits) The Certificate is normally taken on a modular basis over two or more years to match the student s preferred time commitment. 14

15 POSTGRADUATE CERTIFICATE IN SPATIAL PLANNING This is a 60 credit programme intended to provide a recognised University qualification for practitioners who will to extend their knowledge and understanding through reflective and structured CPD learning. It may also serves as a launch pad for less experienced students into the Real Estate, Planning and Regeneration MSc Programmes. Students who achieve the Postgraduate Certificate in Spatial Planning should typically be able to: 1. Understand fundamental concepts in spatial planning and apply them to particular case studies; 2. Recognise the role of spatial planning in the sustainable use, management and development of the urban environment; 3. Make a more informed contribution to policy and practice debates on the future development of spatial planning; and 4. Demonstrate their capacity to succeed on the MSc Programme in Real Estate, Planning and Regeneration, should, having completing the requirements for the certificate, they wish to transfer. Students on the Postgraduate Certificate in Spatial Planning take the following courses: Contemporary Planning Systems (10 credits) Governance and Markets (10 credits) Spatial Planning Strategies (20 credits) PLUS a further 20 credits chosen from courses listed below Designing Places (10 credits) Development Process (10 credits) Professional Practice, Ethics and Management (10 credits) The Certificate is normally taken on a modular basis over two or more years to match a student s preferred time commitment. 15

16 ADVANCED REAL ESTATE VALUATION AND APPRAISAL Aim In the course Real Estate Valuation and Appraisal students examine the mathematical principles underpinning valuation, and see how to value land and buildings using a selection of techniques based on these mathematical formulae. In this core course students will directly build on the valuation and appraisal knowledge and skills they developed in the previous course, and develop their skills when applied to the more complex situations that valuers commonly experience. Valuation skills cannot be learned by reading or hearing about it. Students must experience and develop these skills through the practical activities of (a) problem solving, (b) data analysis and (c) application of the relevant methods. Therefore, the course content and delivery is split into coherent and logical blocks with students being able to execute and practice the techniques illustrated in seminars through the use of self-assessed exercises and workshops, and the course is formally assessed through a valuation project based upon real life subject properties and market comparables. In accordance with the specific and evidenced competency requirements of the accreditation body (RICS), by the end of the course, participants should be able to: demonstrate an in-depth knowledge and understanding of the need to collect data, analyse and define the needs of clients while articulating the purposes and mandatory requirements of valuations, the importance of the Red Book and the reasons for the RICS introducing the RICS Valuer Registration System; search different sources of transaction and market data, collate and present this information in a meaningful format and know how to store this data in an appropriate manner; apply the appropriate UK and international standards and guidance relating to the measurement and valuation of property, and fully understand the basis on which measurements should be undertaken for different property types in the valuation and appraisal process; build premiums, and other future costs and receipts into their valuations; understand the practices relating to landlord and tenant, and how these impact on the valuation process; appreciate the possible roles and duties of a surveyor as an expert witness and/or an advocate in the rent review process, and differentiate between adjudication, independent expert determination, arbitration and litigation. understand that net effective rents should be used in valuations and apply current practice. advise clients on the financial implications of surrendering and renewing a leases and the commercial lease terms they negotiate; recognise that most rental incomes are paid quarterly in advance, and not annually in arrears as previously assumed in Real Estate Valuation and Appraisal, and compute quarterly in advance cash flows in traditional and contemporary valuations that handle these cash flows in an appropriate manner; 16

17 contribute to the debate surrounding the use of traditional and contemporary valuation techniques, and the latest issues related to valuation practice; critically evaluate different valuation methods and understand how they have evolved; differentiate between gross and net initial yields; solve valuation and appraisal problems using the traditional methods, shortened explicit cash flow model and DCF by formula approach; appraise development and investment options building in real life assumptions such as income voids, planning capital expenditure, breaks, incentive and gearing; critically appraise developments in valuation techniques, such as automated valuation models; and examine the background to compulsory purchase, the Acts of Parliament that grant compulsory purchase powers and the basic principles of compensation. The course will be assessed through practical work, which will enable students to value a wide range of types of property and legal interests using relevant valuation and appraisal techniques. Informal tests and self-assessment exercises provided on Moodle will provide students with immediate self-assessment and a basis on which to discuss your progress with tutors. 17

18 ASIAN CITIES This course is run by the University of Hong Kong and is a four weeks study driven fieldtrip. It combines students from a number of Universities, and aims to enable participants to critically compare UK and Asian practices within the built environment; and examine in-depth the actual problems encountered in practice by professionals operating in Asian real estate markets. The four weeks run from the end of June and through July with 1 week spent in Hong Kong, 1 week in Singapore, 1 week in Shanghai and Beijing and 1 week in Tokyo and Seoul. A support member of staff within the University of Hong Kong will provide details on the hotel and travel arrangements of the fieldtrip participants to enable students to plan their itinerary, travel and hotel bookings. Students are expected to pay for all their hotel, subsistence and travel costs. A two weeks version of this field trip is also available. Students pick two weeks concurrently running in the 4 weeks timetable. By the end of the course, students should be able to: critically evaluate the complexity of real estate development projects within Asia and demonstrate an in-depth understanding of how they vary from real estate development projects in the UK; articulate and evaluate the processes within which professionals practice; identify and argue in favour of the relevance of the skills required in real estate and construction and their relationship to the skills of professionals in other locations; evaluate practical solutions to problems, such as climate change and, market uncertainty, that practitioners are likely to encounter in their practice; observe, question and offer worked alternatives to the practices and skills used in the case studies; interpret, analyse and compare evaluate theories, concepts and principles in the study of land use, property rights, planning systems and process as applied in different countries; evaluate the importance of time in property development and planning, and show how the short-term and longer-term consequences of real estate and planning decisions may impact differentially on those affected; examine different financial mechanisms available to developers and analyse their implications in the development process; engage in complex problem solving, and demonstrate the ability to reach decisions and make recommendations in relation to individual cases in the context of their broader implications; search for, manipulate, evaluate and present data to support arguments in relation to the needs of the client within the cases studies examined; extract and assess data from management and company accounts, and 18

19 work effectively on individual and group-based tasks. Students work in smalls groups to develop a portfolio of case study analyses. The data collection and mapping out of the cases are conducted during the 4 week programme but students are allowed time after the trip to tidy up their submissions. Students who complete the 4 weeks field trip are required to submit two critical analysis (2,000 words each) while those who do the 2 weeks field trip are required to submit two critical analysis (3,000 words each). These are large assignments to compensate for the lower number of effort hours spent during the fieldtrip. 19

20 COMMUNITY EMPOWERMENT AND ENGAGEMENT The aim of this course is to develop a theoretical and practical understanding of community participation and engagement as a public policy tool, and an appreciation of the role that participation and engagement play in citizen empowerment. By the end of the course, students should be able to: understand and evaluate theories of empowerment and engagement; critically evaluate contemporary debates about community participation and engagement; analyse and reflect upon the nature of power in community decision-making; identify the complex range of stakeholders involved in local decision-making and assess their ability to make collective decisions; summarise the importance of stakeholder involvement and of engaging and communicating with (by appropriate and varied means) a diverse range of interests, including local residents and community groups, business people, commercial developers, politicians and protest groups; identify and justify appropriate methods and guiding principles for community engagement for differing scenarios. consider and reflect upon divergent opinions during a community decisionmaking process; develop practical skills in community engagement and participation techniques, including listening, negotiation, conflict resolution and synthesis; and work effectively on individual and group-based tasks. The course will be assessed through practical work, which will enable students to apply the principles of public participation and engagement to a project. Students will give a group presentation on a participation technique (25% of total course mark) and produce an individual report detailing an engagement strategy for a local community visioning exercise of 2,000 words (75% of total course mark). 20

21 CONTEMPORARY PLANNING SYSTEMS The course aims to examine the spatial planning system, focusing on its evolution, structure and processes. It critically explores the institutional and legal framework within which planning takes place and critically engages contemporary planning practices, debates, theories, controversies, issues and concerns. While emphasising British planning systems, the course brings in a number of international examples. By the end of the course, students should be able to: describe and critique the nature and scope of spatial planning; evaluate the context and influences in the historical development of spatial planning; review and assess the institutional framework for spatial planning; recognise the political nature of decision-making in planning, and the need to develop the ability to work effectively within democratic decision-making structures; explain the importance of engaging and communicating with (by appropriate and varied means) a diverse range of interests, and understand the role and importance of stakeholder involvement and public participation in the planning and development process; interpret and evaluate the legal framework for spatial planning including planning and environmental law; examine and appraise the development planning and management system in Scotland, judge and formulate coherent arguments on contemporary issues in spatial planning; evaluate the case for and against spatial planning and particular forms of spatial planning; assess and contribute to key planning debates and the planning literature; and assess what can be learnt from past experiences of spatial planning in different socio-economic, cultural and political contexts. A written assignment (2,500 words) focusing on a topical spatial planning issue and grounded in the institutional context of the contemporary planning systems, process and practices. 21

22 CORPORATE FINANCE The overall aim of the course is to give students a critical focus of corporate finance and the functions of the securities market and the optimal investment strategy under rational market conditions. Students will develop critical skills in assessing the relevance of the principles of finance to real world situations. By the end of the course, participants should be able to: demonstrate in-depth knowledge of the financial markets, in particular the equity and money markets, and be able to critically discuss the variable levels of stock market efficiency; explain and critically evaluate methods of investment appraisal; discuss the role of financial managers and identify the major issues that confront them; and evaluate different theories of capital structure and dividend policy. The course will be formally assessed by means of a coursework report (25%) and unseen examination (75%). 22

23 DESIGNING PLACES This course aims to provide an appreciation of the importance and process of design in creating high quality places and enhancing the public realm and to evaluate the effectiveness of alternative design approaches in achieving this. By the end of the course, students should be able to: debate the importance and process of design in creating high quality places and enhancing public realm for benefit of all in society; summarise, interpret and critique urban design theories and apply them to a project; demonstrate they are familiar and understand the language and terminology of land use and urban design, and can apply the visual tools and methods used to present and articulate urban design ideas; differentiate the relationships that exist between market processes, built form, different development models and patterns of movement, and evaluate the links between design of place and climate change; consider how best to generate and capture added value for both particular interests and wider community; appreciate and evaluate the use of different design sensitive tools and mechanism for place-making. evaluate effectiveness of alternative design approaches, and developments in the policy agenda that have emphasised the design/physical dimension of regeneration; formulate an opinion and contribute to the debate on urban space design; and apply drawing and mapping skills as ways to communicate ideas. The course is assessed through in-depth analysis of a specific place and a subsequent design proposal (including analysis of components of sense of place (physical setting; activities; movement; and meanings and associations) and basic design objectives). Project work assessed through a 25% visual presentation during the class tutorial and a 75% report containing the analysis and proposal. 23

24 DISSERTATION: REPR The aim of this course is help students develop effective research and appraisal skills (evident, for example, in data sourcing, collection, investigation, quantitative and qualitative analysis, weighing evidence and reaching sound conclusions) through understanding appropriate research methods, undertaking a substantial research exercise on an approved topic with a literature and original empirical content, and presenting their research results in a well-argued and coherent written form. By the end of the course, students should be able to: evaluate the nature and purpose of research in real estate and planning; interpret, analyse and evaluate theories, concepts and principles in a specialist area of study; debate the significance of different traditions of thought in philosophy, science and social science; define research problems and issues and refine them into research aims, objectives, questions and/or hypotheses; critically evaluate different traditions of thought in philosophy, science and social science, selecting a suitable approach in the design and implementation of a research project; search for and review critically research literature and other secondary data sources; understand the ethical issues involved in the collection, handling and storage of primary and secondary research data; search for and review critically research literature and other secondary data sources; plan and manage a research project by collecting information from a variety of sources, synthesising it effectively and presenting it succinctly; select and apply appropriate methodological approaches and methods for particular research topics; appropriately weigh evidence, present it meaningfully and reach sound conclusions that contribute to the achievement of the aims and objectives of the research; and sustain a clear and succinct argument in presenting research findings in a substantive written form. Assessment is based solely on a research project in the form of EITHER a tradition dissertation of 13,750 words (maximum) OR a design-led dissertation of 8,000 words in combination with a more practical component (comparable with the effort required for a 15,000 words dissertation). This might include drawing, illustrations, computations or other problem-solving techniques that directly address the project's aims and objectives. 24

25 DEVELOPMENT APPRAISAL FOR REAL ESTATE SURVEYORS This course aims to build on the material covered in the Semester 1 course, Development Process. It seeks to explore how real estate value can be created by development activity and how it is appraised and exploited in the development sector. This involves an integrated understanding of how law, economics, finance, professional practice and planning policy help shape real estate value. Development appraisal methods and financing mechanisms are examined in depth. The course concludes by applying the development appraisal principles and techniques in a real life mock development project that require students to evaluate the implications of different financing scenarios. By the end of the course, students should be able to: evaluate the needs of clients, collect and collate data, and competently apply data analysis skills; explain and critically analyse the factors that influence property values, and how these can be shaped by local, national and international economic forces; critically debate the importance of time and resources issues in the development process (especially human and financial resources); understand and apply the mathematical principles underpinning development appraisals; recognise the different mechanism that can be used to finance development activity and illustrate the links between development viability and financing; appreciate how real estate value can influence, and be influenced by land, planning and urban policies; contribute to the debate on development viability and planning policy; apply residual development appraisals to solve simple development related problems; construct and develop and DCF appraisal and undertake sensitivity analyses and scenario testing on Excel; undertake a feasibility report, and prepare and present a development appraisal report; evaluate economic and financial implications of alternative development specifications and designs; and appraise different financing mechanisms and partnership arrangements in the development process. The course will be formally assessed (100%) by a report, produced as the output from a development appraisal project. This output will be a professional report and containing 2,500 words and series of appraisal calculations on the feasibility of a proposed development and different funding scenarios. 25

26 DEVELOPMENT ECONOMICS This course aims to explore how real estate value can be created by development activity and how it is appraised and exploited in the development sector. This involves an integrated understanding of how law, economics, finance, professional practice and planning policy help shape real estate value. Property rights and concepts of land ownership are introduced and development appraisal methods are examined in depth. The course concludes by applying the development appraisal principles and techniques in a real life mock development project. By the end of the course, students should be able to: evaluate the needs of clients, collect and collate data, and competently apply data analysis skills; understand and apply the appropriate UK and international standards and guidance relating to the measurement of property, and fully understand the basis on which measurements should be undertaken for different property types in the development appraisal process; appreciate the limitations associated with working from plans and drawings; explain and critically analyse the factors that influence property values, and how these can be shaped by local, national and international economic forces; critically debate the importance of time and resources issues in the development process (especially human and financial resources); understand and apply the mathematical principles underpinning development appraisals; recognise the different mechanism that can be used to finance development activity and illustrate the links between development viability and financing; explain the legislation for acquiring and disposing of land and buildings; appreciate how real estate value can influence, and be influenced by land, planning and urban policies; contribute to the debate on development viability and planning policy; apply residual development appraisals to solve simple development related problems; construct and develop a DCF appraisal and undertake sensitivity analyses and scenario testing on Excel; and undertake a feasibility report, and prepare and present a development appraisal report. The course will be assessed through practical work, which will enable students to apply the main principles of development appraisal. Informal tests and selfassessment exercises provided on Moodle will provide students with immediate selfassessment and a basis on which to discuss your progress with tutors. 26

27 DEVELOPMENT PROCESS The aim of this course is to understand the process of real estate development and its relationship to broader social, economic and political forces. In accordance with the specific and evidenced competency requirements of the accreditation bodies (RICS and RTPI), by the end of the course, participants should be able to: illustrate and assess how the demand for housing, commercial and mixed-use development products and the supply of development opportunities are driven by social and economic change and political decisions; explain the roles played by different actors in the development process and assess the potential for collaboration or conflict between them; recognise the significance of development constraints and evaluate different ways in which they might be overcome; apply policy and market research and analysis to selecting appropriate development products; test alternative forms of site development in relation to their acceptability, marketability and suitability, and where appropriate, recommend modifications to enhance these criteria; explain the values underlying interpretations of sustainability, and reflect on the contested nature of the concepts of economic, social and sustainable development and explore the implications for urban design policy, spatial planning and urban management; evaluate effectiveness of alternative design approaches, and developments in the policy agenda that have emphasised the design/physical dimension of regeneration; collect market research and analyse an array of information sources to select appropriate development products and determine how best to market them; and present analysis and findings in written, verbal and graphic forms. The course will be assessed through practical work, which will enable students to apply the main principles of property development by bringing forward and testing proposals for a mixed-use urban development. This will be an individual report of 2,500 words. 27

28 FOUNDATIONS OF HOUSING MANAGEMENT The course aims to provide students with an appreciation of a variety of approaches to housing management functions and the ability to assess housing management practices across a range of landlords. In the context of a rapidly rising PRS the course will also explore the variations in role and purpose between private and social sector landlords. By the end of the course, students should be able to: understand the background to, and history of, housing management practice identify the activities that constitute housing management and the differing approaches in the public and private sectors; critically appraise the legal principles relating to housing management and evaluate the legal processes used; critically appraise housing management tasks (such as rent arrears, allocations, dealing with crime and anti-social behaviour and environmental management) in the light of legislation and good practice; identify the contribution that housing management may make towards wider regeneration of communities through showing an understanding of community cohesion and the issues facing social landlords in promoting mixed communities; and of the role of housing management in neighbourhood management; identify and account for changing roles within the housing profession and discuss the future of housing management; and discuss and critique the differing approaches in the public and private sectors. Written assignment (2,500 words) focusing on a housing management issue. 28

29 GOVERNANCE AND MARKETS This course aims to provide a wide-ranging introduction to issues in contemporary governance. It firstly explores how the concept of government has evolved into one of governance and considers the implications of this to urban development and city building. It then examines the structure, institutional frameworks for contemporary urban governance, and land and property development market mechanisms. The course also provides an introduction to the concepts of democracy and accountability and their salience in contemporary systems of government and governance, using the UK and other countries as examples. By the end of the course, students should be able to: outline, discuss and critique the principal theories of the state and of governance, including identifying, explaining and evaluating critically the continuities and shifts in the concerns and administrative methods of western governance; recognise the political nature of decision-making in planning and urban policy; identify and describe key criteria for evaluating structures and processes of 'good' governance including being responsive; democratic; accountable; efficient and effective; conceptualise the changing nature of the State in terms of the notion of the differentiated polity, and describe different models of the state; explain the principles of democracy and accountability, of democratic processes and the concept of responsible government; differentiate trends in public attitudes to politics, including considering how Government can 'reconnect' citizens with central and local politics and evaluating various methods of doing so; recall and assess the structure and processes of contemporary urban governance with respect to land use, real estate development and economic development; evaluate the concepts of state failure and market failure in relation to urban development; and recognise how the significance of strategies, urban development plans or programmes needs to be balanced with other relevant factors in reaching decisions. Written assignment (2,500 words) focusing on institutional frameworks in urban governance, and the role of policies and other intervention mechanisms within the urban development and the real estate markets. 29

30 HOUSING BUSINESS This course aims to provide an understanding of key issues in the broad governance of the housing system and the ramifications or current arrangements for the management of housing organisations. Specifically the course will explore the governance of social housing businesses including examining principles of transparency, accountability and regulation, and the practices of externally oriented strategic planning, networks and partnerships. This will be given a housing specific context but will relate to changes taking place in social housing delivery policy and organizations. By the end of the course, students should be able to: understand the changing governance of housing, long term policy changes and the impact of these changes on organizations; demonstrate the benefits and risks of autonomy learning how to identify signs of organizational failure through examples from different sectors and understanding how good governance contributes to avoiding failure; relate the principles of accountability, transparency and regulation to the housing sector. identify the roles of the Board of Directors or Management Committee and the roles and responsibilities of members of the Board or Management Committee in controlling the organization; understand the key dimensions of strategic management and relate housing, business and planning systems to generic strategy models; practice and demonstrate application of models and techniques to analyse the internal and external factors affecting the strategic development of housing organizations balancing social objectives with market driven operations; describe and apply techniques for appraising strategic options for the future shape of housing organisations and their governance; explain the importance of organisational structure and design in strategy implementation. The course will be formally assessed (100%) by means of an academic essay (2,500 words). 30

31 HOUSING, INEQUALITY AND SOCIETY This course aims to provide an understanding of the links between social and economic inequality and housing, and to assess the value of housing policy and practice in combating inequality. By the end of the course, students should be able to: explain how inequality is theorised and understood; identify key demographic, social, economic and political changes in advanced countries that impact on housing-related inequality; summarise the key dimensions of inequality as they relate to housing, including the experiences of different equalities groups within society and the role of housing consumption; critically evaluate the role of the modern housing systems and housing policy in both creating and exacerbating inequality; identify and explain the success and limitations of housing policy and practice as a means of combating inequality relating to social groups and space; and assess and evaluate housing inequality as it relates to Scotland, the UK and other developed nations. The course will be formally assessed (100%) by means of an academic essay (2,500 words). 31

32 INTERNATIONAL REAL ESTATE ANALYSIS This course aims to provide participants with the knowledge and skills to undertaken in-depth analysis of investment and economic issues relating to the ownership, management, valuation, development and acquisition of direct real estate in international real estate property markets. It aims, using real estate markets in individual countries as case studies and other forms of analysis, to illustrate how the complex economic, political, social and cultural framework interacts to produce unique property markets with specific investment and legal characteristics. By the end of the course, students should be able to: demonstrate in-depth understand the processes of globalisation and the implications of economic integration on the international real estate markets; evaluate the economic, planning, urban structure and institutional factors that influence the performance of real estate in different countries; demonstrate in-depth understanding of market risks attached to investments in international real estate markets, and market efficiency in a broader institutional, economic and theoretical context and evaluate the influence of government controls and regulations; critically assess and evaluate the risks attached to investments in international real estate markets, particularly political risk, systemic financial risk and economic risk; critically examine portfolio theory and use the skills required to develop an international real estate portfolio; evaluate the influence of technology advance and growing knowledge economy on investment decision making process; critically analysis the interactions between planning, infrastructure and transport improvements and global real estate investment flows; interpret and analyse the institutional factors that influence the performance of real estate in different countries; comparatively analyse and evaluate real estate markets in established and emerging economies, drawing on a broad understanding of the different types and components of market risk and efficiency; develop the analytical skills to enable them to undertake informed comparative analysis; contribute to the debate on the modelling and analysis of property values; build up spatial analysis skills of the property markets assisted with suitable analytical software; and apply skills in processing information, verbal communication within a group setting, and written communication. The course will be formally assessed by means of a coursework report (100%). The report, a maximum of 4,000 words, will require students to either critically compare and contrast the economic, political, property specific and institutional characteristics 32

33 of alternative real estate markets or undertake an in-depth examination of changes to a real estate market over time. 33

34 INTERNATIONAL REAL ESTATE MARKETS The aim of this course is to provide the student with a coherent introduction to the relevant economic analysis to support an understanding of the role of real estate markets within the globalisation and internationalisation contexts. It involves in-depth analysis and valuation of international real estate property markets, as well as management and development of real estate portfolio. It illustrates how the complex economic, urban structure, planning and social frameworks interact to produce unique property markets with specific investment characteristics. By the end of the course, participants should be able to: demonstrate in-depth understanding on the processes of globalisation and the implications of economic integration on the international real estate markets; demonstrate in-depth understanding of market risks attached to investments in international real estate markets, and market efficiency in a broader institutional, economic and theoretical context and evaluate the influence of government controls and regulations; evaluate the economic, planning, urban structure and institutional factors that influence the performance of real estate in different countries; critically assess and evaluate the risks attached to investments in international real estate markets, particularly political risk, systemic financial risk and economic risk; comparatively analyse and evaluate real estate markets in established and emerging economies, drawing on a broad understanding of the different types and components of market risk and efficiency; interpret and analyse the institutional factors that influence the performance of real estate in different countries; critically examine portfolio theory and use the skills required to develop an international real estate portfolio; develop the analytical skills to enable them to undertake informed comparative analysis; and apply skills in processing information, verbal communication within a group setting, and written communication. The course will be formally assessed (100%) by means of a coursework report (approximately 2,500 words) which will require students to critically compare and contrast two real estate markets. 34