MSc Real Estate Management and Development

Course content

For the MSc, students undertake eight taught courses and submit a Masters dissertation. Students on the PgDip course take eight taught courses. Each taught course represents 150 hours of student effort and the dissertation represents 600 hours.

Semester 1	Semester 2
Urban Economy and Property Markets Real Estate Appraisal and Evaluation 1 Construction Technology Spatial Planning (Edinburgh)	Real Estate Investment Analysis Real Estate Management and Sustainability Real Estate Development Real Estate Appraisal and Valuation 2

Urban Economy and Property Market

Semester 1 (mandatory)

This module aims to develop an understanding of the spatial dimensions of property markets, the interaction between the property market and the urban economy and the impact on local property markets on urban management policies.

Real Estate Appraisal and Valuation 1

Semester 1 (mandatory)

This course aims to establish the economic context for the creation of value, introduce the principles for the assessment of value in property markets, develop a clear understanding of the valuation process and appropriately apply the principal valuation methods (conventional and contemporary) to a range of property types and interests. Subjects covered by the syllabus include:

Economic context of the property market; The property professions: their role, ethical conduct and regulatory framework; Definitions of price, value and investment value (worth); Introduction to the principal techniques of property valuation; Valuation and appraisal mathematics: Present and Future Value, DCF, NPV and IRR; The valuation process; Analysis of market evidence and measurement practice.

Construction Technology

Semester 1 (mandatory)

The overall aim of this course is to provide students with a basic understanding of the different elements that make-up a building so that they can communicate effectively with construction professionals in the design and construction of buildings. Subjects include:

Structural Requirements for Buildings; Substructure Design – Foundations; Substructure Design – Basements; Structural frames and suspended floors; Superstructure - External walls and cladding Superstructure – Roofs; Services in Buildings; Offsite construction; Low carbon construction.

Spatial Planning

Semester 1 (mandatory)

This course aims to help students to develop a critical understanding of: spatial planning agendas; sectoral and spatial policy frameworks at national, strategic and local levels; legal and ethical frameworks; implementation mechanisms; development management issues; relationships between land and property and planning, including development rights and property rights. The syllabus includes the following subjects:

Reasons for planning; Development Planning; Urbanisation and Urban development; Development and property rights; Development Management; Environmental Assessment; Conservation and Globalisation and urban transitions.

Real Estate Investment Analysis

Semester 2 (mandatory)

This course aims to enable learners to develop an in-depth understanding of property as an investment medium and the application of investment and finance theories to both the general investment markets and the property market. The syllabus consists of the following topics:

Investment theory and the investment decision; the nature of risk and return; the characteristics of property as an investment; the role of property in the multi-asset portfolio; the application of modern portfolio theory; introduction to international real estate portfolio analysis performance monitoring; the emergence of new financial products in the property sector, and market efficiency and the cause of mis-pricing, real estate derivatives.

Real Estate Management and Sustainability

Semester 2 (mandatory)

This course aims to give students an understanding of: the legal framework for property management and ownership; the roles and functions of the property asset manager; the financial, legal and technical skills within the management domain; concepts and tools for sustainability management within real estate. Subjects covered by the syllabus include:

Law of contract, delict, land ownership; Strategy Management introduction and the role of management within surveying; Financial management/Sinking funds/service charges; Lease management; Marketing and negotiation; Physical property management; Concepts of obsolescence; Buy/lease/outsource decision-making and financial analysis; Real Estate management models; Scenario planning; International comparison of real estate strategies; Sustainable development, buildings and corporate social responsibility.

Real Estate Development

Semester 2 (mandatory)

This course aims to achieve an understanding of the structure and functioning of the contemporary real estate market and of the factors influencing the development decision. Subjects covered by the syllabus include:

The real estate market and the property development industry; The factors influencing the development decision; The techniques of development appraisal including cashflow techniques and risk analysis; The nature of planning agreements and their impact on development appraisal; The general form and content of real estate development and investment finance; The form and content of real estate partnerships including appraisal and financing aspects.

Real Estate Appraisal and Valuation 2

Semester 2 (mandatory)

This course aims to develop a critical evaluation of valuation and appraisal methods and provide an opportunity to develop an in-depth knowledge of advanced methods of valuation and appraisal for land and property markets. The course is intended to discuss and explore the following issues:

Investment appraisal: An examination of current issues in investment appraisal; Spreadsheets; Mass appraisal: application of statistical techniques for property appraisal; Business appraisal; Professional valuation and appraisal software.

Entry requirements

Masters (MSc) level entry applicants must have one of the following:

• Minimum of 2:1 honours degree or equivalent academic qualification in a non-cognate discipline
• Minimum of 2:2 honours degree or equivalent academic qualification in a related subject area
• Corporate (or chartered) membership of relevant professional institutions will also be considered

PG Diploma level entry applicants must have an ordinary degree in a related subject area and relevant post qualification industry experience.

Candidates who do not meet the above entry requirements or have no formal academic qualifications will be considered individually based on their CV and possibly interview. Admission via this route will be at the discretion of the Director of Recruitment.

Recognition of Prior Learning

We are committed to providing study opportunities to applicants who have a wide range of prior experiences through Recognition of Prior Learning (RPL). For more information on RPL, please contact the Admissions Team (studywithus@hw.ac.uk) ahead of application. We can only consider requests for RPL at the time of application to a course of study.

English language requirements

If English is not the applicant’s first language a minimum of IELTS 6.5 or equivalent is required with all elements passed at 6.0 or above. Please refer to English language requirements for further details.

Some applicants may be asked for alternative evidence in line with UKVI recognised English speaking countries. Applicants who have previously successfully completed courses delivered in the medium of English language may be considered and will be required to provide documentary evidence of this. Examples would be secondary school education or undergraduate degree. A minimum of at least one year of full time study (or equivalent) in the medium of English language will be required.

All evidence of English language needs to be dated within two years of the commencement of study.

We also offer a range of English language courses to help you meet the English language requirement prior to starting your master’s programme:

• 14 weeks English (for IELTS of 5.5 with no more than one skill at 4.5)
• 10 weeks English (for IELTS of 5.5 with minimum of 5.0 in all skills)
• 6 weeks English (for IELTS 5.5 with minimum of 5.5 in reading and writing and minimum of 5.0 in speaking and listening)

Fees

Tuition fees for 2020 entry (by residency status)

Status*	Full-time	Part-time
Scotland / Non-UK EU	£7400	£3700
England / Northern Ireland / Wales	£7400	£3700
Overseas	£15400	£7700

* If you are unsure which category you fall in to, you should complete a fee status enquiry form, which allows us to assess your fees.