EMS 3670 Real Estate Development
EMS 3670 Real Estate Development
The course is structured to give the students an understanding of a comprehensive and interdisciplinary topic, real estate development.
Throughout the course, the students will learn and discuss relevant topics, such as public and private area plans, different types of risks as well as different subtopics of investment analysis. In addition, the course will give the students an understanding of sustainable real estate development. The student shall work on a project assignment throughout the semester where the purpose is to analyze relevant aspects of a specific plot/area, such as market analysis, demographic analysis, zoning conditions, and macroeconomic tendencies. Based on the results from the analysis, shall the students conduct a feasibility study of the land plot.
During the course, the student should develop knowledge of:
- How demographics, macroeconomic and social factors must be included as a part of the planning process.
- How public and private area plans impact real estate development projects
- The importance of long-term development, including the meaning of sustainable development and the importance of environmental considerations
- The cycle of real estate development, from an acquisition phase to completion of a project
- Different types of risks in real estate development projects
- How estimated incomes, costs and yields affect project values.
Upon completion of the course, the student should be able to:
- Conduct relevant analysis as a basis for real estate development
- Interpret existing public and private area plans and how they affect future development
- Identify relevant environmental considerations
- Explain different types of risk elements in real estate development projects
- Explain the phases of a real estate development project
- Conduct relevant financial calculations
The student will be able to think critically and demonstrate ethical awareness in the various phases of real estate development. Further, the students will understand the consequences of not developing on a long-term basis.
- Phases of real estate development
- Acquisition
- Zoning
- Construction
- Risk elements
- Completion
- Public and private area plans
- Municipality plan
- Private zoning plan
- Zones requiring special consideration
- Zoning risk
- Real estate development analysis
- Demographic
- Market
- Economy
- Community development
- Sustainable real estate development
- Area development
- Long-term development
- Environmental consideration
- Investment analysis
- Valuation principles
- Construction cost
- Yield
The course runs for one semester. It is organised that the student works independently in groups on the project assignment throughout the whole semester. The project assignment shall consist of an analysis part and a simplified feasibility study of a land plot or cadastral presented at the beginning of the semester. In the analysis part, the student will analyze different relevant aspects of the site. In part two, the student will prepare a simplified feasibility study based on the outcomes in part one. As a part of the feasibility study, it is expected that the students are conducting calculations based on estimated sales cost, construction cost, etc. Lastly, the student shall conclude whether the project is financially sustainable or not.
The project assignment is solved individually or in groups of max. 3 students. The exam is presented at semester start and shall be submitted by the end of the semester. The purpose of the project is to understand whether the students have acquired relevant knowledge about the subject.
The project assignment should be a max. of 7,000 – 9,000 words (Approx. 35 pages).
Higher Education Entrance Qualification.
Real Estate 3 and Finance.
| Assessments |
|---|
Exam category: Submission Form of assessment: Written submission Weight: 100 Grouping: Group/Individual (1 - 3) Duration: 1 Semester(s) Comment: The project assignment shall amount to 7,000 to 9,000 words, excluding the front page, table of content, sources and appendixes. Furthermore, the assignment shall consist of an analysis part, a simplified feasibility study, and a conclusion. The exam will be presented by the course start and shall be submitted by the end of the semester. Exam code: EMS 36701 Grading scale: ECTS Resit: Examination every semester |
| Activity | Duration | Comment |
|---|---|---|
Teaching | 40 Hour(s) | |
Prepare for teaching | 80 Hour(s) | |
Group work / Assignments | 80 Hour(s) |
A course of 1 ECTS credit corresponds to a workload of 26-30 hours. Therefore a course of 7,5 ECTS credit corresponds to a workload of at least 200 hours.