EMS 3670 Real Estate Development

EMS 3670 Real Estate Development

Course code: 
EMS 3670
Law and Governance
Course coordinator: 
Georg Ibsen Lexander
Course name in Norwegian: 
Product category: 
Bachelor of Real Estate, Law and Business - Programme Courses
2024 Spring
Active status: 
Level of study: 
Teaching language: 
Course type: 
One semester

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.

Learning outcomes - Knowledge

During the course, students should have:

  • Learned how demographic, macroeconomic and societal factors must be taken into account in planning.
  • Gained an understanding of how overall plans and guidelines affect the property development of a plot or area.
  • Learned about relevant consideration zones and norms, as well as where these are located.
  • Acquired knowledge of the importance of long-term in property development, including what is meant by sustainable property development.
  • Gained an understanding of the time in the property development, from plot acquisition to project completion.
  • Learned about various forms of risk in real estate development
  • Learned about how estimated income, expenses and direct returns affect property values.
Learning outcomes - Skills

After completing the course, students should be able to:

  • Prepare analyzes as a basis for real estate development.
  • Interpret overall plans and guidelines, including understanding the legal barriers they set for future development.
  • Identify and account for relevant consideration zones and norms.
  • Explain the environment and sustainability in real estate development.
  • Explain different types of risk factors related to real estate development.
  • Explain the individual phases in real estate development.
  • Be able to carry out financial calculations with a view to profitability.
General Competence

Students will be able to think critically and show ethical awareness in the various phases of real estate development. Furthermore, students must understand the societal challenges and consequences of not thinking long-term and holistically in real estate development.

Course content
  1. Analyzes as a basis for real estate development
    • Demographics
    • Market
    • Macroeconomics
    • Social development
    • Area description
    • Sketchup
  2. Public plans and zoning plans
    • Overall plans and guidelines
    • Regulatory plans
    • Consideration zones
    • Norms
  3. Real estate development in different phases
    • Land acquisition
    • Regulation
    • Construction phase
    • Completion
    • Risk classes
  4. Sustainable property development
    • Environment and energy
    • Long-term and comprehensive property development
    • Circular economy
    • Social sustainability
  5. Investment analysis
    • Sales and rental income
    • Construction costs
    • Direct return
Teaching and learning activities

The course runs over one semester and it is planned that the students work independently with the project assignment throughout the course. The project assignment must consist of a plot analysis and a simplified feasibility study of a plot or cadastre that is presented at the start of the course. In the analysis section, students will analyze aspects of the plot that they themselves believe are relevant with regard to property development. Part two of the project assignment is more practical and the students will in this part prepare a simplified feasibility study - based on findings and analyzes from part one. As part of the feasibility study, a simple calculation of estimated sales and rental income, construction costs, plot price, etc. and then a conclusion / recommendation whether the project is considered realistically feasible or not.

The project assignment is solved individually or in groups of a maximum of 3 students. The project assignment is handed in at the start of the semester, and handed in at the end of the semester. In the project assignment, the students will make visible to what extent they have acquired knowledge in the subject, as well as developed the attitudes that are desired.

Further information about course arrangements and any submissions along the way can be obtained at the start of the course and throughout the semester.

The project assignment must be a toalt of 5,000 - 7,000 words. 

Software tools
No specified computer-based tools are required.

Higher Education Entrance Qualification


Deviations in teaching and exams may occur if external conditions or unforeseen events call for this.

Required prerequisite knowledge

The course is based on teaching in EMS 3623 Real Estate Brokerage III and BØK 3423 Finance, or equivalent.

Exam category: 
Form of assessment: 
Written submission
Group/Individual (1 - 3)
1 Semester(s)
The project assignment shall amount to 5,000 to 7,000 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: 
Examination every semester
Type of Assessment: 
Ordinary examination
Total weight: 
Student workload
40 Hour(s)
Parts of the teaching can be conducted digitally.
Prepare for teaching
80 Hour(s)
Group work / Assignments
80 Hour(s)
Sum workload: 

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.