Course syllabus


ACE125  Real estate economics lp1 HT20 (7.5 hp)

Course is offered by the department of Architecture and Civil Engineering

Contact details

Christian Koch email:

Course purpose

Not only is most of the built environment in Sweden consisting of existing buildings. These building also are valuated at enormous financial sums. Designing and building real estate as well as managing it is an important part of the overall building process. And the economics of real estate set important frames for design and buiding. Thus, understanding the dynamics and mechanisms in real estate economics is an important competence for the critical and skilled design and construction project management scholar.
The purpose of this course is to develop understanding and knowledge about basic concepts and tools within real estate economics and to position this competence within the design and construction project management scholarship through critical and interdisciplinary perspectives.



Course literature- preliminary

Berg P.O. and Kreiner K. (1990): Corporate Architecture. Turning Physical Settings into Symbolic Resources. In Gagliardi, P. (Ed.), Symbols and artifacts. views of the Corporate Landscape. Berlin: de Gruyter Pp. 41-67.

Callon M and Muniesa F (2005): Economic Markets as Calculative Collective Devices. Organisation Studies. 26(8): 1229–1250.

Lekander J. (2017) How do institutional pension managers consider real estate: A
perspective from Sweden and Finland, Journal of Property Investment & Finance, Vol. 35 Issue: 1, pp.26-43

Lind H (2012): Pricing principles and incentives for energy efficiency investments in multi-family rental housing: The case of Sweden. Energy Policy, Vol.49, p.528.

Öhman, P.; Söderberg, B.; Westerdahl, S. (2013): Property investor behaviour: qualitative analysis of a very large transaction. Journal of Property Investment & Finance, Vol. 31 Issue 6, p522-544, 23p.

Vitestam-Blomqvist B.(2014) My home and my economy- a theoretical approach to the use of accounting and valuation when purchasing a cooperative flat. Conference Edinburgh.

Course design

Day Topic Person
01 september Tuesday Introduction to real estate finance, fundamentals and its role in construction management, Group formation Martin Öberg (MÖ) / Christian Koch (CK)
04 september, Friday 9-11.45 (O) Real estate finance, investors and stakeholders. Rikard Ljunggren (fastighetsägarna), guest. MÖ.
8 september, Tuesday 9-11.45 Critical approaches CK
11 september Friday 9-11.45 Residential markets in Sweden MÖ
15 september, Tuesday, (O) Real estate investment analysis Stig Westerdahl (SW)
18 september Friday Public housing in Sweden Hans Lind
21 september deadline Hand-in of assignment real estate tools and approaches (no seminar)
22 september Tuesday Commercial Buildings in Sweden MÖ
25 september Friday Digitalisation in Real Estate (AM)
29 september Tuesday (O) Presentations of assignments
2 october Friday (O) Guest lecture: Property procurement – patterns of practices and decision making TBA
6 october Tuesday (O) Group work assignment TBA
9 october Group work assignment
13 october Group work assignment
16 october Group work assignment
19 october deadline Hand in of final assignment (no seminar)
20 october Tuesday (O) The role of sustainability in real estate Martine Buser CM (MB)
23 october Friday (O) Presentation final assignment

Changes made since the last occasion

Changes has been made in teacher team, organisation of seminars, assignments

Learning objectives and syllabus

Learning objectives:

The general aim of the course is to provide a fundamental understanding of real estate finance and economics and management.

After completion of the course, she student shall be able to;

Knowledge and understanding
A.  Understand basic mechanisms in the real estate market
B.  Understanding of managerial perspectives in real estate markets
C.  Use basic concepts of real estate economics and financing of real estate
D.  Use a range of tools and theoretical, conceptual approaches to real estate economics

Competence and Skills
E.  Apply tools for calculation of valuation and profitability of real estate investments

Judgement and approach
F.  Evaluate and critically reflect upon academic literature within the field of profitability of real estate investments

Link to the syllabus on Studieportalen.

Study plan


Examination form

Examination according to learning outcome goals by two assignments:
Assignment 1, a group work, literature seminar 40%.
Assignment 2, a group note on site visit 45%.
Assignment 1 and 2 involves handing in a written note and obligatory presentation day
Participation in obligatory course elements 10%
The seminars that are obligatory are indicated below.
The grading follows the Chalmers standard: Pass with distinction (5), Pass with credit (4), Pass (3), Fail.

Course summary:

Date Details Due