Course syllabus

Course-PM (Preliminary)

 ACE125 Real estate economics study period 1, HT21 (7.5 hp)

Course is offered by the department of Architecture and Civil Engineering


Examiner: Martine Buser, Associate Professor, Chalmers

Martin Öberg, Senior lecturer PhD, School of Business, Economics and Law, Göteborg, 

Kim Jacobsen, PhD, Consultant K-Jacobsen A/S,

Antoine Manes, PhD student Btech Aarhus University,

Stig Westerdahl, Professor, Malmö University

Hans Lind, Professor, Emeritus KTH

Birgitta Vitestam, Senior lecturer PhD, Malmö university


Course assistant / communicator: Oliver Disney, Chalmers (contact person for general questions)

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.


Times are Tuesday 09.00-11.45 and Friday 09.00-11.45 unless stated otherwise in the schedule below.

Attendance online and onsite at Chalmers will be recorded, a minimum attendance of 80%+ is required, in addition to the obligatory (O) sessions.

TimeEdit Schedule



Lecturer / Location

31 August Tuesday (O)


Introduction to real estate finance, fundamentals and its role in construction management.

Group formation

Martin Öberg

Martine Buser

Antoine Manes


03 September Friday

Real estate evaluation

Introduction assignment 1

Martin Öberg


09 September Thursday


The seminar will be recorded and available online

Critical approaches, symbolic value. Social construction of economy.

Martine Buser


10 September Friday

Real estate finance, investors and stakeholders

Rikard Ljunggren (fastighetsägarna), Guest lecturer

Martin Öberg


14 September Tuesday

Real estate investment analysis

Stig Westerdahl, Guest lecturer

Online on Zoom

17 September Friday

Public housing in Sweden

Hans Lind, Guest lecturer

Online on Zoom

20 September Monday

Deadline 17.00

Hand-in of Assignment 1 – real estate tools and approaches


21 September Tuesday

Residential buildings in Sweden

Martin Öberg


24 September Friday

Real estate – digitalization, tools and means

Antoine Manes

Kim Jacobsen


28 September Tuesday (O)

Presentation assignment 1


Group's scheduled

time slot


01 October Friday

Commercial Buildings in Sweden

Assignment 2 introduction

Martin Öberg


05 October Tuesday

Property – patterns of practices and decision making

Birgitta Vitestam, Guest lecturer

Online on Zoom

05 October Tuesday 


The seminar will be recorded and available online

The role of sustainability in real estate

Martine Buser


11 or 13 October Monday/Wednesday

Supervision assignment 2


Book a time with your supervisor (online/onsite)

15 October Friday

Group work


19 October Tuesday

Deadline 17.00

Hand in final assignment 2


22 October Friday (O)


Presentation final assignment 2 and opposition ALLDAY



Course literature

9th September

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.

10th September

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

14th September

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. 

17th September

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.

5th October

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


The course includes lectures, seminars, exercises, and assignments. Guest lecturers provide insights in theoretical concepts, case-based project work may include visits to real estate companies.

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 35%. 
Assignment 2, a group note on case study 50%.
Assignment 1 and 2 involves handing in a written note and obligatory presentation day
Participation in obligatory course elements and minimum attendance 15%

The grading follows the Chalmers standard: Pass with distinction (5), Pass with credit (4), Pass (3), Fail. 

Course summary:

Date Details Due