Course syllabus
Course-PM (Preliminary)
ACE126 Market and value in real estate lp1 HT22 (7.5 hp)
Course is offered by the department of Architecture and Civil Engineering
Contact details
Examiner: Martine Buser, (MB) Associate Professor, Chalmers
buser@chalmers.se
Course responsible: Martin Öberg (MÖ), Senior lecturer PhD, School of Business, Economics and Law, Göteborg
Lecturers:
Stig Westerdahl, Professor, Malmö University
Johan Åkesson, Lecturer GU
Hans Lind, Professor Emeritus KTH
Antoine Manes, PhD student, Btech Aarhus University, Denmark
Birgitta Vitestam, Senior lecturer PhD, Malmö university
Kim Jacobsen, Consultant PhD.
Course assistant: Rickard Andersson, PhD student, Chalmers
Course purpose
The built environment in Sweden is not only consisting of physical entities, but buildings are also valued as financial assets and the real estate market constitutes an important part of the national economy. Thus, understanding the dynamics and mechanisms of defining value in real estate is an important competence for design and construction project management students.
The aim of the course is to facilitate students understanding and knowledge about the practices and theory of values within real estate and to position this competence within design and construction project management scholarship through critical and interdisciplinary perspectives.
Schedule
|
Day |
Topic |
Lecturer |
|
30 August Tuesday (O) 09.00-11.45 |
Introduction to real estate finance, fundamentals and its role in construction management. Group formation |
Martin Öberg (MÖ) Martine Buser Antoine Manes |
|
02 September Friday (O) 09.00-11.45 |
Real estate evaluation Introduction assignment 1 |
Martin Öberg (MÖ) |
|
06 September Tuesday O 13.15-16.00 |
Figures and facts 1 afternoon |
Johan Åkesson |
|
08 September Thursday (0) 13.15-16.00 |
Figures and facts 2 afternoon |
Johan Åkesson |
|
09 September Friday (o) 09.00-11.45 |
Critical approaches, symbolic value. Social construction of economy. |
Martine Buser |
|
13 September Tuesday 09.00-11.45 |
Real estate finance, investors and stakeholders |
Rikard Ljunggren (fastighetsägarna), guest Martin Öberg (SB-L400) |
|
16 September Friday (O) 09.00-11.45 |
Real estate investment analysis |
Stig Westerdahl Lecturer online In class: Rickard Andersson |
|
20 September Tuesday (O) 09.00-11.45 |
Public housing in Sweden |
Hans Lind Lecturer online In class: Rickard Andersson |
|
20 September deadline 17.00 |
Hand-in of Assignment 1 – real estate tools and approaches |
MÖ, AM, KJ group's scheduled time slot |
|
23 September (O) Friday 09.00-11.45 |
Residential buildings in Sweden |
Martin Öberg |
|
27 September Tuesday (O) 09.00-11.45 |
Real estate – digitalization, tools and means |
Kim Jacobsen |
|
30 September Friday (O) 09.00-11.45 |
Presentation assignment 1 |
MÖ, AM, KJ group's scheduled time slot |
|
04 October Tuesday (0) 09.00-11.45 |
Commercial Buildings in Sweden & assignment 2 introduction |
Martin Öberg |
|
04 October Tuesday (0) 13.15-16.00 |
Property – patterns of practices and decision making |
Birgitta Vitestam Lecturer online In class: Rickard Andersson |
|
14 October Friday 09.00-11.45 |
The role of sustainability in real estate |
Martine Buser |
|
10-14 October |
Supervision assignment 2 |
MÖ, AM, KJ, Online and onsite according to the supervisor |
|
15 October |
Group work/ no session |
|
|
19 October deadline 17.00 |
Group work Hand in final assignment 2 |
(no seminar) |
|
21 October Friday (O) 09.00-16.00 |
Presentation final assignment 2 and opposition
|
Martin Öberg Antoine Manes Kim Jacobsen |
Course literature
Material distributed during the course will include book chapter, scientific articles and practitioners’ material.
Below a selection of the important references:
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
Content
The course is rooted in theories and practices developed within the realm of real estate economics and investments. Within this perspective, the course will present and discuss different perspectives on real estate economy. Cornerstones in the course will be;
- Cognitively-based decision-making by different stake-holder perspectives like architecture, planning, economy and investments and management.
- Theories, tools and methods in real estate market management decisions
- Process related issues in decision-making and management when to develop real estate property
This above, many times inter-disciplinary, parts of the course represent different approaches to understand development and management of real estate markets. The following topics are covered
- Real estate finance, investors and stakeholders
- Real estate evaluation
- Real estate investment analysis
- Public housing in Sweden
- Residential Buildings in Sweden
- Commercial Buildings in Sweden
- Digitalisation in real estate
- Sustainability in real estate
- Property procurement
The course deepens the participants knowledge of real estate markets in general. It further emphasizes the methods as means to research within this theoretical field. This knowledge is useful for different real estate problems. It also gives the participant an insight into his or her decision-making behaviour.
Organisation
The course includes lectures, seminars, exercises, and assignments. Guest lecturers provide insights in theoretical concepts, case-based project work include visits to real estate companies.
Changes made since the last occasion
Changes have been made in organisation of seminars with two new modules on facts and figures, with new assignments
Learning objectives and syllabus
Learning objectives:
a. Describe and understand the basic mechanisms in the real estate markets
b. Describe and understand managerial perspectives in real estate markets
c. Explain and apply tools for calculation of valuation and profitability of real estate investments
d. Define, describe, review and interrelate core theories on the notion of value in real estate
e. Evaluate and critically reflect upon academic literature within the field of value and profitability of real estate investments
f. Synthesize and apply information from various sources in order to acquire a coherent understanding of how values related theory and professional practice interrelate
g. Demonstrate an understanding of contemporary opportunities and challenges for real estate in the context of sustainable development and digitalization.
h. Develop a sustainable and ethical awareness for the management of real estate
i. Demonstrate an understanding of, and the ability to apply, the principles of teamwork, collaboration and leadership
Link to the syllabus on Studieportalen.
Examination form
The students are expected to be main drivers of their own learning by participating to the courses and commit to their group work. Active participation in seminars, lectures, exercises and workshops can affect the final grading.
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%
Absence from one or several of the compulsory seminars or presentation sessions can be substituted with alternative assignments. The decision to approve that such compensatory procedure may be used is made by the responsible teacher on an individual basis. Some course content will only be given at the time presented in the schedule.
Course summary:
| Date | Details | Due |
|---|---|---|