The aim of this course is to understand how the complex socio-economic and political framework interacts to produce unique real estate markets with specific demand and supply characteristics. It also involves in-depth analysis of real estate institutions and market issues in local, national and international contexts. It draws on the historic and contemporary experiences of housing market in the UK and other industrialised countries and critically evaluates the evolving housing provision system in fast growing cities of China.
By the end of this course students will be able to:
■ Understand the economic dimensions of real estate as a set of linked markets and submarkets, functionally divided between use, investment and development; and sectorally divided between commercial, residential and other types of properties.
■ Appreciate the economic and policy framework which governs property price and its determinants.
■ Acknowledge the economic dimensions of global real estate markets and its impact on local market performance and operations.
■ Critically assess and apply the Hedonic theory in real estate market analysis
■ Critically identify the institutional characteristics of social housing policies and provision, government controls and subsidies at local and national levels.
■ Evaluate the factors that influence property values and how the performance of real estate markets is connected to broader economic trends, at the city, regional, national and international levels.
■ Identify and assess the characteristics of emerging real estate markets and their relationship to internationalization and globalization.
■ Critically appreciate the experiences of the UK housing market and its relationships with supply of land, control of the development process, the spectrum of different tenures and changes to tenure profile, and affordable housing.
■ Compare and contrast the major features of the real estate market and practice in the UK and China in relation to their socio-economic and political background.
