International Real Estate Course Code
Program or Programs for which course is part
Master in Real Estate (MRE) Executive Master in Real Estate (E-MRE) Master in Real Estate and Finance (MRE-Fin) Executive Master in Real Estate and Finance (E-MRE-Fin) Master in Real Estate and Finance (MRE (Fin)) Semester Abroad Master in Real Estate and International Business (MRE-Int.Bus) Master in Real Estate and Marketing (MRE-Mkt) Master in Real Estate and Project Management (MRE-PM)
Level (H, I, or M)
Stage (I or II, where applicable)
Is this Course Core, Specialist or Elective
Core for the Master in Real Estate and International Business Elective for the other programs listed
Courses that are prerequisite or co-requisite
Name of Course Convenor
Dr Jarrod Wiener
Professor of International Political Economy
Name of supplementary professors and teaching staff A number of Guest Professors contribute to this Course, to provide specialist expertise on international issues affecting real estate, and specialist local knowledge of national real estate markets, and their relationship to international issues and events.
Brief Course Summary This course examines the tension between ‘internationalisation’ of real estate on one hand, and ‘national responsiveness’, on the other, which is effectively a ‘levels of analysis issue’ common to the study of most of social science. A range of issues are considered, ranging from the internationalisation of finance to global issues of the environment and sustainability. Students are introduced to concepts of globalisation and interdependence, internationalisation, cross-national learning, and transnationalism. The course aims to enable students to use these concepts in an exploration of the extent to which real estate markets determined by structural issues, and to what extent agency play a role in shaping outcomes.
Course Objectives (Intended Learning Outcomes): This course aims to: 1. Provide students with a conceptual framework for asking questions about international real estate, and to provide students with the concepts, theories, methods, and tools necessary for them to conduct their own independent investigation and analysis; 2. Lead students to an understanding of the central methodological issues in social science, and how these relate to, and assist with, an analysis of international real estate, including the levels of analysis issue, structuralism, determinism, agency theory, and co-determination; 3. Provide students with an understanding of the different meanings of the term ‘international’, including: globalisation, globality, inter-dependence, trans-nationalism, and cross-nationalism, to enable students better to understand the nuances and dynamics of distinct social and economic processes; 4. Provide students with a framework for the comparative analysis of property markets, to enable students to understand how to analyse and compare different ‘drivers’ in national markets, including economic, social, and political factors; 5. Enable students to gain an appreciation, through the comparative analysis of different real estate markets, of their similarities and differences, and the current dominance of certain ‘drivers’ in the local context;
6. Enable students to appreciate the features of national real estate markets that make them more or less prone to international influences (for instance, what can explain how the same stimulus, like the international financial crisis, can affect national property markets differently). These specific learning outcomes contribute to achieving the learning outcomes of the relevant programs by demonstrating knowledge of the following (mapped to the Program Specification): A. Advanced knowledge and understanding of: 12.A.2: The highly inter-disciplinary nature of Real Estate as a subject of study, and be able to identify the special characteristics of each discipline as they relate to different practices in Real Estate; 12.A.4: The general theoretical and conceptual frameworks in the field of real estate appraisal and how these are applied in the analysis of specific issues, exercising critical judgement and reason in each case; 12.A.5: How to carry out an independent research project and write in a scholarly manner demonstrating familiarity with academic conventions in the preparation of the studentâ€™s case study report.
B. Intellectual skills: 12.B.1: Develop general research skills, especially bibliographic and computing skills in finding, selecting, and analysing materials for the independent project; 12.B.2: Learn to gather, organise and deploy evidence, data and information from a variety of secondary and some primary sources; 12.B.4: Learn to identify, investigate, analyse, formulate and advocate solutions to problems; 12.B.5: Develop problem solving skills, including the ability to identify and define problems, and to establish strategies for dealing with them including criteria for success, mapping optimum and alternative solutions, and exercising critical judgement to discriminate between the ranges of alternatives; 12.B.6: Synthesise relevant information and exercise critical judgement in the development of reasoned arguments; 12.B.7: Enable students to reflect upon and manage their own learning, and seek to make use of constructive feedback from staff and peers to enhance their performance and personal skills.
C. Subject-Specific Skills 12.C.3: Be able to discriminate between forms of knowledge and be able to draw selectively and
appropriately on them; 12.C. 9. Understand the nature of international business and the strategies of multinational companies; 12.C.10: Understand the factors that influence the unique features of the property market in different countries, and recognise the dominance of some factors over others in explaining local conditions; 12.C.11: Understand the relationship between local markets and international markets, and the influence on business of the wider international economic, political, and social system; 12.C.12: Appreciate the importance of culture, and the role that it plays in business and Real Estate.
D. Transferable skills: 12.D.1: Develop autonomy in learning, work independently demonstrating initiative and self organisation; 12.D.2:. Work co-operatively on group tasks, understand how groups function, collaborate with others and contribute effectively to the achievement of common goals; 12.D.3: Use communication and information technology for the retrieval and presentation of information, in the form of prose or numeracy as appropriate; 12.D.4: Develop communication skills, both orally and in writing. Communicate clear, succinct, analytical ideas; 12.D.5: Prepare and deliver oral presentations individually and as part of a group.
List of Lecture Topics 1. 2. 3. 4. 5. 6. 7. 8. 9.
Conceptual Introduction: What is meant by â€˜internationalâ€™? Globalisation A Global Issue in Real Estate: Energy Efficiency and Sustainability in Global Property Markets. Trans-nationalism and Interdependence A Transnational Issue in Real Estate: Multinational Corporations, International Strategy Formulation and Implementation How do we analyse property markets? Frameworks for comparative analysis: comparative political economy, and political risk analysis techniques Empirical Study 1: The Property Market in the United States Empirical Study 2: The Property Market the Netherlands Empirical Study 3: The Property Market in Taiwan
10. Empirical Study 4: Property Market in the United Kingdom
Teaching Method: Class sessions combine a variety of teaching methods, including lecture presentations, class discussion, and student presentations. Lectures are intended to introduce key concepts, issues, and debates, as well as to demonstrate the approaches and techniques for the analysis of key concepts in international political economy, international business, and comparative political economy that impact on the property market. These outcomes are achieved through the oral and visual presentation of lecture material to introduce the relevant issues, and present key positions. They will demonstrate points of contention by leading students through the central debates, and demonstrate means of accommodating them in a research project. An introduction to the use of practical research skills, analytical skills, and forms of argumentation, enable students to enhance their research and development of key skills. Class discussions are based on the topics introduced in the lectures and the reading done independently by students. The interactive learning environment depends on studentsâ€™ participation in engaging both with the professor and with each other. Through such dialogue, students gain clarification, and comprehensive understanding by linking lectures, independent reading and class discussion; applying concepts and theories to questions of theory, policy and practice; enabling them to structure and defend complex arguments through discussions. The intended outcomes for this course are achieved through active student participation which requires the use of research (reading), analysis (posing thought-provoking questions), and presentational skills. The discussions allow students to develop their understanding through interaction, co-operation and discussion with their peers. Active participation is therefore required by all students.
Indicative Reading List Keogh, Geoffrey, Piyush Tiwari, and Michael White, International Real Estate Economics, Palgrave Macmillan, London, 2009. Karsten Lieser and Alexander Peter Groh, â€œThe Attractiveness of 66 Countries for Institutional Real Estate Investments: A Composite Index Approachâ€?.
Method of Assessment (and how the chosen method of assessment is related to learning outcomes) Students will be assessed on the basis of unseen timed examinations, a research project, and contributions to class discussions (participation). The unseen timed examinations provide students with the opportunity to demonstrate their ability to retain and call upon specific knowledge in response to targeted questions, under the time strictures that replicate life in the professional world. Examinations test the studentâ€™s ability to reflect upon issues quickly, and to use reasoned judgement in response to questions. The research project provides students with an opportunity to focus in depth on a research question and undertake a structured investigation, analysis and reasoned argumentation. This enables students to demonstrate acquired knowledge and understanding of the key concepts, display an ability to find organise and use information, and interpret this material in a creative fashion. Students will have the opportunity to bring to bear competing explanations and positions to a coherent argument that demonstrates their ability to reflect critically on their own work. Contributions to class discussions (participation) provides students with an opportunity to demonstrate their preparation for class, through presentations designed to lead discussion and to engage debates and other issues in a scholarly manner.
Assessment Assessed element
Learning Outcomes Assessed
This objective test assesses the identification and understanding of key concepts, ideas, and debates examined in the lectures and seminars.
Each student will work independently on a project that addresses a specific question in international or international comparative real estate. Essay topics must be approved by the Course Convenor in advance.
In class discussions, students have the opportunity to demonstrate an ability to evaluate critically the theoretical, methodological, and empirical problems central to the course.