Core Course
REC604 – Principles in Real Estate Valuation
Course Unit Code: REC604
Type Of Unit: Core Course
Level of Course Unit: Second cycle
Year of Study: First year
Semester: First Semester
Number of ECTS Credits: 7.5
Mode of Delivery
Face to Face
Prerequisites
None
Course Objectives
The aim of this course is to provide a comprehensive overview of the fundamental concepts and techniques essential for understanding the valuation of real estate properties. Through a blend of theoretical foundations and practical applications, students will explore various approaches to real estate valuation, including market valuation, income approach, and cost approach.
Learning Outcomes
- Become aware of the basic principles and terminology used in real estate valuation.
- Examine the legal and regulatory factors influencing property value for various property types.
- Explore the available valuation methods and appraisal techniques and apply them in estimating property values.
- Assess the impact of economic trends and market conditions on property values.
- Identify the principles and methodologies of the sales comparison approach.
- Apply the income, cost and residual approaches to real estate valuation
- Gain experience of real-world valuation case studies and improve understanding of the preparation of valuation reports.
Course Content
- Introduction to property markets
- Overview of property rights and property value
- The structure of property market and price determination
- Fundamental valuation methods
- Capital values, yields and rates of investment return
- Property valuation: Market approach
- Property valuation: Income, Replacement cost and Residual approaches
- Valuation standards and governance
- Investment valuations
- Valuations for secured lending and financial statements
Course Features
Planned learning activities and teaching methods
Lectures; in-class discussion; in-class exercises; interactive online learning via Moodle (quizzes, assignments, forums)
Assessment methods and criteria
Participation: 8%
Research Project: 40%
Final Examination: 52%
Readings
Main Textbooks:
Wyatt P., Property Valuation, Third Edition, Wiley 2023.
Optional textbooks:
Shapiro E., Mackmin D. and Sams G. Modern Methods of Valuation Routledge, 2019.
Blackledge M. Introducing property valuation, Routledge, 2nd ed., 2017.
Articles:
Sanbur, Aysen, and Arzuhan Burcu Gultekin. “Multi-dimensional approaches to the development of sustainable real estate valuation principles.” In IOP Conference Series: Materials Science and Engineering, vol. 471, no. 10, p. 102035. IOP Publishing, 2019.
Mooya, Manya M. “Real estate valuation theory.” Springer Books (2016).
English (UK) 
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