Elective Course
REV702 – Income Property Analysis and Valuation
Course Unit Code: REV702
Type Of Unit: Elective for Valuation Specialization
Level of Course Unit: Second cycle
Year of Study: First year
Semester: Second Semester
Number of ECTS Credits: 7.5
Mode of Delivery
Face to Face
Prerequisites
37.5 ECTS
Course Objectives
The objective of this course is to provide students with advanced knowledge and practical skills in analyzing and valuing income-generating real estate properties. It will cover key concepts in income property valuation, financial analysis, and market dynamics. Students will gain knowledge of income capitalization methods, investment analysis, and risk assessment within commercial real estate.
Learning Outcomes
- Identify Income Property Fundamentals
- Master Income Property Valuation Principles
- Evaluate Financial and Market Performance
- Apply Valuation Methods
- Incorporate Emerging Trends
- Engage with Real-World Applications
- Develop Critical Analysis Skills
Course Content
Identify Income Property Fundamentals: Demonstrate awareness of various types of income-generating properties, relevant ownership rights (leasehold, freehold), and the basis of income property analysis.
Master Income Property Valuation Principles: Explore and apply the principles of income property analysis and valuation, including risk, return, yields, and market factors influencing property values.
Evaluate Financial and Market Performance: Analyze and appraise income-generating properties, assess financial performance, and understand the dynamics of property investment markets.
Apply Valuation Methods: Demonstrate proficiency in various valuation methods applicable to income-generating properties and conduct risk assessments, including sensitivity analyses.
Incorporate Emerging Trends: Identify and assess emerging trends in income property analysis, such as technological advancements and ESG considerations.
Engage with Real-World Applications: Explore and analyze real-world case studies, preparing valuations of actual income properties and conducting feasibility assessments.
Develop Critical Analysis Skills: Conduct comprehensive risk assessments, sensitivity analyses, and identify market opportunities within the context of income property investments.
Course Features
Planned learning activities and teaching methods
Lectures; in-class discussion and debates; in-class exercises; problem sets; teamwork; video case studies, team presentations, interactive online learning via Moodle (quizzes, assignments, forums)
Assessment methods and criteria
Class participation (including written class quizzes) and interactive activities: 40%
Assignment (10.000 max words): 60%
Readings
Textbooks:
• Fisher J. and Brueggeman W. (2021). ISE Real Estate Finance and Investments. McGraw-Hill Education 17th Edition.
• Baum A. and Mackmin D. and Nunnington N. (2017) The Income Approach to Property Valuation. Routledge 7th Edition.
Optional Textbook:
• Jeremiah Boucher © 2022-Finding Your Edge, How to Win at the Game of Commercial Real Estate Investing, Book 1 in the Investor’s Edge series
Articles & Journals:
• https://www.investopedia.com/articles/mortgages-real-estate/11/valuing-real-estate.asp
• https://www.investopedia.com/terms/i/income-approach.asp
Online sources:
• RICS Valuation – Global Standards (‘Red Book’) and International Valuation Standards (IVS).
Videos:
• https://www.youtube.com/watch?v=LP-0P-Z9Xo4
• https://www.youtube.com/watch?v=tPSsNOIipXw
• https://www.youtube.com/watch?v=LkbMMYGNa8Q
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