Real Estate Management

Dit vak wordt in het Engels aangeboden. Omschrijvingen kunnen daardoor mogelijk alleen in het Engels worden weergegeven.

Doel vak

After successfully completing this course you:
* Are able to create real estate appraisals (Academic Skills)
* Are able to analyse the behavior of institutional investors in real
estate (Academic Skills)
* Understand the functioning of residential and commercial real estate
markets and associated mortgage markets (Bridging Theory and Practice)
* Know how to apply the principles of real estate valuation.
(Professional and Social Skills)
* Understand the role real estate markets play in society. (Broadening
your Horizon)

Inhoud vak

The course provides an introduction to the functioning and analysis of
real estate markets. Investments in real estate are studied at the
property level where attention is paid to lease contracts, mortgages and
taxes in the valuation. The various types of real estate investment
structures, including unlisted funds and REITS are considered. Real
estate strategies of private and institutional investors are discussed.
The secondary market for debt related to real estate financing is
analyzed with a focus on the various instruments (such as CDOs and CMOs)
that have played on important role in the recent financial crisis.
Finally, students also take the perspective of an (institutional)
investor, such as a pension fund, who considers real estate as one of
many available asset classes. Students will study the main
characteristics in terms of risk and returns of the different forms of
real estate available to the investor (such as investing in mortgage
pools, investing in buildings, securitised real estate, etc.), as well
as by property type (such as residential versus commercial real estate).

The course emphasizes the practice of real estate markets. Commercial
real estate receives most of the attention, but on top of that
households will be discussed as potential small investors in residential
real estate and some of the specific features of the Dutch housing
market will be discussed in class.
Real Estate Management is a joint effort of the departments of Spatial
Economics and Finance.
After following this course, students are able to understand:
* valuation and investment analysis at the property level;
* the main characteristics of the most popular types of mortgage
* mortgage underwriting and the implications of leveraging
* the impact of fiscal measures on real estate valuation;
• the role of the housing associations on the Dutch rental housing
• the importance of the secondary market in mortgages, as well as
the available instruments for institutional investors such as pension
• the risk and returns characteristics of the main investments
vehicles in real estate available to an institution investor.


Lectures, including a guest lecture by a real estate specialist.


Written examination. Duration 2 h and 45 min.
Open questions.
An assignment (group assessment) concerning the valuation of real


• Baum, A.E. & Hartzell, D. (2011). Global Property Investment:
Strategies, Structures, Decisions. Wiley-Blackwell, ISBN: 978-1-4443-
3528-6, Paperback, 576 pages;
• additional course material, mainly academic papers, that will be
provided on Canvas.

Algemene informatie

Vakcode E_BA_REM
Studiepunten 6 EC
Periode P5
Vakniveau 400
Onderwijstaal Engels
Faculteit School of Business and Economics
Vakcoördinator prof. dr. J. Rouwendal
Examinator prof. dr. J. Rouwendal
Docenten prof. dr. J. Rouwendal
dr. F. Hamelink

Praktische informatie

Voor dit vak moet je zelf intekenen.

Voor dit vak kun je last-minute intekenen.

Werkvormen Hoorcollege, Werkgroep

Dit vak is ook toegankelijk als: