Real Estate Economics and Investment Analysis MSc

This course is designed to equip students with an understanding of the economics of the real estate market and give them skills to use data to make informed investment decisions.

Course highlights

A unique new master's programme, combining theoretical insights with practical applications
Teaching is pioneering a focus on theory and data-driven decision making
The programme teaches collecting, processing and interpreting data in the property market
Classes are based on real life problems being addressed using latest academic thinking

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Overview

Real estate it is an important asset class. It is the most popular alternative to stocks and bonds and has an important place in investment portfolios of most investors seeking diversification. In fact, in most countries the property market has a higher market capitalization than the stock market and comprises over 60% of the average household’s wealth. Therefore, both economics and financial economics of the real estate market are rapidly growing fields. At the same time, while availability of data has been hindering progress of research in this area for decades, recent developments in data collection and analysis offer opportunities recognized by academics and practitioners alike. This programme, starting September 2021, offers an in depth understanding of how this market works and how its constant changes can be analysed using data.

The REEIA MSc has three aims:

Develop an in-depth understanding of how real estate markets work based on the latest academic research.
Provide cutting edge analytical frameworks for data driven investment decision making.
Apply modern methods to collect and interpret property market data.

The course is based at the brand-new UCL East campus.

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Course content

The Real Estate Economics and Investment Analysis MSc will run in two stages. First, it will give the students a basic understanding of economic/financial concepts in the context of real estate and train them in using transferable technical skills such as elementary programming and basic research methods. The second part of the course will build on this and develop an advanced understanding of how these skills are applied in practise, what are their limitations and how they can be adjusted to achieve different goals.

The first part of the course is based around the following modules:

Real Estate and Urban economics – basic theories of economics applied to location decisions of households and firms.
Financial economics of Real Estate – basic principles of financial economics applied to real asset pricing and mortgage finance.
Real Estate data analysis – current research issues and challenges in real estate practice and the tools to solve them (econometrics and coding skills).

The second part comprises of:

Analytical property valuation – different approaches to value an asset in different sectors of the property market.
Property investment analysis – the concept of risk and return estimation in real estate, portfolio optimization and forecasting methods.
Real Estate asset management – different strategies to increase the economic value of an asset by increasing its operational efficiency.

In addition, the programme offers two optional modules at the School of Sustainable Construction. These modules are diverse across topics and cover subjects such as construction, management, and organisational design. They also differ in the types of skills they focus on (from quantitative analysis to relationship management). Students are encouraged to choose topics that are the best match for their interests and career objectives.

The programme ends with a dissertation. It is an academically rigorous piece of research and students can choose any topic they want as long as it is relevant to Real Estate and can be supervised by a member of the Bartlett School of Sustainable Construction staff.

Structure and assessment

The course structure is focused on learning through a mix of lectures, seminars, workshops and project work. Teaching is delivered as a mix of traditional lecture-based teaching with scenario- and project-based modules.

Digital learning platforms are used throughout the course for learning and assessment.

The principal modes of assessment of these skills are analytical essays, coursework, examination and the MSc dissertation undertaken as a piece of independent research.

Teaching is designed to support a mix of theoretical knowledge, practical skills and experiential learning. In particular, the programme adopts a problem-based approach to teaching technical skills and focuses on achieving and interpreting outcomes rather than understanding the details of processes.

There is no single module dedicated to technical skills. Instead, these skills are taught as solutions to problems posed by theory or practice.

Compulsory modules

Year 1

Year 2

Please note that the list of modules given here is indicative. This information is published a long time in advance of enrolment and module content and availability is subject to change. Modules that are in use for the current academic year are linked for further information. Where no link is present, further information is not yet available. Students undertake modules to the value of 180 credits. For more information, visit UCL Graduate Prospectus.

Study modes, entry requirements and fees and funding

Duration: The course can be studied full-time over one year or part-time over two to five years.

For full time students, teaching consists of two days per week over ten weeks over two terms.

Part time/flexible students will typically attend one day per week.

Entry requirements: Read the full entry requirements for this course on the UCL Graduate Prospectus.

Programme staff

The MSc core teaching staff are members of the Bartlett School of Sustainable Construction exploring real estate economics and finance. These staff are supplemented by industry experts. This ensures the connection of teaching with both current research and best industry practice.

Programme leader
Dr Nikodem Szumilo
n.szumilo@ucl.ac.uk

Teaching and learning administrator
Suzanne Hogan
suzanne.hogan@ucl.ac.uk

Careers

The course is purposefully open-ended in the sense that it offers skills applicable in multiple industries and sectors. While the majority of applicants will target jobs in the financial industry in London, their actual job destinations will be as varied as their backgrounds. One unifying theme is that their jobs will be relying on analytical and technical skills as well as an understanding of the recent developments in real estate research.

Additionally, through events aimed at industry and alumni organised by the Bartlett School of Sustainable Construction, you will have the opportunity to meet like-minded professionals in the field. Each year the School also hosts a series of careers events for students - including CV and interview skills sessions, a dedicated Careers Fair, site visits and an alumni panel event. UCL Careers also offers a regular programme of careers fairs and practical sessions on careers advice.

Learn more about careers support available at the School
Find out more about our School alumni and their career paths