21 hours per semester

The objective of the course is to make students familiar with the background and methods that can be used for appraising Real Estate, with the writing of a valuation report, and with state of the art analytical methods to interpret valuation issues

This course aims to provide theoretical background information and practical experience with real estate valuation

Different valuation methods and complex valuation issues are discussed

At the end of this course the student should be able to:
- understand the major value drivers in an appraisal
- understand conceptual valuation issues
- apply sensitivity analysis in DCF valuations
- write a valuation report
- analyse a valuation report thoroughly

The form and organisation of the course is as follows:

7 lectures of four hours
Valuation assignments
Literature review assignment

K.M. Lusht, 1997, Real Estate Valuation, KML publishing (468 p.)

A.C. Hordijk, 2005, Valuation and Construction Issues in Real Estate Indices (150 p.)

Benjamin, J. D., R. S. Guttery, et al. (2004). "Mass Appraisal: An Introduction to Multiple Regression Analysis for Real Estate Valuation"

Journal of Real Estate Practice and Education 7(1): 65-77

Dunse, N., Jones, C. (1998). "A Hedonic price model of office rent"

Journal of Property Valuation & Investment 16(3): 297-312

Hand-outs and Assignments (80 p.)

Both books can be bought during the lectures and the handouts are posted on Blackboard

The result will be determined for 40% by the valuation assignments and for 60% by the final written exam, whereby each result should at least be a 6.0

Closed book exam

Secretary of Real Estate & Housing

Quarter

Building Economics

9