International Real Estate Markets

Faculteit Ruimtelijke Wetenschappen
Jaar 2022/23
Vakcode GEMINTREM
Vaknaam International Real Estate Markets
Niveau(s) master
Voertaal Engels
Periode semester I b
ECTS 5
Rooster rooster.rug.nl

Uitgebreide vaknaam International Real Estate Markets
Leerdoelen • know the forces that are behind the internationalization of real estate markets
• understand the operation of real estate markets in a global setting
• be able to analyze and reflect on real estate market developments
Omschrijving The real estate markets have become more integrated worldwide than ever before. Today, foreign investors, (real estate) service providers, manufactures, and developers play an important role in the demand and supply of space in domestic markets, and vice versa. In the meantime, significant economic, institutional, cultural differences exist among various markets which highlight opportunities as well as challenges in the process of globalization of real estate markets. In this course, we aim to provide a comprehensive analysis on the functioning and formation of international real estate markets. Specifically, we will analyze the international real estate markets from three aspects. First, user demand for real estate will be examined. The extent to which real estate demand is driven by users consuming the space is affected by the globalization of multinational corporations and by the trade patterns between major trading partners. We will elaborate on the classic trade theories and theories on multinational firms in order to understand the demand from real estate users. Second, we will investigate the real estate from the perspective of investors. Why investors favor real estate than other asset classes, for instance, bond and stocks? To answer this question, we will go through finance and investment theories and apply them to real estate assets with the focus of risk-return trade-off and potential diversification benefits from gaining exposure to real estate. Third, institutional settings within which international real estate markets operate are also key to the understanding of the functioning of international real estate markets. It contributes to our understanding why certain markets are more attractive to users/investors than others. In addition, it helps us to promote the development of market structures and institutions in new markets.
Uren per week 1
Onderwijsvorm Guest lectures, Lectures
Toetsvorm Examination with open questions digital
Vaksoort master
Coördinator Dr. X. Liu
Docent(en) S. Fang ,Dr. X. Liu
Verplichte literatuur
Titel Auteur ISBN Prijs
Global Property Investment. Wiley-Blackwell. (pdf version is freely available via Rug SmartCat)
(BH) Baum, A. and D. Hartzell (2011).
Articles.
International Real Estate Economics Palgrave. Macmillan. New York. (TW) Tiwari P. and M. White (2010). 9780230507586 ca. €  70,00
International Trade: Theory and Policy. Global Edition Pearson Education. (KOM) Krugman, P., M. Obstfeld, and M. Melitz (2014). 9781292060439 ca. €  60,00
Entreevoorwaarden Students are assumed to possess basic understanding of international economics and finance, and the capabilities to conduct quantitative analysis. Specifically, students should know first order derivative and its related computations. If you do not meet this prerequisite, you may read Chapter 6 and 7 of the book “Essential Mathematics for Economic Analysis” (Edition 2002) by Knut Sydsaeter and Peter Hammond (Prentice-Hall).

Students should have followed the course of Real Estate Finance (1A) to build up the required prior knowledge on finance to follow this course. Otherwise, the book “Corporate Finance” by Berk and DeMarzo (Pearson) is highly recommended.
Opmerkingen Not open for students from other faculties.
Opgenomen in
Opleiding Jaar Periode Type
MSc Economic Geography  (Optional courses Economic Geography) 1 semester I b keuze
MSc Environmental and Infrastructure Planning  (Optional courses EIP) 1 semester I b keuze
MSc Population Studies  (Optional courses Population Studies) 1 semester I b keuze
MSc Real Estate Studies  (Basic programme Real Estate Studies) 1 semester I b verplicht
MSc Society, Sustainability and Planning  (Optional courses Society, Sustainability and Planning) 1 semester I b keuze
MSc Spatial Sciences (research)  (Optional thematic courses (GERMTTO) year 1 and 2 Spatial Sciences) - semester I b keuze