This course explores how real estate value is created, appraised and exploited in the context of competitive markets and a global economy. It will equip students with the mathematical principles underpinning valuation and enable them to use a selection of traditional and contemporary techniques based on mathematical formulae to value land and buildings

Classes to run from Semester 1 and delivered over 10 weeks, 8 lectures, (6 * 2 hrs, 2 * 3 hrs), 6 practical workshops, (2 * 2 hrs, 2 * 1.5 hrs, 2 * 1hr) & 2 tutorials 2 hr & 1 hr.

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The course will be formally assessed in 2 assignments, one set at the completion of the first portion of the course (Real Estate Valuation and Appraisal 10) with a valuation report (maximum 1500 words) that will address some standard preset valuation and appraisal tasks. This will be supplemented by, at conclusion of the module, a more extensive valuation report (maximum 2,500 words) based on a more complex series of valuation and appraisal problems relating to different sectors of the market and in different locations that will also involve reflection on contemporary valuation-related issues.

This course opens by exploring how real estate value is created, appraised and exploited in the context of competitive markets and a global economy. It will equip students with the mathematical principles underpinning valuation and enable them to use a selection of traditional and contemporary techniques based on mathematical formulae to value land and buildings. The second half of the course encourages participants to develop an in-depth understanding of valuation and appraisal methods, including awareness of ongoing debates on best practice within the profession, through the assessment of more complex 'real-world' situations experienced by valuation surveyors.

By the end of this course students will be able to:

■ Develop an in-depth knowledge of valuation and why it is essential within the real estate industry, considering interests in land and buildings and the application of valuations including asset planning, performance measurement, taxation, compulsory purchases and loan security.

■ Demonstrate a clear understanding of the need to collect, interrogate, adapt and present various forms of data when conducting valuations.

■ Gain an understanding of the valuation process within the framework of wider professional ethics, including terms of engagement that convey the need for objectivity and independence, an awareness of potential conflicts of interest and limitations.

■ Apply, from first principles to final presentation, the relevant approach and method to valuing a range of legally defined interests in real estate, showing an appropriate level of numeracy and problem-solving skills.

■ Contribute effectively to ongoing debates within the industry about maintaining best practice in valuation.

Students must submit at least 75% by weight of the components (including examinations) of the course's summative assessment. Minimum requirement for award of credit for students on MSc Real Estate is D3 or above. University standard regulations apply to students on other qualifications