Real Estate Finance

This course introduces students to the theoretical foundations and modern research methodologies in real estate finance. Students gain fundamental insights into the research that has developed over more than a decade on current issues in residential and commercial real estate such as macroeconomic fundamentals of real estate markets, property valuation, mortgage securitization, and asset pricing. There will be tutorials in R to provide parctical experience. 

Topics: 

• Real Estate and the Macroeconomy 
• Structure and Pricing of Mortgages 
• Hedonic Valuation and Spatial Regression Models 
• Real Estate Asset Pricing

Knowledge:

Students will become familiar with the properties of real estate data, the fundamental drivers and main indicators of real estate prices, as well as the pricing mechanism of mortgage backed securities. The course will prepare the students with various theoretical models and econometric techniques to study major topics in the field of real estate finance.

Skills:

At the end of the course, students will have a profound knowledge of theoretical models in real estate finance. The course aims to provide students with a profound knowledge of econometric tools in micro- and macroeconometrics to analyze real estate markets. They will achieve programming skills in order to implement empirical models and to interpret their results.

Competence:

Because the course covers the state-of-the-art techniques to analyze real estate markets, students will develop analytical and writing skills which allow them to conduct their own research.

PhD workshops and lectures. Students should bring their own laptops to class.