Urban Economics and Real Estate

This course examines urban real estate markets from a microeconomic and macroeconomic perspective, encompassing property market analysis, cyclical behavior, and the impact of local government through taxes, regulations, and public goods. Study materials include:

1. Introduction to Real Estate Markets: The Property and Capital Markets and The Operation of Property Markets: A Micro and Macro Approach
2. Microeconomic Analysis of Property Markets: The Urban Land Market: Rents and Prices; The Urban Housing Market: Structural Attributes and Density; Firm Site Selection, Employment Decentralization, and Multi-Centered Cities; and Retail Location and Market Competition
3. Macroeconomic Analysis of Property Markets: Economic Growth and Metropolitan Real Estate Markets; The Market for Housing Units: Households, Prices, and Financing; The Market for Housing Services: Moving, Sales, and Vacancy; The Cyclical Behavior of Metropolitan Housing Markets; The Operation of Non-Residential Property Markets and Econometric Analysis of Metropolitan Office and Industrial Markets
4. The Impact of Local Government on Real Estate Markets: Local Governments, Property Taxes, and Real Estate Markets; and Public Goods, Externalities, and Development Regulation.

The learning process is conducted through blended learning using a flipped classroom model. Learning methods include: (1) Synchronous learning through online or offline case discussions for in-depth understanding of the material; (2) Asynchronous learning through Airlangga University e-learning for independent study using teaching materials provided by lecturers. The project-based learning method involves journal reviews and compiling investigative results into presentation materials, providing in-depth analysis. Assessment of learning competency achievement is conducted using a portfolio assessment model utilizing several assessment methods according to the competencies students must achieve. Furthermore, assessment is based on presentation results, active participation in discussions, and mid-term and final exams, which will be regulated by the PJMK.