Urban Economics and Real Estate

Course unit title

Urban Economics and Real Estate

Course unit code

EKP

Type of course unit (compulsory, optional)

Optional

Level of course unit (according to

EQF: first cycle Bachelor, second cycle Master)

Third cycle Doctor

Year of study when the course unit is delivered

(if applicable)

Year 1

Semester/trimester when the course unit is delivered

Semester 2

Number of ECTS credits allocated

4.8 ECTS

Name of lecturer(s)

Bambang Eko Afiatno, Ph.D.

Prof. Dr. Suroso Zadjuli

Practitioners

Learning outcomes of the course unit

Students are able to: (1) develop analytical skills in operating the urban real estate market from a macro and microeconomic perspective; (2) develop knowledge about the role of government in the real estate market; (3) participate in decision making and critically read sectoral analysis. (4) Analyzing the long-term trends of the real estate market; (5) develop appropriate models to explain the behavior of economic agents in the real estate market structure; (6) predicting the impact of various micro and macroeconomic policies using appropriate models; (7) evaluate various real estate valuation valuation methods; investment opportunities, and mortgage instruments;

Mode of delivery (face-to-face, distance learning)

Face to face (offline) and or distance learning (online)

Prerequisites and co-requisites (if applicable)

No

Course content

INTRODUCTION TO REAL ESTATE MARKETS: (1) The Property and Capital Markets, (2) The Operation of Property Markets: A Micro and Macro Approach; MICROECONOMIC ANALYSIS OF PROPERTY MARKETS: (3) The Urban Land Market: Rents and Prices, (4) The Urban Housing Market: Structural Attributes and Density, (5) Firm Site Selection, Employment Decentralization and Multi-Centered Cities, (6) Retail Location and Market Competition; MACROECONOMIC ANALYSIS OF PROPERTY MARKETS:  (7) Economic Growth and Metropolitan Real Estate Markets,  (8) The Market for Housing Units: Households, Prices, and Financing, (9) The Market for Housing Services: Moving, Sales and Vacancy, (10) The Cyclical Behavior of Metropolitan Housing Markets, (11) The Operation of Non-Residential Property Markets, (12) Econometric Analysis of Metropolitan Office and Industrial Markets. THE IMPACT OF LOCAL GOVERNMENTS ON REAL ESTATE MARKETS: (13) Local Governments, Property Taxes and Real Estate Markets, (14) Public Goods, Externalities and Development Regulation.

Recommended or required

reading and other learning resources/tools

DiPasquale, D. & Wheaton, W. 1995. Urban Economics and Real Estate Markets. 

Wyatt, P. 2013. Property Valuation. 2nd Ed. Wiley.

McDonald, J.F. & McMillen, D.P. 2011. Urban Economics and Real Estate - Theory and Policy, 2nd Ed. Wiley.

Jeffrey D.F. & Martin, R.S. 2007. Income Property Valuation. 3rd Ed. Dearborn Real Estate

Kahr, J. & Thomsett, M.C. 2005. Real Estate Market Valuation and Analysis. Wiley.

Planned learning activities and teaching methods

Lecture course, presentation and discussion, assignment

Language of instruction

In Bahasa (Indonesian Language) and English

Assessment methods and criteria

Middle Exam; Final Exam; Paper and Presentation