|Year of offer||2019|
|Subject level||Graduate coursework|
|Fees||Subject EFTSL, Level, Discipline & Census Date|
As the real estate market becomes increasingly international, it is necessary to understand how specific national markets operate and how they relate to one another within an international system. With globalisation, capital flows with increasing ease between national economies, and many real estate market actors - users, investors, developers and financiers - now search for opportunities across national boundaries. Real estate services, such as agency or research, have become international in order to serve these requirements.
At the global level, the institutional environment of real estate is extremely diverse. There are wide national differences in the economic, political, social and legal contexts within which real estate markets operate. Variations in planning control, landlord and tenant law, methods of valuation, professional education, and the symbolic significance of landed property represent important examples, and there are many others. Real estate market analysis therefore has to translate between different systems, both literally in terms of working language and metaphorically in terms of differences in business practice and culture.
This subject is intended to provide a comprehensive analysis of international real estate markets examining the rationale for their existence and development, its links to economic change, international financial diversification and institutional adaptation. The subject also examines the role of, and changes in, business culture to provide an understanding of the behaviour of real estate markets. The subject allows comparison over time of real estate markets in different countries, showing differences in market characteristics and changes thereof. The entry of international companies and their role in market development is also examined.
Intended learning outcomes
In the context of the rapid internationalisation of economic activity in general, and real estate market activity in particular, the course has following objectives:
- To provide an overview of international activity in commercial real estate markets.
- To provide a theoretical framework to explain international real estate market activity, drawing on international business theory, institutional economics and theory of finance.
- To identify and explain the similarities and differences observed across national real estate markets in the functional arenas of use, investment, development and professional service provision.
- To identify and explain the process of internationalisation, and its significance for national real estate markets in terms of convergence, standardisation, activity and performance.
- To present conclusions on: the international environment of property market practice; the extent to which the real estate market can currently be depicted as ‘internationalised’; and the past and probable future process of real estate market internationalisation.
At the end of the course, students would have developed following generic skills:
- Communication skills: written and presentation skills developed through preparation of two group reports and one individual report; verbal communication skills developed through group presentation and seminar discussions;
- Research and professional skills: problem definition, identification of data sources, real estate data analysis, critical analysis and synthesis of other published material, developed through seminar exercises and report preparation;
- IT skills: use of appropriate word processing, data and graphics packages for report preparation and data analysis;
- Synthesis and professional application: conceptualisation of international land and real estate markets, and their assessment within political economic context, developed through seminar exercises, computer workshops and report preparation;
- Personal skills: individual time management, self-directed reading and information gathering, preparation of group presentation and group report.
Eligibility and requirements
Admission to the MCPROP-200EP (200m point entry)
|Code||Name||Teaching period||Credit Points|
Note that ABPL90026 Property Development may be taken concurrently.
Recommended background knowledge
Understanding of principles of real estate economics.
Core participation requirements
The University of Melbourne is committed to providing students with reasonable adjustments to assessment and participation under the Disability Standards for Education (2005), and the Assessment and Results Policy (MPF1326). Students are expected to meet the core participation requirements for their course. These can be viewed under Entry and Participation Requirements for the course outlines in the Handbook.
Further details on how to seek academic adjustments can be found on the Student Equity and Disability Support website: http://services.unimelb.edu.au/student-equity/home
- One group assignment (3000 words equivalent per student), due week 7 (50%);
- One two-hour exam due end of semester (50%).
Hurdle Requirement: A grade of at least 40% must be achieved in the final examination in order to pass the subject.
Dates & times
- Semester 1
Principal coordinator Piyush Tiwari Mode of delivery On Campus — Parkville Contact hours 36 hours (1 x 2-hour lecture per week and 1 x 1-hour tutorial per week) Total time commitment 170 hours Teaching period 4 March 2019 to 2 June 2019 Last self-enrol date 15 March 2019 Census date 31 March 2019 Last date to withdraw without fail 10 May 2019 Assessment period ends 28 June 2019
Semester 1 contact information
Time commitment details
Tiwari, P. and White, M. (2010), International Real Estate Economics, Palgrave UK.
Recommended texts and other resources
Lizieri, C. (2009), Towers of Capital, Wiley-Blackwell.
Dixon, T., Thompson, B., McAllister, P., Marston, A. and Snow, J. (2005), Real Estate and the New Economy, Blackwell Publishing.
- Subject notes
If the class is scheduled on a Friday, the cancelled class due to Good Friday, will be rescheduled on the Friday during the semester break.
- Related Handbook entries
- Available through the Community Access Program
About the Community Access Program (CAP)
This subject is available through the Community Access Program (also called Single Subject Studies) which allows you to enrol in single subjects offered by the University of Melbourne, without the commitment required to complete a whole degree.
Entry requirements including prerequisites may apply. Please refer to the CAP applications page for further information.
- Available to Study Abroad and/or Study Exchange Students
This subject is available to students studying at the University from eligible overseas institutions on exchange and study abroad. Students are required to satisfy any listed requirements, such as pre- and co-requisites, for enrolment in the subject.