The Real Estate Finance track provides you with an in-depth understanding of real estate markets and valuation in the context of international finance. This track is one of 7 tracks you can opt for in our Master's in Finance.
Comparing investments into real estate versus stocks, bonds, or other financial instruments lies at the core of real estate finance. In this track you learn models for valuing residential and commercial real estate properties, and the markets that allow investors to allocate savings into real estate. You further learn how real estate assets affect the returns and risk of investment portfolios.
If you are interested in pursuing a career in real estate valuation or development of real estate properties, as well as investment funds that focus on real estate assets, this is the track for you.
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Although this is one of the tracks of the MSc Finance, your study programma almost completely consists of track-specific courses and electives.
In this course you will focus on private markets for commercial real estate. First we will introduce real estate as an investment class and will explain relevant market indicators. After this, you will discuss important topics such as:
In this course you will cover the basic methods to value real estate objects (the DC and DCF method). You will discuss how and when to use the right method and how to get the information (parameters) necessary to do an appraisal. You will learn how to use these methods through several practical case assignments and exercises.
This course builds on the knowledge and skills from the Real Estate Valuation course. You will discuss valuations from an investment perspective and will explore topics such as retail valuation, land valuation, the cost approach, the sales comparison approach and automated valuation models of residential properties. You will participate in practical valuation case assignments and a computer workshop. Further topics include confirmation bias in valuation, and advanced DFC analysis.
This course elaborates on your knowledge acquired in Real Estate Markets and Analysis 1. You will discuss concepts and analyse tools in more detail and will study the private investment markets, primary mortgage markets and markets for residential and retail properties.
Perform your own real-live market research
An important and exciting part of this course is the real estate group assignment. You will perform your own real-life market research and construct an investment advice that you will present to a jury of investment practitioners.
In this course you will deep-dive into the financing choice for (international) real estate assets. You will gain the necessary tools to analyse the different funding structures and their market pricing and relative risk. Also, you will learn to analyse financing instruments and markets, with particular focus on mortgages and mortgage-backed securities. Finally, you will learn a real option approach to value real estate developments.
Choose 1 out of 2 electives:
How do you determine the market value of an office building, in this case the Leeuwenburg building in Amsterdam (picture)? You will visit the office, get information about rents, and have to write a valuation report. This report is presented and evaluated under the supervision of Cushman & Wakefield.
Graduates of the Master's in Finance/Real Estate Finance track have excellent job prospects for positions as asset manager, securitisation specialist or international property broker. You may also choose a career in stock analysis, acquisitions or credit management, or become an appraiser, consultant or project manager at Dutch or international companies, such as:
|Degree programme||MSc Business Economics|
|Type||Regular study programme|
|Credits||60 ECTS, 12 months|
|Language of instruction||English|