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In the Real Estate Finance track, you learn investment strategies for commercial and residential real estate. As well as a wide range of valuation models based on properties’ characteristics including their sustainability

The programme

During your Master's you will follow 4 general courses and 6 track-specific courses. You will finish with a thesis. If you have a drive to enhance the adoption of sustainability in finance, you can participate in our Honours programme.

COURSES SEM 1 SEM 2 SEMESTER 1 SEMESTER 2 EC
  • Real Estate Markets and Analysis 1
    Period 1
    5

    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 real estate market cycles, the relationship between real estate markets, the wider economy and financial markets, forecasting of real estate markets, the role of location theories, and pricing of real estate and international convergence.

  • Real Estate Valuation
    Period 1
    5

    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.

  • Applied Financial Econometrics
    Period 1
    Period 2
    5

    In this course, you apply various statistical techniques to make causal inferences and predictions. You will learn how to work with panel datasets, state-of-the-art statistical techniques for addressing endogeneity and omitted variables problems, and apply econometrics to time-series data analysis. Particular attention will be paid to common failures of the exogeneity assumption and how to solve these through appropriate empirical design, as well as to making predictions with econometric forecasting models.

  • Advanced Real Estate Valuation
    Period 2
    5

    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.

  • Real Estate Markets and Analysis 2
    Period 2
    5

    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. 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.

  • Empirical Methods in Finance
    Period 3
    5

    In this course, you will learn statistical methodologies used on the current frontier of empirical analysis. You will also learn to implement these methodologies through weekly case assignments, completed using the statistical program STATA or computing language R. Discover the university’s databases and how to prepare for thesis research.

  • Real Estate and Alternative Investments
    Period 4
    5

    This course focuses on real estate and alternative investments from a portfolio perspective. It provides an in-depth analysis of measuring real estate returns, how to construct real estate portfolios, the liquidity of listed and non-listed real estate investments and the pricing of real estate derivatives. Real estate portfolio theory is covered, including real estate investment management and international (foreign) real estate investment. Other asset classes like private equity (buyouts) and venture capital are also covered: how are PE funds structured and valued, and what is the role of leverage and what are good investor strategies?

  • Real Estate Finance
    Period 4
    5

    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.

  • Thesis Seminar Finance
    Period 4
    3

    This course provides you with a solid foundation for your Master's thesis. You will start with a thesis proposal, which will receive multiple rounds of feedback from classmates. The guidance you receive in the course will help you to polish your proposal and prepare for further independent thesis work. Also, you will learn how to provide critical opinions of your classmates’ thesis proposals, and how to give effective presentations.

  • Restricted-choice programme wide electives
    Period 5
    2

    Choose 1 of 2 courses: Ethics and Professional Skills in Finance or Sustainable Finance.

  • Master's Thesis
    Period 4
    Period 5
    Period 6
    15

    The Master’s thesis is the final requirement for your graduation. It is your chance to dive deep into a topic in your chosen track, and to learn how to independently complete a comprehensive research project. A professor with expertise on your topic will supervise your effort. You will also receive guidance on how to manage your time, break down a long-term project into a series of manageable steps, and communicate in a clear and professional manner.

Compulsory course
Elective
Specialisation

Do you want to know more about the courses?

The course catalogue provides detailed information for each course, including content, assessment methods and recommended literature.

Honours programme: A Sustainable Perspective on Finance

The Honours programme is designed for students with excellent analytical and leadership abilities, and a fundamental passion to enhance the adoption of sustainability in finance. It is a challenging programme and a great way to stand out for future employers. The programme must be finished in 1.5 years, and includes 3 additional courses: Sustainable Finance, Honours Course on Impact Investing, and an elective course (Corporate Governance, Advanced Investments, or Financial Regulation).

Real-life case: Valuation of an Amsterdam property

In conjunction with Cushman and Wakefield, students determine the market value of an Amsterdam property based on the rental income streams and operating costs of such a building. One recent example was UNStudio, a mixture of office and retail space. Students do market research to find out the relevant yields and discount rates to capitalise the net income streams. Students present their results and get dedicated feedback from Cushman and Wakefield.

Vera Scholten
Copyright: EB
The lecturers are very good and try to engage with the student in every way Vera Scholten Read Vera's full review
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