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.

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.

In this course you expand your knowledge about regression analysis applied to finance topics, a powerful tool in empirical finance for analysing empirical relationships. You will review estimation and testing of the basic linear regression model, and subsequently will focus on various applications and extensions of the basic model.

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. 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 focus on the current statistical methodology used in empirical work and the practical implementation of data analysis using STATA. You will attend methodology lectures on how to use the university’s databases and tutorials in which you present and receive feedback on empirical group assignments. Also you will write a first thesis proposal.

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, what is the role of leverage and what are good investor strategies?

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.

This course prepares you for writing your Master's thesis. It brings you up-to-date knowledge and professional skills. Also, you will learn how to acquire a critical view on your own work and that of fellow students. In the course you will develop your thesis plan as well as learn to present, discuss and referee other’s work.

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