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Urban and real estate economics


The Urban and Real Estate Economics course was part of the applied economics program at Eötvös University and was inspired by courses taught at MIT or Wharton. Since the course material is highly professional, similarly to MBA programs we also recommend it to specialists in the field. The course grew out of Urban and Real Estate Economics courses that were taught at István Széchenyi College for Advanced Studies and László Rajk College for Advanced Studies.
The goal of this course is to present and analyse the most common economic questions in the real estate market. After completing this course, students should be able to participate in decision making and critically read sectoral analyses. We start with the analysis of the long run trends of the real estate market, i.e. with some basic urban economics. A major part of the course is about the cyclical macro and micro analysis of the real estate sector. The semester ends with real estate project evaluation.
The course presents the analytical tools offered by the relevant economic literature, which could be used by real estate developers, investors, or experts at the municipalities. Most of the examples and exercises are based on Hungarian experiences and data. By the end of the course the students should be familiar with the major participants of the domestic real estate market, institutions and available datasets. The course relies on leading international textbooks and handouts based on Hungarian experience.
A 2014 version of the slides can be downloaded below.

Downloadable slides

Week 1: What is a real estate worth?

Week 2: The effect of real estate attributes on the value of real estates

Week 3: Why do cities exist?

Week 4: City size

Week 5: Spatial patterns in cities I: The monocentric city

Week 6: Spatial patterns is cities II: Pushing forces

Week 7: Spatial patterns in cities III: Further patterns

Week 8: The macroeconomics of the real estate market: the four-quadrant model

Week 9: The macroeconomics of the real estate market II: A dynamic model

Week 10: The macroeconomics of the real estate market III: Transaction volumes and vacancies

Week 11: The macroeconomics of the real estate market IV: Forecasting

Week 12. Finances of the real estate market: Cash flow evaluation

Week 13: Finances of the real estate market II: Summarizing the course with respect to real estate market risk