| CODE | CNM5502 | |||||||||
| TITLE | Principles of Development Economics and Land Values | |||||||||
| UM LEVEL | 05 - Postgraduate Modular Diploma or Degree Course | |||||||||
| MQF LEVEL | 7 | |||||||||
| ECTS CREDITS | 5 | |||||||||
| DEPARTMENT | Construction and Property Management | |||||||||
| DESCRIPTION | The study-unit is designed to explore the economics of property development and the consequences for management of construction projects. The focus is logically on the initial phases of construction projects and relates the business drivers of construction projects to the general economy, land values and property values. Investment in property is explored within a continuum of investment and economic decisions and informs the viability and feasibility stages of a project. The topics covered in this unit are as follows: Development process and its economic context Land for development Development appraisal and risk Development Finance Investment appraisal Study-unit Aims 1. To locate the construction industry and the property market within a general economic framework; 2. To identify and explore the factors related to investment appraisal and development opportunities; 3. To introduce the principles of valuation of properties and the various methods available to valuers. Learning Outcomes 1. Knowledge & Understanding: By the end of the study-unit the student will be able to: 1. To explain in essay form how the construction industry and property assets integrate within the general economy; 2. Prepare an investment appraisal for a given development opportunity; 3. Distinguish the optimum choice between different investment options involving property development; 4. Produce a valuation report of a given property case study. 2. Skills: By the end of the study-unit the student will be able to: 1. Analyze investment options including property as an asset and draw up an appraisal report; 2. Prepare a valuation report for a property case study. Main Text/s and any supplementary readings Real estate Appraisal. From Value to Worth. Sarah Sayce et. Project Finance in construction. Anthony Merna Property valuation techniques. David Isaac, Terry Steley Property Development. David Cadman Valuation: principles into Practice. Richard Hayward (ed) Urban regeneration: property investment and development. Jim Berry, Stanley McGreal and Bill Deddis (eds) Property investment depreciation and obsolesence. Baum, Andrew Economics. Samuelson and Nordhaus Property investment and the capital markets.Brown, Gerald R |
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| STUDY-UNIT TYPE | Lecture and Seminar | |||||||||
| METHOD OF ASSESSMENT |
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| LECTURER/S | Joseph H. Spiteri |
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The University makes every effort to ensure that the published Courses Plans, Programmes of Study and Study-Unit information are complete and up-to-date at the time of publication. The University reserves the right to make changes in case errors are detected after publication.
The availability of optional units may be subject to timetabling constraints. Units not attracting a sufficient number of registrations may be withdrawn without notice. It should be noted that all the information in the description above applies to study-units available during the academic year 2025/6. It may be subject to change in subsequent years. |
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