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Graduate courses

Departments' graduate courses for PhD-students.


Syllabus for

Academic year
ACE125 - Real estate economics  
Syllabus adopted 2021-02-16 by Head of Programme (or corresponding)
Owner: MPDCM
7,5 Credits
Grading: TH - Pass with distinction (5), Pass with credit (4), Pass (3), Fail
Education cycle: Second-cycle
Main field of study: Civil and Environmental Engineering

Teaching language: English
Application code: 88112
Open for exchange students: Yes
Block schedule: D+
Maximum participants: 65

Module   Credit distribution   Examination dates
Sp1 Sp2 Sp3 Sp4 Summer course No Sp
0119 Written and oral assignments 3,5 c Grading: TH   3,5 c    
0219 Written and oral assignments 4,0 c Grading: TH   4,0 c    

In programs



Martine Buser

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General entry requirements for Master's level (second cycle)
Applicants enrolled in a programme at Chalmers where the course is included in the study programme are exempted from fulfilling the requirements above.

Specific entry requirements

English 6 (or by other approved means with the equivalent proficiency level)
Applicants enrolled in a programme at Chalmers where the course is included in the study programme are exempted from fulfilling the requirements above.

Course specific prerequisites

To be eligible for the course you have to meet the entry requirements for the Design and construction project management (DCPM) master programme and (alt. a) have completed the compulsory courses for DPCM or (alt. b) have passed 30 hp in other master level courses in Architecture or Civil Engineering. For programme specific entrance requirements, see programme syllabus.


The aim of the course is to facilitate students understanding and knowledge about basic concepts and tools with real estate economics and to place this in a design and construction management context in an interdisciplinary manner.

Learning outcomes (after completion of the course the student should be able to)

The general aim of the course is to provide a fundamental understanding of real estate finance and economics and management.

After completion of the course, she student shall be able to;

Knowledge and understanding
A.  Understand basic mechanisms in the real estate market
B.  Understanding of managerial perspectives in real estate markets
C.  Use basic concepts of real estate economics and financing of real estate
D.  Use a range of tools and theoretical, conceptual approaches to real estate economics

Competence and Skills
E.  Apply tools for calculation of valuation and profitability of real estate investments

Judgement and approach
F.  Evaluate and critically reflect upon academic literature within the field of profitability of real estate investments


The course is rooted in theories and practices developed within the realm of real estate economics and investments. Within this perspective, the course will present and discuss different perspectives on real estate economy. Cornerstones in the course will be;
  • Cognitively-based decision-making by different stake-holder perspectives like architecture, planning, economy and investments and management.
  • Theories, tools and methods in real estate market management decisions
  • Process related issues in decision-making and management when to develop real estate property
This above, many times inter-disciplinary, parts of the course represent different approaches to understand development and management of real estate markets.

The course deepens the participants knowledge of real estate markets in general. It further emphasizes the methods as means to research within this theoretical field. This knowledge is useful for different real estate problems. It also gives the participant an insight into his or her decision-making behavior.


The course includes lectures, seminars, exercises, and assignments. Guest lecturers provide insights in theoretical concepts, case-based project work include visits to real estate companies.


Material distributed during the course will include book chapter, scientific articles and practioners material. A list of relevant articles will be presented prior to course start.

Examination including compulsory elements

The course is examined through the following forms of examination:

Individual assignments and seminar attendance is evaluated in two block

Block 1, 3,5 ECTS
*Hand-in: written assignments
Learning outcomes: A - F
Grading scale: U-3-4-5

Block 2, 4 ECTS
*Active participation in seminars
Experiment-related groupwise examination (written report + presentations)
*Hand-in: written report
*Presentations: Cases
Learning outcome: E - F
Grading scale: U-3-4-5
The individual assignments shall be written individually; cooperation in formulating text, tables, figures etc is hence not allowed.

Absence from one or several of the compulsory seminars or presentation sessions can be substituted with alternative assignments. The decision to approve that such compensatory procedure may be used is made by the responsible teacher on an individual basis. Some course content will only be given at the time presented in the schedule.

Examining assignments (written reports/assignments) that has received grade U (Fail) can be supplemented within 3 weeks from the day of grade announcement. If no such satisfactory supplement is handed in, the student will receive the grade U on the assignment.

The examination form focuses on the students overall performance in the course. The examination will include approved exercises, evaluation of project reports and presentations, active presence. This comprehensive examination is graded with Chalmers scale up to 5.

The course examiner may assess individual students in other ways than what is stated above if there are special reasons for doing so, for example if a student has a decision from Chalmers on educational support due to disability.

Page manager Published: Thu 04 Feb 2021.