CON7043 - Construction and Property Economics

Objectives:

On successful completion of the module, students will be able to:

1. Advanced Understanding of Construction Economics:
Develop an advanced understanding of the economic principles and concepts that are relevant to the construction industry, including cost analysis, financial management, and investment appraisal

2. Property Valuation and Appraisal:
Develop proficiency in property valuation and appraisal techniques, including the ability to assess the value of diverse types of properties and evaluate their investment potential

3. Construction Procurement and Contract Management:
Demonstrate high knowledge of different procurement methods and contract types used in the construction industry

4. Contract Administration and Dispute Resolution:
Develop and apply advanced techniques and skills to effectively manage construction contracts, including contract administration and dispute resolution

5. Risk Management in Construction:
Develop high analytical skills in identifying construction hazards and understanding of the various risks associated with construction projects, and learn how to identify, assess, and manage these risks to ensure project success

6. Sustainable Construction and Green Building Practices:
Demonstrate knowledge of sustainable construction practices and green building principles and how these concepts can be integrated into construction projects to promote environmental sustainability

7. Real Estate Development and Investment:
Develop in-depth knowledge and understanding of the process of real estate development, including site selection, feasibility analysis, financing, and project management

8. Real Estate Investment Decisions:
Demonstrate sound understanding of the factors that influence real estate investment decisions and apply the strategies efficiently to maximize returns on client’s investment.

Content:

- Provides advanced knowledge and skills in the economic aspects of construction property.
- This module deepens students' understanding of the economic principles, theories, and practices related to construction property development, investment, and management.
- The module is designed to prepare students for professional practice in Construction Management by equipping them with the necessary expertise to effectively analyse, evaluate, and make informed decisions regarding the economic aspects of construction property projects.

Learning and Teaching Information:

1. Lectures are a common teaching method used to deliver theoretical knowledge and concepts related to construction property economics:
- Property market analysis,
- Investment appraisal techniques,
- Financial management in construction,
- Economic analysis of construction projects, and
- Property development process.

2. Case Studies - students may analyse and evaluate case studies of construction property projects, examining the economic aspects of the projects:
- Identification of economic factors,
- Conducting financial analysis, and
- Making informed decisions based on economic considerations.

3. Group Projects - to promote collaboration and teamwork among students. Students work in groups to tackle complex construction property economics challenges, conducting market analysis for a specific property type or evaluating the financial viability of a construction property project.

4. Guest Lectures and Industry Engagement:
- Guest lecturers may share their expertise and experiences, providing students with a practical perspective on economic analysis, investment appraisal, and financial management in construction
- Industry engagement activities can also help students develop professional networks and gain exposure to current industry trends and practices in construction property economics.

5. Research and Independent Study:
- Students engaging in research and independent study allows them to explore specific areas of interest within construction property economics
- Students may conduct literature reviews
- Research projects: extrapolate essential information
- Independent studies on topics related to property market analysis, investment appraisal techniques, or economic analysis of construction projects
- Research and independent study foster critical thinking, independent learning, and the development of research skills.



Lectures - seminars
Hours: 2hrs x 10 weeks = 20hrs
Intended Group Size: All three cohorts

Workshops - tutorials
Hours: 2hrs x 10 weeks = 20hrs
Intended Group Size: 20

Guided independent study
Hours: 260



Further Details Relating to Assessment

This module deepens students' understanding of the economic principles, theories, and practices related to construction property development, investment, and management.

001: An individual report
002: Formal unseen examination.

Please note that, in order to ensure students can satisfy the Royal Institution of Chartered Surveyors (RICS) requirements, a pass mark in all assessed components is needed. Further details of assessment are available in the Assessment Handbook for your programme and in Assessment Briefs provided by Module Tutors.

Assessment:

001 Report; 3,000 words; End of Week 8 term 2 50%
002 Unseen exam; 1.5hrs; End of Term 2 50%

Fact File

Module Coordinator - PRS_CODE=
Level - 7
Credit Value - 30
Pre-Requisites - NONE
Semester(s) Offered - 7T2

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