Real Estate Management and Development

The real estate market encompasses a diverse range of residential, commercial and industrial land and property. Real estate professionals advise on a broad range of areas needed by occupiers, developers and investors. This programme provides the foundation knowledge and skills needed by future property professionals.

The programme is designed to provide students with the essential learning components of economics, valuation, construction, investment, law, planning, management and development. It will build understanding of the complex interactions and dynamics of the property market, including a sound knowledge of valuation and appraisal techniques.

Our students and graduates

Students tend to come from the real estate industry, or look to study this programme to pursue a career as a general practice chartered surveyor with a focus on commercial or residential property valuation, development, management or investment. Students will gain an appreciation of the processes taking place within property transactions, development projects and investment funding.

Part-time and Distance Learning study options

This programme can be studied on a part-time basis or via Independent Distance Learning (IDL), ideal for those in employment or with other commitments, providing flexible study options that fit around work or family. As an IDL student you will not be required to attend any lectures, tutorials or other events at any of Heriot-Watt University’s campuses.

The Institute for Housing, Urban and Real Estate Research (IHURER)

This programme is delivered by Heriot Watt University’s Institute for Housing, Urban and Real Estate Research. As a Real Estate Management & Development postgraduate student you will be part of the Institute’s Graduate School, connecting you with staff, research associates and fellow students engaged in cutting-edge research in areas such as affordability, housing markets and private renting; commercial property markets; urban economics; diversity and minority ethnic communities; homelessness and social exclusion; housing policy, management and governance and more.

Teaching and research excellence

The School of the Built Environment has a strong record in built environment research, with 60% classed ‘internationally excellent’ or better in the most recent Research Assessment Exercise (RAE 2008).

With a history dating back to 1821, Heriot-Watt is one of the UK’s leading universities, and Scotland’s most international. Find out more about Heriot-Watt University’s reputation, rankings and international profile.

For the MSc, students undertake eight taught courses plus the research dissertation. Students on the Diploma programme take eight taught courses. Students can opt to complete a total of four courses and graduate with the Heriot-Watt University Postgraduate Certificate. Each taught course represents 150 hours of student effort and the dissertation represents 600 hours.

Semester 1

• Real Estate Economics
• Real Estate Appraisal and Evaluation 1
• Construction Technology
• Spatial Planning (Edinburgh)

Semester 2

• Real Estate Investment Analysis
• Real Estate Management and Sustainability
• Real Estate Development
• Real Estate Appraisal and Valuation 2

Course descriptions

Please find below the course descriptions. For more information on courses, please contact the Programme Leader.

Real Estate Economics

Semester 1 (mandatory)

This course aims to introduce students to an economic analysis of real estate markets. The course will help students to understand land and property markets from an economic perspective; to examine land and property as a set of linked markets and to consider regulatory constraints on real estate in economic terms including planning. The syllabus includes:

Introduction to key topics in economics – microeconomic demand and supply analysis, Elasticities, the macroeconomy; the economics of property market analysis: use, investment and development. The institutional context. Local, regional, national and global perspectives. Real estate cycles by sector. Property versus other asset classes; Analysis of property sectors (housing, offices, retail, industrial). Spatial economic analysis; Economic basis of planning, planning in a market economy. Economic analysis of planning policy, interaction of real estate and the macroeconomy.

Real Estate Appraisal and Valuation 1

Semester 1 (mandatory)

This course aims to establish the economic context for the creation of value, introduce the principles for the assessment of value in property markets, develop a clear understanding of the valuation process and appropriately apply the principal valuation methods (conventional and contemporary) to a range of property types and interests. Subjects covered by the syllabus include:

Economic context of the property market; The property professions: their role, ethical conduct and regulatory framework; Definitions of price, value and investment value (worth); Introduction to the principal techniques of property valuation; Valuation and appraisal mathematics: Present and Future Value, DCF, NPV and IRR; The valuation process; Analysis of market evidence and measurement practice.

Construction Technology

Semester 1 (mandatory)

The overall aim of this course is to provide students with a basic understanding of the different elements that make-up a building so that they can communicate effectively with construction professionals in the design and construction of buildings. Subjects include:

Structural Requirements for Buildings; Substructure Design – Foundations; Substructure Design – Basements; Structural frames and suspended floors; Superstructure - External walls and cladding Superstructure – Roofs; Services in Buildings; Offsite construction; Low carbon construction.

Spatial Planning

Semester 1 (mandatory)

Edinburgh campus only

This course aims to help students to develop a critical understanding of: spatial planning agendas; sectoral and spatial policy frameworks at national, strategic and local levels; legal and ethical frameworks; implementation mechanisms; development management issues; relationships between land and property and planning, including development rights and property rights. The syllabus includes the following subjects:

Reasons for planning; Development Planning; Urbanisation and Urban development; Development and property rights; Development Management; Environmental Assessment; Conservation and Globalisation and urban transitions.

Real Estate Investment Analysis

Semester 2 (mandatory)

This course aims to enable learners to develop an in-depth understanding of property as an investment medium and the application of investment and finance theories to both the general investment markets and the property market. The syllabus consists of the following topics:

Investment theory and the investment decision; the nature of risk and return; the characteristics of property as an investment; the role of property in the multi-asset portfolio; the application of modern portfolio theory; introduction to international real estate portfolio analysis performance monitoring; the emergence of new financial products in the property sector, and market efficiency and the cause of mis-pricing, real estate derivatives.

Real Estate Management and Sustainability

Semester 2 (mandatory)

This course aims to give students an understanding of: the legal framework for property management and ownership; the roles and functions of the property asset manager; the financial, legal and technical skills within the management domain; concepts and tools for sustainability management within real estate. Subjects covered by the syllabus include:

Law of contract, delict, land ownership; Strategy Management introduction and the role of management within surveying; Financial management/Sinking funds/service charges; Lease management; Marketing and negotiation; Physical property management; Concepts of obsolescence; Buy/lease/outsource decision-making and financial analysis; Real Estate management models; Scenario planning; International comparison of real estate strategies; Sustainable development, buildings and corporate social responsibility.

Real Estate Development

Semester 2 (mandatory)

This course aims to achieve an understanding of the structure and functioning of the contemporary real estate market and of the factors influencing the development decision. Subjects covered by the syllabus include:

The real estate market and the property development industry; The factors influencing the development decision; The techniques of development appraisal including cashflow techniques and risk analysis; The nature of planning agreements and their impact on development appraisal; The general form and content of real estate development and investment finance; The form and content of real estate partnerships including appraisal and financing aspects.

Real Estate Appraisal and Valuation 2

Semester 2 (mandatory)

This course aims to develop a critical evaluation of valuation and appraisal methods and provide an opportunity to develop an in-depth knowledge of advanced methods of valuation and appraisal for land and property markets. The course is intended to discuss and explore the following issues:

Investment appraisal: An examination of current issues in investment appraisal; Spreadsheets; Mass appraisal: application of statistical techniques for property appraisal; Business appraisal; Professional valuation and appraisal software.

For MSc level entry applicants must have:Minimum of 2:2 honours degree or equivalent academic qualification in cognate and semi-cognate subject area. For PG conversion programmes, non-cognate degrees will be considered. Corporate (or chartered) membership of relevant professional institutions will also be considered.For PG Diploma level entry applicants must have:Third class honours degree in a cognate or semi-cognate subject area PLUS 2 years of relevant experience at an appropriate level completed post qualification.Cognate or semi-cognate ordinary degree PLUS 3-4 years of relevant experience at an appropriate level following graduation.Candidates who do not meet the above entry requirements or have no formal academic qualifications will be considered individually based on their CV and interview. Admission via this route will be at the discretion of the Director of Admissions and the number of successful applicants will be restricted.There is no entry at PG Certificate level except through exceptional agreement with approved learning partners.Non-graduating study at masters level:Entry is based on CV or on formal academic qualifications or graduate (or incorporated) membership of a relevant professional institution.Distance Learning January entryDistance learning students can choose to start their studies in January or September. The January intake is not available to students studying on-campus.English language requirementsApplicants who have previously successfully completed programmes delivered in the medium of English language will be required to provide documentary evidence of this. Examples would be secondary school education or undergraduate degree programme. A minimum of one year of full time study (or equivalent) in the medium of English language will be required. English Language Requirements IELTS band: 6.5 IMPORTANT NOTE: Since April 2014 the ETS tests (including TOEFL and TOEIC) are no longer accepted for Tier 4 visa applications to the United Kingdom. The university might still accept these tests to admit you to the university, but if you require a Tier 4 visa to enter the UK and begin your degree programme, these tests will not be sufficient to obtain your Visa. The IELTS test is most widely accepted by universities and is also accepted for Tier 4 visas to the UK- learn more. Technological Requirements Please note that independent distance learning students who access their studies online will be expected to have access to a PC/laptop and internet.

Scholarships & bursaries

• Alumni Scholarship Scheme
  Heriot-Watt Alumni
• Carnegie-Cameron Taught Postgraduate Bursaries
  Applicants must be Scottish by birth, have at least one parent born in Scotland or have been continuously resident in Scotland for a period of three years for the purpose of secondary or tertiary education.
• Commonwealth Scholarship and Fellowship Plan
  International (Commonwealth citizens)
• Department for International Development (DFID) Commonwealth Shared Scholarship Scheme(SBE)
  International (Commonwealth citizens)
• Department for International Development (DFID) Commonwealth Shared Scholarship Scheme
  Commonwealth citizens
• East Lothian Educational Trust
  Applicants must be a resident of the old county of East Lothian (ie excluding Musselburgh, Wallyford and Whitecraig.)
• India Scholarship (SBE)
  Students who have applied via the Heriot-Watt India office. Please note that this award is available for study at our Edinburgh campus only.
• Leverhulme Trade Charities Trust
  Restricted to residents of the UK who are a son, daughter, spouse, widow or widower of a commercial traveller, chemist or grocer.
• Local Education Authority Awards
  Various
• Mexican Scholarships
  Mexican applicants
• Music Scholarships
  All students
• Part-time Fee Grant (SAAS)
  See SAAS residence conditions.
• Postgraduate Student Allowance Scheme (SAAS)
  EU and UK applicants who meet the SAAS criteria on eligible courses
• Remission of Fees (families of staff)
  Spouses/civil partners and children of members of staff, also retired members of staff of the University
• Royal Caledonian Schools Trust
  Applicants must be of Scots parentage (conditions apply - see below)
• Scotland's Saltire Scholarships
  Citizens of Canada, the People's Republic of China, India or USA (2 awards for each country)
• Sports Scholarships
  All students
• Staff Scholarships
  Employees of Heriot-Watt University
• The Consumer Affairs UK Scholarship Programme
  All currently enrolled students
• West Lothian Educational Trust
  Individuals must have originated in West Lothian or have lived there for the last 3 years.

Accreditation

The MSc programme has professional accreditation from the Royal Institution of Chartered Surveyors (RICS) and Heriot-Watt University is a leading centre for the education of commercial and residential property professionals in the UK.