International Real Estate Economics

Subject ABPL90339 (2016)

Note: This is an archived Handbook entry from 2016.

Credit Points: 12.5
Level: 9 (Graduate/Postgraduate)
Dates & Locations:

This subject has the following teaching availabilities in 2016:

Semester 1, Parkville - Taught on campus.
Pre-teaching Period Start not applicable
Teaching Period 29-Feb-2016 to 29-May-2016
Assessment Period End 24-Jun-2016
Last date to Self-Enrol 11-Mar-2016
Census Date 31-Mar-2016
Last date to Withdraw without fail 06-May-2016

Timetable can be viewed here. For information about these dates, click here.
Time Commitment: Contact Hours: 36 hours (1 x 2-hour lecture per week and 1 x 1-hour tutorial per week)
Total Time Commitment:

170 hours


Admission to the Melbourne School of Design, plus:

Study Period Commencement:
Credit Points:

Note that ABPL90026 Property Development may be taken concurrently.

Corequisites: None
Recommended Background Knowledge:

Understanding of principles of real estate economics.

Non Allowed Subjects: None
Core Participation Requirements:

For the purposes of considering request for Reasonable Adjustments under the Disability Standards for Education (Cwth 2005), and Student Support and Engagement Policy, academic requirements for this subject are articulated in the Subject Overview, Learning Outcomes, Assessment and Generic Skills sections of this entry.

It is University policy to take all reasonable steps to minimise the impact of disability upon academic study, and reasonable adjustments will be made to enhance a student's participation in the University's programs. Students who feel their disability may impact on meeting the requirements of this subject are encouraged to discuss this matter with a Faculty Student Adviser and Student Equity and Disability Support:


Prof Piyush Tiwari



The Eastern Precinct (building 138)
(between Doug McDonell building and Eastern Resource Centre)

Current Student:

Subject Overview:

As the real estate market becomes increasingly international, it is necessary to understand how specific national markets operate and how they relate to one another within an international system. With globalisation, capital flows with increasing ease between national economies, and many real estate market actors - users, investors, developers and financiers - now search for opportunities across national boundaries. Real estate services, such as agency or research, have become international in order to serve these requirements.

At the global level, the institutional environment of real estate is extremely diverse. There are wide national differences in the economic, political, social and legal contexts within which real estate markets operate. Variations in planning control, landlord and tenant law, methods of valuation, professional education, and the symbolic significance of landed property represent important examples, and there are many others. Real estate market analysis therefore has to translate between different systems, both literally in terms of working language and metaphorically in terms of differences in business practice and culture.

This subject is intended to provide a comprehensive analysis of international real estate markets examining the rationale for their existence and development, its links to economic change, international financial diversification and institutional adaptation. The subject also examines the role of, and changes in, business culture to provide an understanding of the behaviour of real estate markets. The subject allows comparison over time of real estate markets in different countries, showing differences in market characteristics and changes thereof. The entry of international companies and their role in market development is also examined.

Learning Outcomes:

In the context of the rapid internationalisation of economic activity in general, and real estate market activity in particular, the course has following objectives:

• To provide an overview of international activity in commercial real estate markets.

• To provide a theoretical framework to explain international real estate market activity, drawing on international business theory, institutional economics and theory of finance.

• To identify and explain the similarities and differences observed across national real estate markets in the functional arenas of use, investment, development and professional service provision.

• To identify and explain the process of internationalisation, and its significance for national real estate markets in terms of convergence, standardisation, activity and performance.

• To present conclusions on: the international environment of property market practice; the extent to which the real estate market can currently be depicted as ‘internationalised’; and the past and probable future process of real estate market internationalisation.

  • One group assignment (3000 words equivalent per student), due week 7 (50%);
  • One two-hour exam due end of semester (50%).

Hurdle Requirement: A grade of at least 40% must be achieved in the final examination in order to pass the subject.

Prescribed Texts:

Tiwari, P. and White, M. (2010), International Real Estate Economics, Palgrave UK.

Recommended Texts:

Lizieri, C. (2009), Towers of Capital, Wiley-Blackwell.
Dixon, T., Thompson, B., McAllister, P., Marston, A. and Snow, J. (2005), Real Estate and the New Economy, Blackwell Publishing.

Breadth Options:

This subject is not available as a breadth subject.

Fees Information: Subject EFTSL, Level, Discipline & Census Date
Generic Skills:

At the end of the course, students would have developed following generic skills:

  1. Communication skills: written and presentation skills developed through preparation of two group reports and one individual report; verbal communication skills developed through group presentation and seminar discussions;
  2. Research and professional skills: problem definition, identification of data sources, real estate data analysis, critical analysis and synthesis of other published material, developed through seminar exercises and report preparation;
  3. IT skills: use of appropriate word processing, data and graphics packages for report preparation and data analysis;
  4. Synthesis and professional application: conceptualisation of international land and real estate markets, and their assessment within political economic context, developed through seminar exercises, computer workshops and report preparation;
  5. Personal skills: individual time management, self-directed reading and information gathering, preparation of group presentation and group report.
Related Course(s): Master of Property
Master of Property
Master of Urban Planning
Related Majors/Minors/Specialisations: 200 point Master of Property
300 point Master of Property
Melbourne School of Design multidisciplinary elective subjects

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