RE4010 Global Real Estate Syllabus:
RE4010 Global Real Estate Syllabus – Anna University PG Syllabus Regulation 2021
OBJECTIVES
To understand the rationale, opportunities of international real estate investing
To analyse the macro factors that influence the performance of real estate markets across Countries
To understand exit strategy from the cross border investments
To understand the risks involved in the cross border investments
To understand the international property markets and various countries governmental policies on real estate
UNIT I GLOBAL REAL ESTATE MARKETS
Rationales for Cross Border RE Investing – Facilitators of Real Estate Globalization: public markets, professionalization -Types of Global Real Estate Investors and Developers -Understanding Global Linkages -Rewards of International RE Investing -Risks and Costs of Cross-border Investing: transaction and information costs, political risk, transparency, currency risk, liquidity, reputation
UNIT II INVESTMENT FORMATS
Developer equity/ Types of Debt Private Equity: Comingled and Direct Different Types of Direct Development Strategies; Rationales Operational and Execution Issues
UNIT III PROJECT LEVEL ANALYSIS
Opportunities and Constraints in Emerging Markets – Property rights and registration – Approvals/ Permits Pro-formas – Due diligence – Structures for Development Finance – Risk Return Analysis –Exit Strategies
UNIT IV BALANCING RISKS AND REWARDS
Comparing domestic and international returns – Cross-border: Compensation for Transaction costs, Tax Liabilities, Currency Risk, Transparency, JV costs
UNIT V PROPERTY MARKET FUNDAMENTALS
Opening up New Markets Demand analysis for different types of RE – Property Market: Cyclical Rationales Capital Markets Supply constraints real side: land, infrastructure, finance Government Policies: Subsidies, Taxation, Regulation Risk Analysis
TOTAL: 45 PERIODS
OUTCOMES
CO1 Students will be equipped to critically analyses market specific factors that impact RE investment performance (property rights, taxes, transparency, planning procedures)
CO2 Students will gain expertise on qualitative aspects of identifying and achieving successful projects.
CO3 Expose students to the world of cross-border real estate development and investment with a focus on emerging market economies.
CO4 Students will gain expertise on buying and selling across the world.
CO5 Students will gain expertise in international property markets and policies
REFERENCES
1. Brown, G. & Matysiak, G., (2000) Real Estate Investment, FT/Prentice Hall.
2. Edwards V and Ellision L, (2003) Corporate Property Management: Aligning Real Estate with Business Strategy, Blackwell
3. Haynes B and Nunnington N, (2009) Corporate Real Estate Asset Management: Strategy and Implementation, EG Books
4. Hoesli, M., Lekander, J. and Witkiewicz, W., (2004) International evidence on real estate as a portfolio diversifier, Journal of Real Estate Research, Vol. 26, pp. 161-206
5. Sirmans C. F. and Worzala E. (2003), International Direct Real Estate Investment: A Review of the Literature, Urban Studies, Vol. 40, Nos 5–6, 1081–1114