Agricultural
University of Athens
Department of Regional
& Economic Development

[6802] Economics of the Real Estate Market

Course Content

  • Definition and characteristics of real estate and the market.
  • The position of real estate in the context of urban renewal planning. Its spatial, social, economic and political dimensions.
  • Elements of real estate law.
  • The characteristics of the real estate market and its peculiarities in relation to other markets. Real estate values.
  • The local dimensions of the real estate market and its role in urban development. Financial system and real estate market. Real estate securitization.
  • The operation of globalized urban real estate markets.
  • Criticism of classical approaches to the production and management of urban land rent.
  • Modern land rent production mechanisms.
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  • The effects of the volatility of real estate markets, on the economy and society.
  • The relationship of the real estate market with urban development financing policies.

Technical analysis of the real estate market at the local level: Residential, commercial and special real estate (tourist real estate) market.

Learning results

After completing the course, it is expected that students will be able to:

To articulate the special characteristics of the property and the real estate market,

Distinguish between real estate and other goods, as well as between real estate and financial markets,

Understand the characteristics and importance of the structure of urban land ownership,

To articulate the structural changes that modern cities are undergoing and how these affect the distribution of activities in space,

To understand the characteristics and functioning of modern real estate markets (spatial, economic and social dimensions),

To understand the classical theories of land rent in the modern reality of cities

Formulate the types of financing in real estate development and distinguish between them,

To know the relationship between the financial system and the real estate market,

To analyze urban real estate markets (residential, commercial, tourist properties)

To understand the local urban real estate markets and the factors exogenous to them that influence them, as well as the possibilities of exploiting them to promote urban renewal programs.

To explain the reasons for creating cycles (and bubbles) in real estate markets

The purpose of the course is to provide students with the theoretical and analytical framework for understanding the functioning of the real estate market and the complex relationships linking urban real estate with the urban environment, society, economy, financial system and the globalized economy. The course aims to develop a comprehensive understanding of the principles, operating mechanisms and

Bibliography

Βασικά διδακτικά εγχειρίδια:

  • Αρβανιτίδης, Π., (2005). «Η λειτουργία της αγοράς ακινήτων μέσα από το πρίσμα των αυθεντικών θεσμικών οικονομικών: μια θεωρητική προσέγγιση», Αειχώρος, τεύχος 6, σελ. 46-69
  • Ζεντέλης Π, 2015, Real Estate, Αξία, Εκτίμηση, Ανάπτυξη, Επενδύσεις, Διαχείριση, Ελληνικά Ακαδημαϊκά Ηλεκτρονικά Συγγράματα και Βοηθήματα. Ηλεκτρονική Διάθεση: http://hdl.handle.net/11419/4235
  • Κιόχος Π. (2010), Εισαγωγή στην Εκτίμηση των ακινήτων και μέθοδοι αποτίμησης της αξίας αυτών, εκδόσεις Κιόχου Έλενα
  • Τριανταφυλλόπουλος Ν., (2011), Οι νέες «προνομιακές» σχέσεις της αγοράς ακινήτων με την αστική ανάπτυξη και τον πολεοδομικό σχεδιασμό. Αειχώρος, τεύχος 15, σελ. 152-181
  • Χαρδούβελης Γ. (2009). Η σπουδαιότητα της αγοράς κατοικίας στην οικονομία. Ημερίδα της Τράπεζας της Ελλάδος με τίτλο «Αγορά ακινήτων: Πρόσφατες εξελίξεις και προοπτικές», Αθήνα, 29 Απριλίου
  • Τριανταφυλλόπουλος Ν., Κανδύλα Θ., (2010), Η συμπεριφορά των αγοραστών κατοικίας κατά την περίοδο 2004-2007, Αειχώρος, τεύχος 13, σελ. 94-117

Ξενόγλωσση Βιβλιογραφία

  • Benos, N., S. Karagiannis and P. Vlamis (2011), ‘‘Spatial Effects of the Property Sector Investment on Greek Economic Growth’’, Journal of Property Investment and Finance, Vol. 29, No. 3, 233-50.
  • Berry J., McGreal S and Deddis B. (1993) Urban regeneration. Taylor and Francis
  • DiPasquale D., & Wheaton W. (1992), The Markets for Real Estate Assets and Space: A Conceptual Framework, Journal of the American Real Estate and Urban Economics Association, Vol. 20, No. 1, pp. 181-197
  • DiPasquale, D., & Wheaton, W. (1996). Urban Economics and Real Estate Markets (1st ed.). Englewood Cliffs, New Jersey: Prentice-Hall.
  • Geltner DM, Miller NG, Clayton J, Eichholtz P (2007) Commercial real estate analysis and investments, 2nd edn. Thomson South-Western Publishing, Mason
  • Κaradimitriou Ν. (2013) Planning policy, sustainability and housebuilder practices: The move into (and out of?) the redevelopment of previously developed land, Progress in Planning, Vol. 82, pp. 1-41
  • Lambiri, D., & Rovolis, A. (2014). Real Estate and Housing Markets. In M. M. Fischer & P. Nijkamp (Eds.), Handbook of Regional Science. New, York, NY, USA: Springer.
  • Tiwari P. & White M. (2014). Real Estate Finance in the New Economy. First Edition. John Wiley & Sons, Ltd.

Συναφή επιστημονικά περιοδικά

Αειχώρος

Progress in Planning

Economic Outlook Economics World

Educational Staff

NEWSLETTER

Incorporated into the Agricultural University of Athens (AUA), Law 4589 - Government Gazette 13/A/29.01.2019. Originally it belonged to the School of Management and Economics of the former Technical University of Central Greece. It is located in Amfissa, Phocis.
The address of the Department is: New building, Nea Polis, Amfissa, P.O. Box 33100
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