Valid for 2022-23-24.
HS
Module name: Real Estate Valuation
Module Code n.MA.RE.REV.23HS
Module Description The module focuses on real estate valuation and valuation methods. It also illustrates the
key differences between real estate valuation and business valuation. Various valuation
methods such as hedonic regression and net value will be applied, and the students will
develop their own Discounted Cash Flow Model. In addition, the students will learn how
these assessments can be critically evaluated. They will be able to explain real estate
valuation processes and the relevant ethical aspects and codes of conduct as per RICS
standards.
Programme and Master of Science in Real Estate & Facility Management (MSc REFM)
Specialisation
Legal Framework Academic Regulations for the Master's Programme MSc REFM dated 01.08.2024,
Appendix to the Academic Regulations for the Master's Programme, first adopted on
30.08.2011
Module Category Module type: Compulsory module in the “Economics & Finance” specialisation; elective
module in the “Strategic Real Estate & Facility Management” specialisation
ECTS 5
Organisational Unit N Institute for Facility Management (IFM)
Module Coordinator Dr. Martin Schnauss (scnu)
Deputy Module Michael Kauer (kaur)
Coordinator
Prerequisite Knowledge Real Estate Markets, Sustainable Finance and Governance
Contribution to ■ Specialised expertise
Programme Learning ■ Methodological skills
Goals (Affected by ■ Interpersonal skills
Module) ■ Self-competence
Contribution to Specialised expertise
Programme Learning ■ Understanding & knowledge of theory & practice-oriented content
Objectives ■ Application, analysis, and linking of theory & practice-oriented content
■ Evaluation of theory & practice-oriented content
Methodological competence
■ Problem solving & critical thinking
■ Scientific methods
■ Working methods, techniques & procedures
■ Information literacy
■ Creativity & innovation
Social competence
■ Written communication
■ Oral communication
■ Cooperation in a team & conflict resolution
■ Interculturalism & empathy
Self-competence
■ Self-management & self-reflection
■ Ethical & social responsibility
■ Learning & transformation
Module Learning Students
Objectives ■ can acquire, explain, and interpret the essential principles for a real estate valuation.
■ can explain real estate valuation processes and the relevant ethical aspects and
codes of conduct.
■ can assess the depreciation of real estate and are familiar with different types of
depreciation.
■ can apply the fundamental mathematical methods used in real estate valuation.
■ can identify special-purpose properties and determine the appropriate valuation
methods.
■ can apply different valuation methods to simple examples given.
■ can develop and apply the DCF method to a complex example and calculate
scenarios.
■ can interpret and check the plausibility of valuation reports prepared by external
specialists.
■ can understand real estate valuation from the perspective of strategic portfolio
management decisions and business valuations.
■ can anticipate the tax implications of property valuation.
Module Content ■ Value-influencing aspects of the market, construction industry and law
■ Valuation principles and land registry
■ The valuation process
■ Accounting standards for real estate accounting
■ Special-purpose properties
■ Comparative valuation / hedonic methods
■ Real value approach
■ Net value approach
■ Discounted Cash Flow (DCF)
■ Development of their own DCF Tool
■ Real case study of a hotel valuation (DCF method) with a visual inspection
■ RICS Standards of ethics, codes of conduct and professionalism in real estate
valuation.
■ Influencing portfolio management decisions
■ Real estate valuations in the context of company valuations
■ Plausibility checks of valuation reports
Links to other modules The content of this module is linked to the following modules:
Real Estate Investment and Finance
Real Estate Development
Processes, Engineering and Procurement
Master's Thesis
Methods of Instruction ■ Lecture Social Settings Used
■ Interactive instruction
■ Application tasks
■ Case studies
■ Exercises
■ Research-based learning
■ Literature review
Digital Resources ■ Reader
■ Teaching videos
■ Practice and application exercises (with answers)
■ Case studies (with answers)
■ Livestream lectures
■ Laptop with Windows operating system
Type of Instruction Classroom Instruction Guided Self-Study Autonomous Self-Study
Lecture 36 h -
Practical work - 12 h
Project work - -
Seminar - -
Total 36 h 12 h 98 h
Double teaching may occur. Double teaching is not included in the time planning.
Performance Assessment
For performance assessments during the semester, resubmission, respectively repeat exam, is offered in accordance
with § 12 and § 12a of the study regulations for the Master’s degree programme in Real Estate & Facility Management
at the Zurich University of Applied Sciences. Resubmission or repeat exams are not offered for end-of-module exams.
End-of-module exam Form Length (min.) Weighting
Test Oral, individual work 15 70.00 %
Permitted resources - -
Others Assessment Length (min.) Weighting
Presentation Group work 30 30.00 %
Classroom Attendance Mandatory attendance: none but recommended.
Requirement
Language of English. For students from other German-language study programmes, the examination
Instruction/Examination can be held in German.
Compulsory Reading See the provided reading list
Recommended Reading See the provided reading list
Comments Adjustments to the module or assessments may occur at short notice.
