MSc Real Estate

Course overview

The aim of the programme is to enable students to understand the workings of, and techniques used in, real estate markets. Graduates will gain the key skills required for a wide range of careers in the global real estate sector.

The MSc Real Estate programme is a blend of academic rigour and applied practical analysis, with a particular emphasis on global relevance. The programme is designed to be industry facing, incorporating ‘real world’ case studies, field trips and a one-week industry challenge. It is especially suitable for those graduates with a degree in a subject unrelated to property, who wish to develop the key skills and knowledge for a career in the real estate sector.

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If you have any questions, please contact us by email at or by phone on +44 (0) 118 378 7593.

How we teach you

Our programmes are designed and delivered by internationally-renowned experts, with a wealth of academic and professional experience. All of our programmes are regularly updated to maintain their relevance in a rapidly changing industry.

Our teaching received an excellent score in the most recent independent Teaching Quality Assessment (TQA), highlighting our commitment to maintaining a world-class learning environment. You will enjoy access to our cutting-edge research, ensuring that you remain at the forefront of the field.

We believe that our students should have access to good quality resources and, in addition to the facilities offered by the University, we fund a professionally staffed Resource Centre.

We aim to create a stimulating academic environment; you will be encouraged to develop individual interests and general skills as a basis for a career in the property industry, a related field or for further study.

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If you have any questions, please contact us by email at or by phone on +44 (0) 118 378 7593.

How to apply

Apply for 2017 entry now

There are two different application processes: apply online and apply by post.

The quickest and easiest way to apply for Postgraduate study at Henley Business School, at the University of Reading is through the University’s online application service.

This allows you to complete your application information, attach electronic copies of your academic transcripts, certificates and other supporting information and also provides a facility for an email request to be sent to your referees enabling them to send your supporting references directly to us.

Apply online

Apply online now using the University of Reading's online application system.

Apply by post

If you are unable to apply online you can request a paper application form by telephoning +44(0) 118 378 5289 or writing to the Admissions Office, University of Reading, Miller Building, Whiteknights, Reading, RG6 6AB, UK.

When to apply

We operate a rolling admissions system and it is recommended that you apply early to secure your place. There is no specific deadline and applications will be considered until the programme is full. However, to allow time for us to process your application we recommend that you apply by the following dates for admission in October:

  • UK/EU applicants: by 1 August
  • International applicants: by 1 June

After you apply

You will receive a confirmation email when we receive your application form. Your application is then reviewed by a member of staff.  Successful applicants will receive a formal offer letter outlining any necessary entry cri­teria you will need to meet and you will be asked to confirm your acceptance of this offer.

A (non refundable) deposit of between £500 and £1,000 (depending on the programme you have applied for) is payable upon acceptance of an offer of a place. International applicants requiring a Certificate of Acceptance for Studies (CAS) for a visa will be sent the CAS details by email once all conditions of the offer have been met, and the relevant deposit has been paid.

Throughout the admissions process we will keep you updated with key information via email.   We also provide opportunities to interact with faculty and staff online.

You can find us on Facebook and keep up-to-date with news and events in the School or ask us a question. In addition, you can speak to a current student; our students and alumni are always happy to share their Henley experience.


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If you have any questions, please contact us by email at or by phone on +44 (0) 118 378 7593.

Meet us

If you are unable to attend a postgraduate event please get in touch with our team.  We will be happy to speak to you by telephone, on Skype or through our Live Chat system (during UK office hours: 9 - 5 pm).

Our contact details are: or telephone: +44 (0) 118 378 7593.

Please see our full list of world fairs where you can meet a Henley representative. 




Contact image

If you have any questions, please contact us by email at or by phone on +44 (0) 118 378 7593.

Contact image

If you have any questions, please contact us by email at or by phone on +44 (0) 118 378 7593.

Why Henley?

We have been delivering postgraduate Real Estate education for more than 40 years and our MSc Real Estate programme is held in the highest regard by employers and past students alike. We produce graduates who will ultimately form the thought leaders and practice innovators of the future. The programme is designed to ensure that you are equipped to deal with the full spectrum of real estate activities from the direct to the indirect, the national to the international. Global relevance is a key driving principle of curriculum design. Programmes have a clear focus on employability at their core.

Real Estate & Planning:
Our School is the largest in the UK for teaching and research in real estate and planning. Established in 1968 at the University of Reading, we are the only major UK real estate and planning centre to be located within a business school.  Being part of the Henley Business School reflects our close and longstanding collaborative relationship with industry.
We enjoy a worldwide reputation for excellence in both teaching and research and we are consistently highly ranked in all major league tables. We undertake internationally recognised, leading edge research into real estate, planning and land and we offer a comprehensive range of undergraduate and postgraduate degree courses, all of which are accredited by the Royal Institution of Chartered Surveyors (RICS). Our planning courses are also fully accredited by the Royal Town Planning Institute.
Our programmes are held in high regard by leading employers, many of whom come to us each year to recruit our graduates. We are proud of our outstanding employment record, with more than 95% of our students entering graduate level jobs within 6 months of leaving us.

Henley Business School:

Consistently maintain highest standards: Henley is in top 1% of business schools worldwide to hold accreditation from all three bodies in the UK, Europe and US

Excellent networking potential : 70,000 Henley alumni in 150 countries

High calibre students: always oversubscribed, 1,000 ambitious new Masters students join Henley each year

Award winning campus: beautiful, green, 134 hectares, with state of the art facilities

World-leading faculty: widely published, frequently asked for expert comment by media and to speak at events

Part of world top 1% ranked university: Reading has a global reputation for its learning experience and employability potential.

Course modules

Module descriptions are correct for modules taught in the academic year 2016/17. Optional module listings are indicative, and may be subject to change.

Module Name Credits


Compulsory Modules

This module aims to introduce the financial, technical and market context for the appraisal of real estate investments. Students will explore different concepts of value and how they relate to decision-making in real estate markets. In addition, students will learn how to create cash-flow models and apply basic risk analysis. The module also considers information sources for appraisals and how real estate purchases are financed.

  • Concepts of price, value and worth
  • The investment characteristics of commercial real estate markets
  • Applying financial mathematics: discounting, etc
  • Information sources in commercial real estate markets
  • The choice of discount rate
  • Use of debt finance
  • Risk management and analysis

20 [10 ECTS credits]

This module aims to introduce students to real estate from a capital market perspective and from a corporate perspective.  The module will enable students to understand investments decisions in a rigorous and consistent framework. They will be introduced to return and risk assessment, and will be able to understand what makes real estate a different investment asset.

  • Introduction to real estate investment and financial markets
  • Principles of risk and return
  • Portfolio diversification and asset pricing
  • Financial statements and accounting ratios
  • Cost of capital

10 [5 ECTS credits]

This module aims to provide students with a solid foundation in real estate economics in order to provide insights into the application of economic principles and models in respect of property and land use. Both commercial and residential real estate markets will be considered, as well as the effects of public policy on these markets.

  • Models of urban land use
  • Location theory
  • Economic analysis of the commercial real estate market
  • The user, investor and development markets
  • Economic analysis of residential real estate markets
  • Economics of town planning
  • The impact of public policy on real estate markets



20 [10 ECTS credits]

This module aims to expose students to the operation of land and property markets in a different institutional context from that found in Britain. In doing so, students require a clear understanding of the way in which property markets work in general, and the ability to modify that understanding to the economic, social, political and legal context of the field trip case study.

  • Seven-day field trip to case-study market
  • Application and integration of core real estate skills
  • Primary evidence collection
  • ‘Real world’ real estate investment decision-making
  • Team working
  • Case study construction and analysis
  • Professional presentation of findings



10 [5 ECTS credits]

This ‘capstone’ module requires students to integrate and apply both the core and specialised knowledge obtained in the programme and to demonstrate originality in their understanding and systematic application of this knowledge.

  • One-week group industry challenge led by an industry partner
  • Delivery of professional report and client presentation to an industry partner
  • One-week group strategy game
  • Role-play as an either a real estate  investor or fund manager
  • Strategy implementation and negotiation
  • Individual final project case study in the student’s chosen specialism

40 [20 ECTS credits]

Optional Modules

Autumn Term - choose two modules from the following:

The module aims to provide students with a comprehensive introduction to Quantitative Methods and their use and application in the context of real estate.  It will cover core statistical and econometric topics and introduce quantitative concepts relating to investment and portfolio research. The module requires A-level mathematical competency. Students with strong motivation for learning quantitative methods are encouraged to take this module.

  • Introduction to Statistics:  Sampling and Hypothesis Testing;
  • Probability Distributions; Bivariate Analysis
  • Classical Least Squares Estimation and Hypothesis Testing;
  • Multivariate OLS and Diagnostic Testing;
  • Multivariate Regression Analysis: Office Rent/House Price Models;
  • Basic Forecasting

10 [5 ECTS credits]

This module aims to provide an insight into important sustainability principles in the property industry. Specifically, this module aims to develop an understanding and critical awareness of sustainability concepts, environmental assessment tools, building construction methods and key property sustainability debates and their relevance to a range of stakeholders in the built environment.

  • Exposure to a wide range of views from key stakeholders on the importance of sustainability in real estate practices.
  • Overview of various mandatory and voluntary eco-labels for new and existing buildings in the built environment and their characteristics.
  • Evaluation of significant barriers and challenges related to the adoption of sustainability in the wider real estate industry and their relevance.
  • Identification of key drivers that facilitate the implementation of sustainability in the built environment and their importance.
  • An overview of sustainable construction methods and commonly used design principles and materials.
  • Assessment of the sustainability performance of property organisations based on a relevant set of indicators.

10 [5 ECTS credits]

 This module aims to enable students to develop a conceptual understanding of the legal environment in which real estate operates within the UK. Specifically students will gain a systematic appreciation of how the English law of contract and tort shapes the rights and obligations which attach to owners and occupiers of real property.

  • The sources of English law (legislation and common law)
  • The legal rules governing the formation of a valid contract
  • The extent to which contractual liabilities can be excluded or modified
  • Liability for misrepresentation in contractual negotiations
  • Liability in tort for negligence
  • The legal responsibilities of landowners and occupiers to visitors, trespassers and others
  • Areas of tortious liability related to land – trespass, private nuisance

10 [5 ECTS credits]

Spring Term - choose three modules from the following:

This module aims to enable students to develop an understanding of the role of property valuation in the financial and owner occupied markets.  Students will understand the different approaches to valuation and be able to match the methods adapted to the role of the valuation.  Students will understand the importance of the valuation process and the internal and external influences affecting this process and its outcomes.

  • The context of valuation including standards, process, liability and client and other stakeholder influence.
  • The market pricing of investment and other property;
  • Market Rent determination and the pricing of different lease terms;
  • The application of the different methods in practice; lease restructuring, merging and marriage of interests.
  • Valuations for statutory purposes (based on Rating, Compulsory Purchase and/or Leasehold Enfranchisement).




20 [10 ECTS credits]

The module explores both practical and strategic aspects of real estate management primarily for commercial property, and examines innovation and change in this area. The subject is considered from the perspective of the various stakeholders (owners, tenants and owner/occupiers). Underpinning the module is the application of key management and business concepts to real estate advice and real estate management.


20 [10 ECTS credits]

The module aims to provide students with an understanding of: the nature of the development process including the activities, agencies, events, relationships, skills and tasks involved; the factors which influence the process and its outcomes; and the types, characteristics utility and quality of buildings and schemes. The module also explores the methodologies involved in the appraisal of development projects as well as the legal underpinning of the UK planning system.

  • Development process and activity
  • Development appraisal and finance
  • Introduction to planning law

20 [10 ECTS credits]


  • To provide an integrated understanding of housing markets, so that rigorous independent analysis of them can be undertaken.
  • To equip students with tools needed to examine residential property as an asset class.
  • To provide students with the analytic framework to understand wide impacts of housing sector in the economy.


  • Economics of Land Use Planning System;
  • Price Determination, Indices
  • Housing Finance Systems
  • Housing search Issues
  • Housing Affordability
  • Residential Investment and Government Initiative

20 [10 ECTS credits]

This module aims to provide students with a comprehensive understanding of the key issues in, and approaches to, the analysis of commercial real estate markets in an international context. It evaluates critically the functioning and principal characteristics of commercial real estate markets and the real estate sectors in both established and emerging markets.

  • Property market performance
  • Event histories of specific markets
  • Theories and models of internationalisation
  • Cross-border real estate involvements
  • Primary forces re-shaping real estate markets on a global basis
  • Focus on Europe, North America and Asia–Pacific

20 [10 ECTS credits]

This module aims to provide students with a knowledge and understanding of the English law principles that govern the use, enjoyment and transfer of leasehold land. Students will consider how these principles operate in a practical and commercial context, taking into account what is enforceable as well as the remedies available for breaches of agreements.

  • Leases, licences and the enforceability of leasehold covenants
  • Principal lease covenants
  • Remedies for breach of lease covenants
  • Termination of leases
  • Rent reviews
  • Statutory protection of business tenants

20 [10 ECTS credits]

The Real Estate Securities module examines the key indirect vehicles in the real estate market, examining real estate investment trusts (REITs) and property companies, private funds and real estate derivatives. The module will extensively address those issues that differentiate real estate securities from both the private real estate market and from similar mainstream assets.

  • Regulatory framework of real estate investment trusts
  • Financial statement analysis of REITs and property companies
  • Corporate finance and REITs: dividend policy
  • Corporate finance and REITs: capital structure and capital raising
  • Investment dynamics and characteristics of real estate equities
  • Geared investment and private real estate funds
  • Commercial real estate derivatives: total return swaps and futures
  • Housing futures contracts

20 [10 ECTS credits]

Apply online

Fees and funding

Home (UK/EU) International (non EU) 
£16,500 £19,900
Home (UK/EU) International (non EU) 
£17,500 £20,500
Please note that a non-refundable deposit is payable when confirming your acceptance of an offer of a place. This is part of your tuition fee and will be deducted from the total amount upon enrolment

We are very pleased to announce that in addition to the funding opportunities offered below the School of Real Estate & Planning has a Scholarship Fund for the 2016 Postgraduate entry of £170,000.

Information on Scholarships for Real Estate & Planning Postgraduate students

Alumni of the University of Reading who undertake their next level of study at Henley Business School will receive a tuition fee discount of £1000.

UK/European Union Postgraduate Loans

Loans of up to £10,000 are available to eligible students studying for postgraduate masters courses from the 2016-2017 Academic year. In general, students need to be domiciled in England.  EU students, and individuals falling within certain specified categories, may also be eligible.

You can apply for a loan through the UK Government website.  You can read more about the scheme on the Student Loans Company website or on these two UK Government sites: Introduction of loans for postgraduate students and Government response to the Consultation on Support for Postgraduate Study.


(UK applicants only)

Applicants who normally live in the UK (for a minimum of three years) can apply for a Professional and Career Development Loan to borrow between £300 and £10,000. This is a bank loan, with interest charged at a commercial fixed rate.

How to apply for a Career Development Loan

See Professional and Career Development Loans.

The University provides opportunities to students from a wide range of backgrounds, who have the desire and ability to succeed. There are a range of scholarships and bursaries on offer for postgraduate students. For further information see: Money matters, costs and budgets for postgraduate students.





  • Are you one of the brightest and best in the world of business?
  • Then simply apply for a Masters Fund Scholarship at the internationally-renowned Henley Business School.
  • Chance to study at a top 1% internationally-recognised business school
  • 100 Scholarships available – up to full value of a Master’s Programme
  • Our highest prize: the Prestigious Dean’s Scholarship: 100% fees paid Meet and dine with Henley’s senior management team.




Closing date

Closing date

Entry requirements

Applicants for our full time Real Estate programmes are generally expected to have obtained an upper second class honours degree or equivalent. The academic requirement for mature students may be relaxed in light of relevant professional experience.

Applicants whose first language is not English are required to provide evidence of proficiency*.

For the programme in Real Estate Finance it is expected that the first degree will be in one of the following areas of study: business and finance, accounting, economics, mathematics, statistics, sciences or engineering.

Applications for both programmes are accepted from 1 November each year. Please note that applications are considered as they are received and you are strongly advised to apply as early as possible. Our programmes require a £1000 deposit from successful applicants. This should be paid within one month of receipt of the offer to confirm your place.

*IELTS (British Council International English Language Test): Score of 7.0 overall with no component less than 6.0
Internet Based TOEFL (Test of English as a Foreign Language):  
Score of at least 100 with a minimum of 20 in Listening, Writing and Reading and 21 in Speaking.

Apply online

Careers and accreditations

This programme has enjoyed an employment record of close to 100% since its inception. Extensive bespoke careers support is provided, including an industry-led mock assessment day. Graduates from the programme have been regularly employed by the largest and most prestigious global real estate service firms. Additionally graduates find employment within the wider real estate sector. 

To support their career development and interpersonal skills, all students on the programme are assigned an industry mentor through the mentoring scheme of our alumni association – the Reading Real Estate Foundation (RREF).

The School of Real Estate & Planning has a worldwide reputation and a long history of providing postgraduate education in real estate. All our postgraduate programmes open up many options for employment in the real estate industry around the world.

Our alumni association, The Reading Real Estate Foundation, organise career development and recruitment events for real estate students throughout the year. These include an evening lectures series with key industry speakers, an annual Careers Fair and our highly successful Mentoring Programme which pairs students with professionals in the real estate industry.

We have a professional Careers Development Advisor, Jane Batchelor, who helps our students with every aspect of the career development process, including identifying work placement, internships and permanent career opportunities.

On graduation our students are employed by the largest and most prestigious firms including:

Real Estate Service Firms:

CBRE, Cluttons, Cushman & Wakefield, Drivers Jonas Deloitte, DTZ, Jones Lang LaSalle, KingSturge, Knight Frank and Savills

Investment Banks:

Barclays Capital, BNP Paribas, Deutsche Bank, Goldman Sachs, JP Morgan, Merrill Lynch and Morgan Stanley

Institutional Investors and Investment Funds:

Aviva, Invesco, Legal & General

Consultancy Firms:

Accenture, Ernst & Young, PriceWaterhouseCoopers and Property Portfolio Research

Investment and Development Companies:

British Land, Grosvenor, Hines, Land Securities and SEGRO

The programme is fully accredited within the University of Reading - Royal Institution of Chartered Surveyors (RICS) partnership arrangement

What our students say

"The MSc Real Estate course at Reading provided me with an excellent grounding in the technical knowledge needed to embark on a career in surveying, a brilliant network of people working within the industry and was great fun too. I made some really great friends while I was there and I am convinced that being at Reading was a key factor in securing my place on the CBRE graduate scheme."

Clare Blenkarne, Valuation Advisory, CB Richard Ellis

"I really enjoyed my time at Reading and felt privileged to be part of a course held in the highest regard by the property industry. The core modules gave me a wide range of essential real estate knowledge and the finance and investment options gave me the opportunity to narrow my focus and go on to pursue a career as an investment analyst."

Greg Mansell, Real Estate Analyst, CoStar Group

"The MSc in Real Estate at the University of Reading was the obvious choice for me due to the unprecedented reputation of the department and its staff within the real estate network. The ability and drive to keep the course current and the exposure to the big players from Day one of the course definitely contributes to that. When I arrived in industry I felt well prepared from an academic perspective, but equally from a business perspective. I would, and do, recommend the MSc in Real Estate as the number one course for anyone wanting to pursue a career in Real Estate."

Holly Franklin, Deloitte LLP

"The MSc at Reading has enabled me to gain the understanding and acumen necessary to be propelled into the Real Estate industry. Moreover, many of the people I met upon the course were like minded and will remain close friends for the rest of my life."

Dean Harrison, Cushman and Wakefield