Skip to main content
Masters in Real Estate and Planning

Masters in Real Estate

At a glance

  • Understand the workings of real estate markets and appropriate techniques 
  • Experience practical learning via ‘real-world’ case studies, field trips and an industry challenge
  • Fully accredited by the Royal Institution of Chartered Surveyors (RICS) 
  • Pair up with an  industry mentor through the mentoring scheme of the Reading Real Estate Foundation (RREF) 
  • Join a school which is the largest in the UK for teaching and research in real estate
Level
Masters
Subject area(s)
Real Estate & Planning
Award
MSc
Duration
12 months
Attendance
Full-time
Programme Director
Eamonn D Arcy 75e5pfioc
Professor Eamonn D'Arcy

Overview

The MSc Real Estate programme will enable you to understand the workings of real estate markets and appropriate techniques applied in them. You will gain the key skills necessary to embark on a wide range of careers in the global real estate industry.

Core areas covered include investment appraisal, economics, real estate finance, valuation, international real estate, development, fund management, law, and sustainability. By choosing appropriate modules you might specialise in Fund management, Development or Valuation and asset management.

This Masters programme is especially suitable if you have a non-property- related degree and wish to develop skills and knowledge in the real estate sector. These skills will open up employment opportunities across the sector.

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. Our 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. We offer a comprehensive range of courses, all of which are accredited by the  Royal Institution of Chartered Surveyors (RICS).

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. More than 95% of our students enter graduate-level jobs within 6-months of leaving us. We produce graduates who will ultimately form the thought leaders and practice innovators of the future.

COVID-19 update

Core modules

Students must choose either REMF48 or REMDISS40 as their 40 credit project module:

Compulsory modules Credits

The aim of this module is to develop the students’ understanding of core business and professional values and to illustrate the relevance of such value sets to professional practice in the real estate sector.

Academic authors
Eamonn D Arcy 75e5pfioc
Professor Eamonn D'Arcy
10 [5 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
Academic authors
Gianluca Marcato004 75eh8ywhn
Professor Gianluca Marcato
10 [5 ECTS credits]

This module develops the theory and practice of appraisal for individual property investments, mainly in the context of the commercial and industrial real estate investment markets. It will consider different bases of value, different approaches to appraisal, required returns and yields, how cash flow is generated and how property investment relates to other asset markets.

Academic authors
Steven Devaney 75edwqcmv
Dr Steven Devaney
20 [10 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

Academic authors
Mark Dobson 2019 ed
Dr Mark Dobson
20 [10 ECTS credits]

The aim of this module is to integrate and apply both core and specialised knowledge obtained in the MSc Real Estate Programme and to demonstrate originality in the understanding and systematic application of this knowledge.

Academic authors
Eamonn D Arcy 75e5pfioc
Professor Eamonn D'Arcy
20 [10 ECTS credits]

The aim of this module is to integrate and apply both core and specialised knowledge obtained in the MSc Real Estate Programme and to demonstrate originality in the understanding and systematic application of this knowledge.

Academic authors
Eamonn D Arcy 75e5pfioc
Professor Eamonn D'Arcy
20 [10 ECTS credits]

The Real Estate and Planning Dissertation module provides a vehicle for an in-depth understanding of a chosen area of planning, real estate, and rural land and business management practice. Depending on the student's interest, this independent study requires students to select a relevant topic or issue in their programme area for further research and analysis. They will also be specifically required to display academic rigour in carrying out an agreed research programme, in presenting findings, and in producing a high quality, fully referenced dissertation that is supported by appropriate statistical, qualitative and/or illustrative data.

Academic authors
Richard Nunes 75e5pfiod
Dr Richard Nunes
40 [20 ECTS credits]

Valuation and Asset Management

Compulsory modules for students completing the Valuation and Asset Management stream:

Compulsory modules Credits

The aim of this module is to enable students to develop an understanding of the role of property valuation in both investment and occupier markets. Students will understand the different approaches to valuation and be able to match the methods adapted to the role of the valuation. The module will build on the appraisal issues developed in REMF45 Investment Appraisal and Valuation core module and students will be able to distinguish between different concepts of value and the formal definitions of the bases that follow the concept. Students will be able to apply and critically evaluate different techniques and understand their limitations. Students will understand how statutory and quasi-statutory regulations influence and impact upon the valuation process. Students will understand the importance of the valuation process and the internal and external influences affecting this process and its outcomes.

Academic authors
Dr pete wyatt 75ej3nfy8
Professor Peter Wyatt
20 [10 ECTS credits]

Aims:
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.

Academic authors
Dr Catherine Hughes 75j1cuzl7
Dr Catherine Hughes
20 [10 ECTS credits]

Development

Compulsory modules for students completing the Development stream:

Compulsory modules Credits

The module aims to provide students with an understanding of: the nature of the real estate 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 and financing of development projects.

Academic authors
Pat Mc Allister 75e5pfiod
Professor Pat McAllister
20 [10 ECTS credits]

This module introduces students to planning practice; including the tools and policy layers which frame development. Students will be exposed to the ways in which town planning in the UK has developed and been contested. This will include studying a set of key ideas on which the UK/English planning system has been based and highlighting how different actors involved input to planning policy and decisions.

Academic authors
Gavin Parker 75e5pfioc
Professor Gavin Parker
10 [5 ECTS credits]

The module aims to enhance students’ understanding of the processes and issues involved in the procurement and delivery of construction projects.

10 [5 ECTS credits]

Fund Management

Compulsory modules for students completing the Fund Management stream:

Compulsory modules 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
Academic authors
Chen
Dr Chen Zheng
20 [10 ECTS credits]

This module covers the theoretical and practical principles of asset allocation choices and portfolio management. After introducing the concept of diversification and the single index model, different optimisation models are examined, along with specific features of real estate portfolios related to performance measurement and available vehicles to build such a portfolio.

Academic authors
Pin Te Lin 2018 75izlr166
Dr Pin-Te Lin
20 [10 ECTS credits]

Elective Modules

Plus elective modules from a range that may include:

Optional modules Credits

This module focuses on the development of a conceptual understanding of sustainability and its applications in real estate. The focus is on the adoption of sustainability in the property industry throughout real estate life cycles, including how the concept is relevant and manifests itself at various life cycle stages, i.e. development, design, construction, operation, refurbishment and retrofitting. The module also focuses on drivers and barriers for the adoption of sustainable practices in the property industry, which includes the business case for sustainability.

Academic authors
Jorn van de Wetering 75e5pfioc
Dr Jorn van de Wetering
20 [10 ECTS credits]

Aims:
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.

Academic authors
Dr Catherine Hughes 75j1cuzl7
Dr Catherine Hughes
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
Academic authors
Eamonn D Arcy 75e5pfioc
Professor Eamonn D'Arcy
20 [10 ECTS credits]

This module is designed to help students develop a conceptual understanding of the legal environment in which real estate operates in the UK.

Academic authors
Jo Stringer web 75efjmzeu
Jo Stringer
20 [10 ECTS credits]

This module prepares students for planning and development leadership roles. During this module, students will critically analyze the ways in which strategic planning in the UK has developed. This will include studying the concepts upon which it has been based, and the ways in which strategies have been prepared and restructured in relation to their operating environment. Students will gain understanding of the conceptual and practical challenges faced in applying the principles of strategic planning. The module will conclude by considering possible futures for strategic planning.

Academic authors
Kathy Pain 75iy0lki6
Professor Kathy Pain
20 [10 ECTS credits]

Historic buildings and sites are a major part of the built environment. Many will be hundreds of years old, but there are also more modern buildings considered as heritage. The construction industry’s work is evenly split between new-build and work to existing buildings, some of which will have some statutory protection, such as being listed.

This module introduces students to concepts and practices in conservation of the historic environment, both in the UK and internationally, and explains the roles of the actors involved. The underlying philosophies of conservation, their history and how heritage is managed through legal frameworks and policy form an important component. The module also considers matters relating to real estate processes and the shaping of both urban and rural environments. In so doing it covers aspects of architectural and landscape history, and practical building conservation. Examples and case studies are used throughout.

Academic authors
Henry Russell002 75edwqcke
Henry Russell
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
Academic authors
Chen
Dr Chen Zheng
20 [10 ECTS credits]

The module or course content descriptions set out on this page are correct for those being taught in the current academic year. Modules or course content marked as optional are indicative and may be subject to change.

Our Real Estate & Planning postgraduate 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 programmes adhere to the highest academic and professional standards, with lectures given by academic members of staff and visiting speakers from senior positions in relevant professions. They are well supported by leading industry organisations who provide our students with valuable professional insight and feedback.

All our Masters programmes feature a mix of core and optional modules, allowing you to tailor your degree towards your individual interests and career ambitions. Teaching methods will vary depending on your chosen programme; they include lectures, workshops, tutorials, individual and group assignments, case studies and site visits. All our full-time postgraduate programmes include a residential study tour.

Our research is internationally renowned as academically rigorous and policy relevant. It has a major influence on our programmes and is fully integrated into our teaching. As a postgraduate student you will have access to this cutting-edge research, a vital resource that will keep you at the forefront of the latest thinking.

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.

How can Henley Careers work with you?

We have an award-winning careers team that will support you through your postgraduate studies and four years after graduation.

Here is how Henley Careers can help you:

  • Careers Consultant appointments: Our Careers Consultant are here to help and support you with any careers related concern that you might have. Whether it’s CV advice, practicing for an interview, providing feedback if applications aren't successful or support planning your career goals. We are here to help empower you to progress in your career.
  • Events: Henley Careers organise numerous events aimed to help you build your confidence, develop the skills employers are looking for. Additionally, network with employers and expand your industry knowledge.
  • Alumni support: You can continue to book one-to-one appointments with your Careers Consultant and use our online resources. For up to four years after graduating we’re here to help and support in your career.
  • Career Smart: Get a head start in securing a graduate job by taking part in our online course, Career Smart. You can expect to learn about the graduate recruitment cycle in the UK. As well as where to look and how to start applying to jobs, and the different roles available to you.

For more information  please see our Careers page.

Continuing your career

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, you will be 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 (RREF), organise career development and recruitment events for real estate students throughout the year. These include an evening lectures series with key industry speakers and an annual Careers Fair. To support your career development and interpersonal skills, you will also be assigned an industry mentor through the RREF mentoring scheme.

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

Royal Institution of Chartered Surveyors (RICS)

Royal Institution of Chartered Surveyors (RICS)

Our students and alumni are always keen to share their Henley experience. Whether you are a prospective applicant or already applied to a Masters programme at Henley Business School. You can ask questions to a current student by clicking the “Chat to our students” button below.

When contacting one of our students, please introduce yourself and the Masters programme you have applied for.

Speak to a current student

Contact us

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

An image of Mathy Vandhana Sannasi

I have had a very eventful career, being a dentist turned technology enthusiast. There could not have been a better validator to my passion than my Masters and my professors. The entire experience, I feel, has done complete justice!

An image of Jamie Parkes

I love the world of property because it impacts everyone’s daily life, from where you live, to where you work, shop, exercise and socialise. A personal highlight of the course is meeting and networking with other young professionals.

Jamie Parkes Masters in Real Estate
An image of Isreal Olopade

Receiving a scholarship has provided an international platform for me, spurring future opportunities.

Isreal Olopade Masters in Real Estate
1 / 3