Real Estate Finance in the New Economy

Real Estate Finance in the New Economic World: deregulation & internationalisation examines the financing of real estate investment and development within the context of an increasingly integrated international world economy and financial system. The approach adopted is based around three concepts: How the real estate financial structure (the mixture of real estate financial instruments, markets, and intermediaries operating in an economy) changes as the economy grows and becomes internationalised. How developments in real estate finance (the quality and quantity of real estate financial instruments, markets and intermediaries) impact upon economic growth. How real estate financial structure influences economic development.

1. International Economic Developments since the 1970s. a. International trade theories – classical and contemporary. b. Globalisation and economic integration. c. World trading blocks, MNCs and FDI. d. Case: EU Integration and economic development. 2. International Real Estate Markets – Evolution. a. Conceptualising use, investment and development markets in real estate at an international level. b. Capital value and growth. c. Office, retail and industrial sector differences and performance. d. Case: EU integration and real estate markets. 3. Financial Systems, Economic Change and Real Estate Investment. a. Structure and development of financial systems. b. Relationship between finance systems and economic change. c. Deregulated financial markets and investment in real estate. 4. Financing Redevelopment Projects. a. Redevelopment – Nature and risks. b. Bank based and market based financing systems for redevelopment projects. c. Intermediaries. d. Financing instruments. e. Economic assessment and emerging trends. f. Cases (one or two). 5. Financing Corporate Real Estate. a. Corporate real estate – Nature and risks. b. Bank based and market based financing systems for corporate real estate. c. Intermediaries. d. Financing instruments. e. Economic assessment and future trends. f. Cases (one or two). 6. Financing Land Development. a. Land development – Nature and risks. b. Bank based and market based financing systems for land development. c. Intermediaries. d. Financing instruments. e. Economic assessment and future trends. f. Cases (one or two). 7. Financing Residential Real Estate – New Pathways. a. Residential real estate – Nature and risks. b. Bank based and market based financing systems for residential real estate. c. Intermediaries. d. Financing instruments. e. Economic assessment and future trends. f. Cases (one or two). 8. International Financial Innovation and Real Estate Market Performance. a. Evidence on impact of new financial products in real estate markets and consequent real estate market performance. b. Comparative international evidence. c. Evaluation / identification of best practice or fitness for purpose. 9. International Finance, Real Estate and the Macroeconomy. a. Consequences for macroeconomic performance of real estate financial products. b. Comparative international evidence. c. Consequences for institutions in real estate markets and the economy. d. Future research questions

Piyush Tiwari, Senior Lecturer, University of Aberdeen Business School Michael White, Reader in Urban Studies, Heriot–Watt University