Course detail

Real Estate Agencies and Real Estate Markets

ÚSI-1RBRKAcad. year: 2011/2012

Subject deals with macro and micro economic relations and necessary theoretical basic principles for understanding of real market activity. Content of subject is aimed at problems of estimation of development trends of single real segments (residential buildings, commercial centers, offices, industrial zones, logistic centers etc.), means of merchandising and investment at the hand of real derivates.
Further subject deals with development of yields of single segments of real investment, their estimation and capital and development financing. Major part of subject is about problems and activities of estate agencies (mediation, advisory services, mortgage credits and public auctions).

Language of instruction


Number of ECTS credits


Mode of study

Not applicable.

Learning outcomes of the course unit

Student will know theoretical principles from micro and macroeconomic segment related to problems of real estate markets, estate agencies etc. With this knowledge he/she will be able to critically analyse real occurrences on real estate markets and will be able to apply gained theoretical knowledge for suggestion of resolution.


Knowledge of micro and macro economy at bachelor´s level is requested.


Not applicable.

Planned learning activities and teaching methods

Teaching methods depend on the type of course unit as specified in the article 7 of BUT Rules for Studies and Examinations.

Assesment methods and criteria linked to learning outcomes

Term paper on selected theme from the field of real estate, markets, estate agencies and investment (50 points). Written exam (50 points.)

Course curriculum

1. Introduction and basic principles.
2. Determinants of real estate market (micro and macroeconomic).
3. Partial real estate markets (residences, commercial and logistics centers, offices, weekends places)
4. Yields of partial real estate markets.
5. Structuring of real estate investments and IFRS.
6. Fisher-Di Pasquale-Wheaton model
7. Institutional investors, development activity and model of acquirement.
8. Facility management
9. Regional real estate markets.
10. European real estate markets.
11. Real estate investment funds and REITs.
12. Importance of market services and activity of real estate agencies.
13. Services offered by estate agencies.

Work placements

Not applicable.


Goal of this project is gaining the necessary knowledge for micro and macroeconomic analysis of problems related to real estate market. It enables creation of integral frame of knowledge leading to rational cognizance of subject behavior and analysis of development trends in real segments.

Specification of controlled education, way of implementation and compensation for absences

Not applicable.

Recommended optional programme components

Not applicable.

Prerequisites and corequisites

Not applicable.

Basic literature

MACÁKOVÁ A KOL. Mikroekonomie (základní kurs). 6.vyd. Melandrium, Slaný 2001. 273 s.
Výzkumné studie publikované organizacemi EPRA (, GPR (

Recommended reading

HOLMAN, R. Ekonomie. C.H.Beck 1999. 726 s. ISBN 80-00-686028-1.
FRANK, H. R., BERNANKE, B. S. Ekonomie. Grada. 2004. 802 s. ISBN 80-247-0471-4.

Classification of course in study plans

  • Programme MSoI Master's

    branch REI , 1. year of study, summer semester, compulsory

Type of course unit



26 hours, optionally

Teacher / Lecturer