Course detail

Real Estate Agencies and Markets

ÚSI-ERRKTAcad. year: 2020/2021

Subject deals with macro and microeconomic relations and theoretical basic principles necessary for understanding of real market activity. Content of subject is aimed at problems of estimation of development trends of single real estate segments (residential buildings, commercial centres, offices, industrial zones, logistic centres 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).

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.

Recommended optional programme components

Not applicable.

Recommended or required reading

DIPASQUALE, D., WHEATON, W. C. Urban Economics and Real Estate Markets. London: Pearson, 1995. ISBN 978-0132252447.
HOLMAN, R. Ekonomie. Praha: C.H.Beck, 2016. ISBN 978-80-7400-278-6.
MCDONALD, J. F., MCMILLEN, D. P. Urban Economics and Real Estate: Theory and Policy. New York: Wiley and Sons. 2011. ISBN 978-0470591482.
ORT, P. Analýza realitního trhu. Praha: Leges, 2019, ISBN 978-80-7502-364-3
SOUKUPOVÁ, J., HOŘEJŠÍ, B., MACÁKOVÁ, L., SOUKUP, J. Mikroekonomie. Praha: Management Press, 584 s., 2018. ISBN 978-80-7261-538-4.
SYRUČEK, V., SABOTINOV, V. a kol. Realitní právo. Nemovitosti v realitní praxi. Praha: C. H. BECK, 1. vydání., 2018. ISBN 978-80-7400-701-9
Výzkumné studie publikované organizacemi EPRA (, GPR (

Planned learning activities and teaching methods

Teaching is carried out through lectures that consist of interpretations of basic principles, methodology of given discipline, problems and their exemplary solutions.

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.)

Language of instruction


Work placements

Not applicable.

Course curriculum

1. Introduction and basic principles.
2. Determinants of real estate market (micro and macroeconomic).
3. Partial real estate markets (residences, commercial and logistic centres, offices, weekend 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.


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 behaviour and analysis of development trends in real segments.

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

Not applicable.

Classification of course in study plans

  • Programme REI_P Master's, 2. year of study, winter semester, 3 credits, compulsory

Type of course unit



26 hours, optionally

Teacher / Lecturer


eLearning: opened course