Land Management & Real Estate

LEARNING OUTCOMES

After completing the course students will have:

• knowledge of the goals and tools of land management
• knowledge of the economic theories for land rent and land uses
• understanding of the institutions and the operation of the real estate market
• knowledge of the data required for the analysis of the real estate market
• understanding of the definition of market value and its relation to assessed (tax) value
• knowledge of the factors influencing property value
• knowledge of the procedure for property valuation
• the ability to implement appraisal methods according to the property type
• knowledge of mortgage loans, legislation and taxation concerning property in Greece
• information on the appraisal profession and the required qualifications
• the ability to understand scientific publications and data concerning the real estate market

 

General Competences

• Search for, analysis and synthesis of data and information, with the use of the necessary technology
• Working independently
• Team work
• Production of creative thinking

 

SYLLABUS

1. Basic concepts and definitions (property, land rent, value)
2. Land policy (tools, institutions, legislation, methods and measures) – Land policy and cadastre
3. Basic concepts on land management and relevant economic theory
4. Real estate market:
   a. Definitions of market value and other property values
   b. Factors influencing property values
   c. Actors, bodies and institutions (real estate agents, webpages for real estate data, the appraisal profession, international organizations)
5. Real estate appraisal (definition, purpose, procedure, appraisal methods)
6. Appraisal methods (market approach, residual approach, income approach, discounted cash flow, cost approach) – land-for-apartment exchange system in Greece – mass appraisal – property valuation outside town plans
7. Real estate legislation (types of ownership, tenancies, brokerage)
8. Property taxation (types of property taxes, assessed or tax values)
9. Residential mortgage loans (interest rates, compound interest, types of loans, loan procedures in Greece)

 

STUDENT PERFORMANCE EVALUATION

Language of evaluation: Greek
Methods of evaluation:
1. Final exam (60%) which includes open- ended questions and problem solving
2. Laboratory work (10%)
3. Project, writing essay and oral presentation (30%)

 

ATTACHED BIBLIOGRAPHY

In Greek
1. Karanikolas N. 2010. Property Valuation, Disigma, Thessaloniki.
2. Kiochos P. 2010. Introduction to property valuation and appraisal methods, E. Kiochou publications, Athens.
3. Zentelis P. 2011. About real estate and cadastre, Athens, Papasotiriou.
4. Zentelis P. 2015. Real Estate. [e-book.] Athens Hellenic Academic Libraries Link (Heal Link). Available at: http://hdl.handle.net/11419/4235.
5. Scarrett D. 2012. Property valuation: the five methods, Kleidarithmos publishing, Athens

 

In English
1. Shapiro E. , Mackmin D. and Sams G. 2013. Modern Methods of Valuation, New York: Routledge.
2. Baranzini A., Ramirez J., Schaerer C. and Thalmann P. (eds.) 2008. Hedonic Methods in Housing Markets, New York: Springer.
3. Ratcliffe J., Stubbs M. and Keeping M. 2009. Urban Planning and Real Estate Development, London: Routledge.
4. Rattermann M.R. 2009.The Student Handbook to the Appraisal of Real Estate, 13th Edition, MAI, SRA.
5. The European Group of Valuers’ Associations (TEGoVA) 2016. European Valuation Standards 2016, 8th edition, http://www.tegova.org/

 

Related academic journals:
1. Journal of European Real Estate Research, Emerald Group Publishing Land, MDPI
2. Journal of Real Estate Research, American Real Estate Society