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Neapolis University of Pafos

School of Architecture, Land and


Environmental Sciences
 
 
 

BSc in Real Estate Valuation  
and Development 
 
 

 
 

TABLE OF CONTENTS 

1.  THE VISION OF THE SCHOOL  5 

2.  PROGRAMME AIM AND OBJECTIVES  5 

3.  LEARNING OUTCOMES  6 

4.  PROGRAMME DURATION  6 

5.  MODES OF TEACHING  6 

6.  TEACHING AND LEARNING STRATEGY  7 
"Learning by Doing"  7 
Student‐Centred Learning  7 
Course Attendance  8 
Class Preparation  8 
Class Participation  8 

7.  PROGRAMME STRUCTURE  8 

8.  PROGRAMME SYLLABI  10 

CONS101 Construction Technology I  11 

CONS102 Construction Technology II  13 

CONS103 Construction Graphics and CAD  15 

CONS201 Building Pathology  16 

CONS202 Building Services Engineering  18 

CONS300 GIS Basic Principles and Applications  20 

CONS302 Construction Economics  22 

CONS405 Project Scheduling and Control  24 

CONS406 Construction Management  26 

REAL100 Principles of Real Estate  28 

REAL200 Urban and Regional Economics  29 

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REAL201 Real Estate Law  30 

REAL202 Land Planning and Environmental Design  31 

REAL300 International Real Estate Economics and Markets  33 

REAL301 Real estate Finance  35 

REAL302 Real Estate Appraisal and Valuation  37 

REAL304 Residential Property Analysis and Valuation  39 

REAL305 Income Property Analysis and Valuation  41 

REAL306 Statutory Valuations  43 

REAL400 Real Estate Development  44 

REAL401 Real Estate Investment: International and Domestic  46 

REAL402 Facilities/Property Management  48 

REAL403 Real Estate Development Practice  49 

REAL404 Sustainability and Environmental Issues in Real Estate Development  50 

PEPS100   Language and Communication Skills  52 

PEPS101  Computer Skills  53 

BUSN100   Introduction to Business  54 

GEED101   Mediterranean Civilisation  55 

MATH100  Mathematical Methods  56 

STAT100   Introduction to Statistics  58 

FINA100   Principles of Finance  60 

ECON101   Principles of Microeconomics  62 

ECON102   Principles of Macroeconomics  64 

STAT200   Statistics  65 

BUSN202 Managerial Economics  67 

BUSN204   Principles of Marketing  69 

ACCN200   Financial Accounting  71 

FINA200 Financial Theory  72 

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FINA201 Derivatives markets  74 

FINA300 Debt Markets  76 

FINA301   Corporate Finance  78 

PEPS400 Dissertation Seminar  80 

PEPS401 Dissertation  81 

9.  ELECTIVES  83 

PSYC100   Introduction to Psychology  84 

ACCN201  Managerial Accounting  85 

FINA302   Investment Analysis  87 

FINA303   Principles of Risk and Insurance  89 

FINA305   Investment Banking  91 

ECON101   Microeconomics  92 

ECON202   Financial Economics  94 

ECON203   Economics of European Union  96 

ECON300   Macroeconomics  98 

ECON400   International Economics  99 

BUSN303   Business Law  100 

ARCHPP03 Institutional Framework and Law  101 

CONS401 Construction Law and Contracts  102 

ARCHT04 Building Physics  103 

ARCHT08 Environment and Climate  105 

ARCHT11 Structural Systems  107 

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1. THE VISION OF THE SCHOOL 
The School of Architecture, Land and Environmental Sciences aspires to be a centre of excellence in
educating professionals in architecture, urban and environmental design, real estate and construction
management. The philosophy of the School is to establish a model of education that promotes both
professional and educational aspects of a discipline that supports academic rigour and creativity,
requires cultural and analytical development and operates within an environment that encourages
freedom of inquiry and uninhibited intellectual pursuit.

The School offers a comprehensive range of programmes at undergraduate and master’s level that can
play a pivotal role in the development of the subject areas in Cyprus, and provide a forum for research
into topical areas and contribute to policy debates.

2. PROGRAMME AIM AND OBJECTIVES 
The undergraduate programme in Real Estate Valuation and Development is the first programme in
Cyprus and Greece in the field of real estate. The programme offers a comprehensive curriculum that
combines academic rigour with practical experience and serves as the ideal foundation for a
successful career in real estate related industries. The aim of the programme is to produce highly
skilled professionals for one of the biggest industries internationally by equipping students with a
qualification recognised and sought after by employers, as well as by professional and industry
bodies.
The programme curriculum combines the disciplines of management, economics and finance with
design, construction and computer courses to create a programme with sufficient depth and breadth,
which then serves as a foundation for applications in real estate. The programme places a high priority
on the integration of theory and practice and complements its emphasis on relevance in teaching with
an emphasis on research in the final year of the programme.
The specific aims of the programme in Real Estate Valuation and Development are:
- To provide students with the knowledge and skills to ensure professional success in a fast
changing, global business and economic environment.
- To equip graduates with an understanding of the legalities, principles and processes required
to fill a professional role in this field
- To equip students with an in-depth understanding of valuation techniques and their
applications to various property types and situations so as to enable them to work as
independent professionals
- To provide students with the analytical and critical thinking skills necessary to be successful
in the real estate industry
- To provide students with an appreciation of a professional ethic, which emphasises
responsibility and responsiveness to community needs.
- To facilitate internships, which provide students the chance to gain practical experience.

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3. LEARNING OUTCOMES 
By the end of the programme graduates will have acquired a good understanding of:
- The key concepts theories, principles, approaches an analytical techniques used in real estate
valuation, development, investment and management including, measurement, physical and
financial appraisal of buildings; legal principles and aspects as they pertain to real estate;
economic theory and its applications to real estate; site planning and design; market and
investment analysis; real estate valuation and feasibility studies; development, construction
and economic/financial performance of buildings; property and portfolio analysis and
management; principles of construction management; and the application of business
management principles to real estate.
- All property valuation techniques and their applications to various property types and
situations
- All the stages of the real estate development process, as well as the theoretical frameworks
and analytical techniques and approaches that are applicable to each stage
- The context within which construction and real estate processes operate including the legal,
business, economic, financial, political and regulatory
- The linkages and interdisciplinary relationships in the real estate sector
- The computer and technology venues that support professional practices in the real estate
sector
- The regulatory and institutional systems within which the real estate and construction industry
operate, including planning and building controls
- Contemporary issues facing the profession in Cyprus and Europe and the drivers of change,
including concerns of environmental sustainability
- European and international valuation standards
- Professional ethics and their importance in the orderly operation of the various real estate
processes
- The impact of the balance between social, environmental and economic issues on the use and
value of real estate and the importance of taking due account of providing sustainable and
eco-friendly real estate solutions

4. PROGRAMME DURATION 
The BSc in Real Estate Valuation and Development requires the completion of 240 ECTS over four
years.

5. MODES OF TEACHING 
The BSc in Real Estate Valuation and Development is delivered by combining face-to-face tuition,
with the full support of interactive technology and the internet.

FACE-TO-FACE

Tuition takes place at Neapolis University at scheduled times during the week.

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INDEPENDENT LEARNING
The learning platform of the programme aims to make full use of each participant's time by
combining traditional lectures, case studies, group projects and field trips combined with a distance-
learning support material and teacher student interaction.
The curriculum is rigorous but also flexible, rich in theory but also practical enough to be a test at the
workplace, and the Programme allows participants to have a close contact with professionals in the
real estate industry.

6. TEACHING AND LEARNING STRATEGY 
STUDY TEAMS AND COLLABORATIVE LEARNING
Study teams are a key feature of the programme, contributing to the learning process in the
collaborative manner of a productive workplace environment. The study team addresses team-based
assignments and receives team-directed feedback and grades from faculty. Even in individually
prepared work, team members frequently contribute educationally.
Most study teams find that, over the long run, all team members contribute equally to the team’s work
product. However, the study team provides a critical support mechanism for a student who
experiences a difficult week and cannot contribute adequately to an assignment. The assisted team
member is expected to, in turn, provide support to others when needed. The concept of the study team
presupposes that all participants endeavour to function as effective members of their teams. There is
no presumption that a team must “carry” a member who does not contribute adequately.
Students are expected to make every possible effort to resolve problems before considering team
membership changes. For most teams the stimulating environment of the programme coupled with the
high standards and initiative of the team members, will result in a smooth-functioning team. However
from time to time, teams should stop to assess and fine-tune their working relationships to maximize
the value of team education and ensure equitability. Problem areas, if any, should be addressed early
and forthrightly. The power of the team to improve itself is one of the benefits of the programme.
However, if a team is unable to resolve its differences, the Programme Director may be asked to
intercede.

"Learning by Doing"
This model followed by the programme is one of learning facilitation instead of the traditional
approach of instructor teaching. In every module students will be provided with several opportunities
to apply concepts and techniques to "real-world like" cases.

Student-Centred Learning
This approach encourages students to develop their own context for learning. Meaning and relevancy
of concepts can be highly enhanced when students are able to relate what is covered in the course to
their professional experience. Projects from a student’s work environment or from an area of their
interest are encouraged. Projects should reflect applications that demonstrate improvement over
conventional methods and cover technology skills that are considered current.

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Bachelor in Real Estate Valuation and Development
Course Attendance
Students are required to attend all sessions of every course. Attendance at all class sessions is
essential to maintain academic quality and to benefit from as well as contribute to the dynamic
learning environment of the class.

If an emergency situation or illness occurs, students must contact the course professor prior to missing
a class session. In addition, students should also notify the course office of any absence. Please be
advised that absence from class may negatively impact a course grade, and excessive absences may
affect a student’s eligibility to continue in the programme. If the excessive absence is confined to a
single course or course pairing, the student may be required to repeat the course(s) at his/her own
expense.

Class Preparation
Preparation means that students read the materials, consider the critical issues raised in the cases and
discussion questions, and carry out appropriate quantitative and qualitative analysis in order to arrive
at and provide support for their thoughtful position. Preparation involves developing a personal
position on the issues raised in the cases and readings and contributing to fruitful exchange of ideas.
Unless students have thought about and developed a personal position, it is difficult to learn from
others’ contributions to the class.

Class Participation
For the learning process to be effective, students will need to participate actively during every class.
Only by actively participating in class discussions they will sharpen their own insights and those of
their classmates. The expectations are that students analyse, comment, question, discuss, and build on
others’ contributions. Participation enables students to learn from their colleagues.

7. PROGRAMME STRUCTURE 
The University operates the European Credit Transfer System (ECTS). The course comprises a total
of 240 ECTS over eight semesters. In the first year, the course includes several introductory courses
in all disciplines that are related to real estate, such as economics, finance, business, accounting,
construction, mathematics and computers, as well as an introductory course in real estate. In this
year, the course includes also and three general education courses.

In the second year, students are offered additional introductory courses in marketing, management,
finance, construction and statistics, as well as some other courses more closely related to real estate
such as land planning, real estate law and urban and regional economics.

In the third year, the course focuses exclusively on real estate with several valuation-related courses,
as well as courses in real estate finance and real estate economics.

In the fourth year, the course focuses on real estate project development and investment.
Furthermore, during this year, students are required to complete a dissertation seminar and a
dissertation, which aim at developing their research skills.

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Bachelor in Real Estate Valuation and Development
Programme Requirements  
SEMESTER 1 ECTS SEMESTER 2 ECTS
ECON101 Principles of Microeconomics 6 ECON102 Principles of Macroeconomics 6
PEPS101 Computer Skills 3 FNA101 Financial Accounting 6
MATH100 Mathematical Methods 3 STAT100 Introduction to Statistics 6
FINA100 Principles of Finance 3 CONS102 Construction Technology II 6
BUSN100 Introduction to Business 6 CONS103 Construction Graphics & CAD 3
CONS101 Construction Technology I 6 GEED101 Mediterranean Civilisation 3
PEPS100 Language & Communication 0 PEPS100 Language & Communication 0
REAL100 Principles of Real Estate 3
30 30
SEMESTER 3 SEMESTER 4
Land Planning and
REAL202 Environmental Design 6 BUSN204 Principles of Marketing 6
BUSN202 Managerial Economics 6 CONS201 Building Pathology 6
STAT200 Statistics 6 REAL200 Urban and Regional Economics 6
REAL201 Real Estate Law 6 CONS202 Building Services Engineering 6
FINA200 Financial Theory 6 FINA201 Derivatives Markets 6
30 30
SEMESTER 5 SEMESTER 6

Theory and Practice of Real


FINA300 Debt Markets 6 REAL302 Estate Valuation 6
CONS300 GIS Principles & Applications 6 CONS302 Construction Economics 6

Residential Property Analysis


FINA301 Corporate Finance 6 REAL304 and Valuation 6

International Real Estate Income Property Analysis and


REAL300 Economics and Markets 6 REAL305 Valuation 6

REAL301 Real Estate Finance 6 REAL306 Statutory Valuations 6


30 30
SEMESTER 7 SEMESTER 8
PEPS400 Dissertation Seminar 0 PEPS401 Dissertation 6
PEPS401 Dissertation 6 CONS405 Project Scheduling & Control 6

Real Estate Investment: Real Estate Development


REAL401 International and Domestic 6 REAL403 Practice 6
REAL402 Facilities/Property Management 6 CONS406 Construction Management 6
REAL400 Real Estate Development 6 Electives 6
Sustainability and
Environmental Issues in Real
REAL404 Estate Development 6
30 30

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Bachelor in Real Estate Valuation and Development
8. PROGRAMME SYLLABI 

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Bachelor in Real Estate Valuation and Development
CONS101 CONSTRUCTION TECHNOLOGY I

AIMS AND OBJECTIVES


This module is intended to introduce students to the fundamentals of construction materials and
technology, and serve as a platform for the understanding of all other technology modules that will
follow. The module starts with a discussion of the function and performance of buildings and then
examines the properties of the various materials used in construction, as well as common applications
of such materials. Students have the opportunity to experience material capacity and behaviour as well
as construction methods in demonstrations and lab experiments. Material applications and detailing
in structural and non-structural building components are explored.
LEARNING OUTCOMES
On successful completion of the module, students will be able to:
- Explain the functions of and the performance requirements of the major elements of buildings.
- Understand the physical and structural properties of building materials,
- Understand typical and potential applications of these materials,
- Understand the relationship between material properties and structural form,
- Identify crucial problem areas in manufacture and applications of building materials,
- Understand the importance of experimental verification of material properties.
SYLLABUS CONTENT
The following topics are covered in the syllabus:
- Overview of Materials and Building/Structural Types (Historic, Current)
- Factors Affecting Choice of Materials and Structural Form
- Fundamentals – Mechanical Properties (strength, structural performance)
- Fundamentals – Non-Mechanical Properties (physical properties, durability)
- Individual Building Materials (Manufacturing, Properties, Comparative Behaviour, Applications
in Construction): Wood, Stone, Brick, Concrete, Metals, Glass, Plastics, Composites
- Relation between Materials and their Applications in Buildings / Case Studies / Structural and
Non-Structural Applications (Residential, Commercial, Special Construction)
- Historic evolution in the design and construction of buildings
- Functions and performance requirements of the elements of a two-storey house.
- Foundations, floors, walls, roofs, services
- Heat, condensation, sound
- Properties of materials
- Principal regulations
TEACHING AND LEARNING METHODS
Teaching and learning methods include 30 hours staff-directed study and 90-hours student-centred
learning.
ASSESSMENT STRATEGIES
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments.

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Bachelor in Real Estate Valuation and Development
READING
Chudley R. and Greeno R. (2005), Construction Technology, 4th edition, Addison Wesley Longman.

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Bachelor in Real Estate Valuation and Development
CONS102 CONSTRUCTION TECHNOLOGY II

AIMS AND OBJECTIVES


The aim of this module is to extend the student’s knowledge to materials and processes used in non-
residential and larger-scale buildings. The module covers site work, foundations, structural systems,
soil characteristics and construction equipment and provides the knowledge of construction
technology necessary to deal with the procurement and management of such developments.
Special emphasis will be placed on terminology and vocabulary, quality standards, sequencing of
work (three commercial project samples), and production efficiency. Also, students will develop skills
in using construction equipment operational data to plan construction operations.
LEARNING OUTCOMES
On successful completion of the module the student will be able to:
- identify and appraise the performance requirements for large-scale buildings and be able to
formulate a range of solutions for satisfying such requirements
- demonstrate an understanding of simple structural concepts
- demonstrate an understanding of how the requirements of relevant regulations can influence the
design of large scale buildings
- employ an increased ability and confidence to evaluate alternative design and construction
solutions
- An ability to recognize and describe the basic materials used to construct commercial buildings
and similar structures.
- An ability to define where and how basic materials are used in commercial buildings and similar
structures.
- An ability to describe basic construction sequences used in commercial construction.
- An ability to analyze construction earthmoving operations and plan them using industry standards
and principles.
TEACHING METHODS
Lectures and laboratories.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest thinking and developments on topics
discussed in the class.
SYLLABUS CONTENT
- Fundamental Structural Concepts
- Substructure and Superstructure for Large-Scale Buildings.
- Regulations and Guidance for the Design and Construction of Large-Scale Buildings.
- Steel Materials/Components and Construction
- Concrete Materials, Concrete Components and Concrete Construction
- Foundation Systems
- Masonry Materials
- Masonry Systems

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Bachelor in Real Estate Valuation and Development
- Masonry Construction
- Exterior Walls
- Exterior Skin Materials & Systems
- Glass & Glazing Systems
- Roofing Materials & Systems
- Finish Materials & Systems
- Equipment Costs
- Earthmoving Basics
- Excavation Equipment
- Concrete Equipment
- Cranes
READING
Emmitt S. and C. Gorse (2010), Barry’s Advanced Construction of Buildings, Wiley-Blackwell.
Blanc A. (1994), Mitchell’s - Internal Components, Longman.
Chudley R. and R. Greeno (2006), Advanced Construction Technology, Prentice Hall.
Mehta Medan, Scarborough Walter, Armpriest Diane (2007), Building Construction: Principles,
Materials, Systems, Prentice Hall
Riley M. and A. Cotgrave, (2003), Construction Technology 2, Industrial and Commercial Building,
Palgrave.
J.S. Foster and Roger Greeno (2007), Mitchell’s - Structure and Fabric, Part 2, Prentice Hall.
McEvoy M. (1994), Mitchell’s - External Components, Longman.
McMullan R. (2007), Environmental Science in Building, Palgrave.
Reid E. (1988), Understanding Buildings, The MIT Press.
Taylor G. (2002), Materials in Construction. Principles, Practice and Performance, Longman.
Konstantinidis, A. (2009), Earthquake Resistant Buildings, Pi-Systems International.

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Bachelor in Real Estate Valuation and Development
CONS103 CONSTRUCTION GRAPHICS AND CAD

AIMS AND OBJECTIVES


The aim of this module is to provide students with concepts and tools to analyse and interpret civil,
architectural, structural mechanical and electrical drawings. Students will learn how to produce
working drawings of a typical residential structure using CAD and graphic programmes such as
AutoCad, Photoshop, Illustrator, 3DMax, StereoSTATIKA etc.
LEARNING OUTCOMES
On completion of the module students will be able to draw and read basic architectural and
engineering 2D and 3D drawings, and to use computer programs to define project programming.
TEACHING STRATEGIES
The course will be based on lectures, guided practice in workshops and individual work as well as
students’ presentations of assigned work, generating class discussions.
ASSESSMENT
Students will submit four equally weighted workshop exercises and will take a 3-hour final exam.
Coursework and final exam will be given a 30/70 weight.
CURRICULUM CONTENT
- Graphic conventions: scale, symbols and dimensioning
- Projection types
- Sketching techniques
- Topographic maps
- Interpreting construction drawings
- Interpolation site sections
- Earth quantity take-offs
- Foundation drawings
- Framing drawing, concrete take-offs
- Building and wall sections
- Roofs plans, sections and details
- Interior construction, finishes
- Mechanical drawings
- Electrical drawings
BIBLIOGRAPHY
Bisharat, K. (2008), Construction Graphics: A Practical Guide to Interpreting Working Drawings, 2nd
edition, Wiley.
Grau, P. and Muller E. (2008), Architectural Drawing and Light Construction, 8th edition, Prentice
Hall.
Ching, F. (1997), Design Drawing, Wiley.
Kalay, Y. (2004), Architecture’s New Media: Principles, Theories, and Methods of Computer-Aided
Design, Cambridge, MA: MIT Press.
Tierney, T. (2007), Abstract Space: Beneath the Media Surface, Taylor and Francis.

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Bachelor in Real Estate Valuation and Development
CONS201 BUILDING PATHOLOGY

AIMS AND OBJECTIVES


This module aims to provide students with knowledge, skills and procedures for the detection and
diagnosis of defects in existing buildings. The module provides a detailed examination of materials
(timber, concrete, steel, plasters, mortars etc.) as well as of whole buildings including load paths,
differential movement analysis, monitoring, moisture balance and thermal characteristics. The
module is very practical in nature and students will be required to carry out assessment of existing
buildings and develop the skill of writing reports. The module will conclude by examining remedial
methods appropriate to each type of residential buildings pathology.
LEARNING OUTCOMES
At the end of this module the student should be able to:
- Examine the professional practice and liabilities involved when conducting surveys
- Examine critically the condition of a building
- Compare and contrast the characteristics of materials in relation to their use in building during
various historic periods
- Analyse and describe how different materials interact and fail
- Anticipate, recognise and identify the degradation of building materials, components and
elements
- Distinguish between minor and serious building defects
- Observe, examine and record building defects in detail
- Develop and test hypotheses as part of a rigorous diagnostic procedure
- Assess the use of deleterious materials
- Evaluate and recommend appropriate remedial actions
- Synthesise the information gleaned from an inspection into a coherent report
- Present written information in a report portfolio.
TEACHING METHODS
The module delivery consists of lectures and filed practical experience by carrying out a physical
survey of a building.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. The coursework will include
the project of carrying out the physical survey of the building plus an addition al home work
assignment.

SYLLABUS CONTENT
- Survey requirements, procedures, equipment and legal aspects
- Dating of buildings, destructive and non-destructive testing
- Types of surveys
- Element by element analysis of building defects
- Defect diagnosis, dampness, timber and movement problems
- Problems in framed buildings

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Bachelor in Real Estate Valuation and Development
- Fire safety design
- Problems in services
- Recording and reporting techniques and conventions
- Remedies and recommendations for action in repair and conservation
- Culture and Heritage Projects.
READING
Billington, M.J., Copping, A.G., Ferguson, A. (2002), Means of Escape from Fire, Blackwell Science.
Douglas, James and Ransom, Bill (2007), Understanding Building Failures Taylor and Francis.
Everett, Alan (1994), Materials, 5th edition, Harlow: Longman Scientific & Technical.
Gleeson John (1994), Structural Failures in Traditionally Built Domestic Buildings.
Glover Peter (2000), Building Surveys, 4th edition, Butterworth-Heinemann.
Hinks J., Cook G. (1997), The Technology of Building Defects, E&FN Spon.
Hollis M. (2005), Surveying Buildings, 4th edition, RICS Books.
Illston J.M. and Domone P.L. J. (2001), Construction Materials, 3rd edition, Spon Press.
Macdonald Susan (2002), Concrete: Building Pathology, Blackwell Publishing.
Marshall D., Worthing D., et al. (1998), Understanding Housing Defects, Estates Gazette.
Robson P. (1999), Structural Appraisal of Traditional Buildings, Donhead Publishing.
Rushton Trevor (2006), Investigating Hazardous and Deleterious Building Materials, RICS Books.
Singh Jagit (1994), Building Mycology, E&FN Spon.
Taylor G. D. (2002), Materials in Construction – Principles, Practice and Performance, Longman.
Watt David (1999), Building Pathology, Blackwell Science.
Watt D. and Swallow P. (1996), Surveying Historic Buildings, Donhead Publishing.
Housing Defects Reference Manual (1991), E&F Spon.

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Bachelor in Real Estate Valuation and Development
CONS202 BUILDING SERVICES ENGINEERING

AIMS AND OBJECTIVES


The aim of the module is the study of a building’s mechanical and electrical systems and how they
affect the construction organization and construction project. Topics include air conditioning, heating,
plumbing, fire protection, electrical power, electrical lighting and building control systems. The
analysis of current construction drawing will be integrated into each topic. The module will study the
technology of services installations and their incorporation for both large and multi-storey residential
buildings, as well as commercial and industrial buildings.
LEARNING OUTCOMES
By the end of this course the student should be able to:
- Demonstrate understanding of how building mechanical and electrical systems can affect the cost
and schedule of a construction project.
- Demonstrate understanding of how each MEP system functions.
- Demonstrate understanding of how the MEP systems work together and interact with each other.
- Review MEP plans
- Demonstrate awareness of the departmental and institutional resources available on websites and
to CM students on campus.
- Illustrate and explain the operation and topology of the services systems in large building types.
- Appreciate environmental control requirements and regulations in large building types and the
wider implications of codes of practice.
- Understand the relationship between services distribution systems and the building structure.
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest thinking and developments on topics
discussed in the class.
SYLLABUS CONTENT
- The built environment
- Energy economics
- Heat loss calculations
- Heating
- Ventilation and air conditioning
- Hot – and cold – water supplies
- Soil and water system
- Surface - water drainage
- Below-ground drainage
- Condensation in buildings
- Light and lighting
- Gas

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Bachelor in Real Estate Valuation and Development
- Electrical installations
- Room acoustics
- Fire protection – Components, connections, & operation
- Plant and service areas
- Mechanical transportation
- Culture and Heritage Projects
READING

Essential: 
Chadderton, D. (2007), Building Services Engineering, 5th edition, Taylor and Francis.

Recommended: 
Tao and Janis, Mechanical and Electrical Systems in Buildings, 4th edition.
Greeno, R. (1997), Building Services, Technology and Design, Longman.
Burberry, P. (1997), Mitchell’s Environment and Services, 8th edition, Longman.
McMullan, R. (1998), Environmental Science in Building, 4th edition, McMillan.
Hall, F. (1995), Essential Building Services and Equipment, 2nd edition, Newness.

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Bachelor in Real Estate Valuation and Development
CONS300 GIS BASIC PRINCIPLES AND APPLICATIONS

AIMS & OBJECTIVES


This course introduces students to GIS principles and techniques to help them analyze and process
spatial data in various settings. The course addresses both theories and applications, and provides the
student with a dynamic analytical framework to gather, integrate, interpret, and manipulate spatial
data.
LEARNING OUTCOMES
Students will acquire skills and information to enable them to apply GIS principles and techniques in
their respective fields. These include:
- Skills needed to use and manage GIS applications
- Hands-on experience using GIS software
- Knowledge of fundamental concepts and issues related to GIS
- Skills necessary to conduct spatial analysis
- Infrastructure management
- Map and database publishing
- Land & soil analysis and exploration
- Real estate information management
- Surveying and mapping for development and environmental protection
- Urban and regional planning
TEACHING STRATEGIES
The module is taught through a combination of lectures and practical laboratory sessions.
ASSESSMENT
This module is assessed by coursework and a 3-hour final exam, which will be given a 30/70 weight.
Coursework will include four assignments that involve use of GIS programs.
SYLLABUS CONTENT
- Data discovery; data sources; data gathering; data organization; data management and control.
- Information, systems and space; spatial sampling; spatial and non-spatial data structures; spatial
dimension encoded as points, lines and polygons; scale; spatial characterization and association.
- Database and project design; data gathering; database construction; geo-positioning; global
positioning systems (GPS); map projections; digitizing existing published maps; spatial data
formats; spatial data standards; data translation; data quality, precision and accuracy; boundary
and data errors.
- Remote sensing; classification analysis; ancillary data.
- Data dictionaries, meta data and standards.
- Spatial operations; measurement; classification; polygon overlay; disaggregation and dissolve.
- Spatial analysis; modeling techniques and landscape characterization.
- Surface models; interpolation; location and allocation.
- Data output and map construction; output formats and output devices.
- Caveats, common failures and new directions in GIS.

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Bachelor in Real Estate Valuation and Development
READING
Paul Bolstad (2008), GIS Fundamentals, a First Text on Geographic Information Systems, 3rd edition.
Goodchild M., Maguire D., Rhind D., Longley P. (2005), Geographical Information Systems:
Principles, Techniques, Management and Applications 2nd edition, Wiley.
Haywood Ian (2006), An Introduction to Geographical Information Systems, Prentice Hall.

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Bachelor in Real Estate Valuation and Development
CONS302 CONSTRUCTION ECONOMICS

AIMS AND OBJECTIVES


This module introduces the student to the principles of measurement and provides an overview of the
basic approaches to estimating the cost of the various types of construction projects. The module
discusses types of estimates and methods, elements of cost, variables and costing concepts and
analysis procedures for detailed estimates.
LEARNING OUTCOMES
On successful completion of the module the student will be able to:
- List the elements of a construction project estimate and how they interrelate
- Organise an estimate
- Apply the principles, skills and techniques of building measurement
- Undertake the measurement of quantities and formulation of descriptions for the substructure of a
domestic building
- Describe the use of SMM7 in the measurement process including an appreciation and
understanding of the specification/supplementary information required to fully complete a
description
- Demonstrate knowledge of the production methods used to produce a Bill of Quantities
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
homework assignments.
SYLLABUS
This module will contain an in depth study of the principles of measurement including preliminary
calculations and the measurement of simple house foundations. Preparation of a Bill of Quantities as
part of the measurement process is also included together with the historical development of the role
of the Quantity Surveyor and Construction Manager within the Construction Industry.
- Measurement conventions / processes
- History of QS and Construction Manager
- Preliminary measurement calculations
- Purpose of measurement
- Introduction to SMM7 and Descriptions
- Descriptions
- Foundation measurements
- Measurement of Floors
- Cost Planning at the Briefing Stage
- Cost Planning at the Design Stage
- Cost Planning and Control at Production and Operation
- Cost estimating: Organization of the Estimating Function
- Procurement Paths

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Bachelor in Real Estate Valuation and Development
- Cost Estimating Methods
- Cost Analysis
READING LIST
Brook, M. ((2003), Estimating and Tendering for Construction Work, Elsevier.
Davidson J., Hambleton P. (2005), SMM7 Questions and Answers, RICS.
Kirkman, R. (2007), Cost Planning of Buildings, Blackwell Publishing.
McNamara P. (2003), SMM7 Explained and Illustrated, RICS.
Packer A.D. (1996), Building Measurement, Longman.
RICS (2007), New Rules of Measurement, RICS.
RICS (2000), The Standard Method of Measurement of Building Works - 7th edition revised including
amendments 1 + 2, RICS.
Seeley, I. (1996), Building Economics,4th edition, Palgrave Mcmillan.
Seeley I.H., Winfield R. (1999), Building Quantities Explained, 5th edition, Macmillan.

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Bachelor in Real Estate Valuation and Development
CONS405 PROJECT SCHEDULING AND CONTROL

AIMS AND OBJECTIVES


The module provides the student with a thorough grounding in the concepts and techniques of
planning and controlling construction projects. The module discusses scheduling techniques and
methodologies with applications to case studies. The students will be exposed to different scheduling
techniques, how to develop a project schedule, and how to utilize the project schedule for planning
and monitoring job progress.
LEARNING OUTCOMES
On successful completion of the module the student will be able to:
- Identify the activities required to schedule a construction project
- List the sources of activity durations and the methods of determining them
- Determine the minimum time to complete a project
- Explain critical paths and subcritical paths in a project
- Use computerised scheduling programmes
TEACHING AND LEARNING STRATEGIES
The module will be taught in lectures and tutorials. The practical aspects of the programme will be
tackled using Microsoft Project Manager.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments involving the use of Microsoft Project Manager.
CURRICULUM CONTENT
The following topics will be covered in the lectures
- Project Planning
- Bar Chart Schedules
- Introduction to CPM Scheduling
- Network Diagrams
- AON and Precedence Diagrams
- Network Calculations
- Computer Application – Microsoft Project
- Reports and Graphics
- Review the Schedule
- Short Interval Schedule
- Procurement, Subcontractor and Design Build Issues
- Schedule Updates
- Cost Scheduling
- Expediting the Project
BIBLIOGRAPHY
Jay S. Newitt (2009), Construction Scheduling, Principles and Practices, 2nd edition, Prentice- Hall.

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Bachelor in Real Estate Valuation and Development
Brian Cooke and Peter Williams (2009), Construction Planning, Programming and Control, 3rd
edition Willey-Blackwell.
Thomas E. Glavinich (2004), Construction Planning and Scheduling, 2nd edition, The Associated
General Contractors of America.

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Bachelor in Real Estate Valuation and Development
CONS406 CONSTRUCTION MANAGEMENT

AIMS AND OBJECTIVES


The main objective of this course is to provide the students with an in-depth and advanced
understanding of the project management principles and the applications in construction projects. In
order to keep up with current ever-changing construction environment, not only the traditional
fragmented approach of project management will be discussed, but also an integral approach,
including value, supply chain, information, safety, health, and risk assessment will be examined.
Furthermore, the course will introduce the student to project management scheduling techniques and
methodologies. The students will be exposed to different scheduling techniques and learn how to
develop a project schedule, as well as how to utilize it for planning and monitoring work progress.

LEARNING OUTCOMES
Upon successful completion of this course, students should be able to:
- Identify, explain, critically comment and apply the main body of project management principles;
- be able to develop specific project strategies to fulfil the objectives of the client and other
stakeholders;
- demonstrate skills pertinent to the management of construction projects;
- investigate the operations of international construction projects.
ASSESSMENT
This module is assessed by coursework and a final exam, which will be given a 40/60 weight. The
coursework will include three exercises and one project assigned during the quarter. The purpose of
the exercises is to allow students to demonstrate their knowledge and ability to work with and
understand the SureTrak program. The purpose of the project is to take a practical construction
situation and apply a solution using SureTrak. The final exam will have duration of 3 hours.
COURSE OUTLINE
- Principles of Project Management
- Project Delivery Methods
- Project Chronology
- Construction Services during Design
- Bidding and Procurement Strategy
- Construction and Closeout
- Estimating Project Costs
- Project Planning and Scheduling
- Controlling Project Cost, Time and Quality
- Job-Site Administration
- Construction Safety and Health
BIBLIOGRAPHY
Allan Griffith and Paul Watson (2004), Construction Management: Principles and Practice, Palgrave
MacMillan.
Frank Harris, Ronald McCaffer and Francis Edum-Fotwe (2009), Modern Construction Management
6th edition, Blackwell Publishing.

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Bachelor in Real Estate Valuation and Development
Frederick Gould and Nancy Joyce (2009), Construction Project Management, 3rd edition, Pearson
Prentice-Hall.
Frederick Gould (2005), Managing the Construction Process, 3rd edition, Pearson Prentice-Hall.
Brian Cooke and peter Williams (2009), Construction Planning, Programming and Control, 3rd
edition, Willey-Blackwell.
Project Management Institute (2000), A Guide to the Project Management Body of Knowledge,
Project Management Institute.
Hendrickson C & Au T, Project Management for Construction, Prentice Hall.
Walker C, Privatised Infrastructure: the BOT Approach, Thomas Telford.
Kelly J. & Male S., Value Management in Design & Construction, E&FN Spon.

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Bachelor in Real Estate Valuation and Development
REAL100 PRINCIPLES OF REAL ESTATE

AIMS AND OBJECTIVES


The aim of this module is to provide an overview of the principles and practices of real estate. The
student will learn the fundamentals of property rights, property values, real estate development, real estate
finance, real estate investment and management.
LEARNING OUTCOMES
On completion of this module, students should be able to demonstrate:
- Knowledge of the function of the real estate industry in the economy
- Knowledge of the financial, legal and economic aspects of real estate transactions
- Understanding of the ethical and professional standards that the professional in the real estate
industry should adhere to.
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be an essay paper on Culture and Heritage Projects.
SYLLABUS CONTENT
The market for real estate assets and services
- Property Rights and transactions in the real estate market
- Public and Private Controls over real estate developments
- Urban Economics and market analysis
- Real estate, deeds, contracts and legal aspects of real estate ownership and transactions
- Basic Valuation Concepts and appraisal methods
- Funding real estate acquisitions and the mortgage markets
- Real estate financing and the secondary mortgage market
- Commercial loans and leases
- Real Estate Development Process
- Real Estate Equity Investment and real estate funds
- Taxation and real estate
- Culture and Heritage Projects

READING
Don Epley, Joseph Rabianski, and Jr., Richard Haney (2001), Real Estate Decisions, South-Western
Educational.
David C. Ling and Wayne Archer (2009), Real Estate Principles, 3rd edition, Irwin Professional
Publishers.
Millington A.F. (2000), An Introduction to Property Valuation, 5th edition, Estates Gazette.

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Bachelor in Real Estate Valuation and Development
REAL200 URBAN AND REGIONAL ECONOMICS

AIMS AND OBJECTIVES


This module provides a thorough introduction to the theories of location of firms and households,
facility location, spatial competition and interaction and market segmentation. The module also
examines the processes of urban and regional growth and decline, urban land use theories,
externalities, location pricing and basic urban transportation economics. Special emphasis is placed in
highlighting direct or indirect influences of urban and regional forces and processes on real estate
market pricing and dynamics.
LEARNING OUTCOMES
Students who complete this module will:
- Have gained a good understanding of broader forces and dynamics that affect urban and regional
growth, as well as the drivers of household and firm location decisions
- Have gained a broad perspective of the spatial forces that operate in urban and regional systems
and how they relate to real estate market dynamics
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest thinking and developments on topics
discussed in the class.
SYLLABUS CONTENT
The following topics will be covered in the lectures:
- Household mobility and location
- Firm location
- Spatial competition and market segmentation
- Systems of cities and interactions
- Land use theory
- Externalities
- Urban transportation economics
- Facility location
- Regional and urban growth processes
- Urban growth patterns
BIBLIOGRAPHY
Edwin S. Mills (1987) (ed.), Handbook of Regional and Urban Economics, North Holland.
Edwin S. Mills and Bruce W. Hamilton (1989), Urban Economics, 5th edition, Addison Wesley.
Richard Arnott (1997) (ed.), Regional and Urban Economics Parts 1 and 2, Routledge.
Arthur M. O’ Sullivan (2009), Urban Economics, 7th Edition, McGraw Hill.
John F. McDonald (1996), Fundamentals of Urban Economics, Prentice-Hall, Inc.
Jack Harvey and Ernie Jowsey (2003), Urban Land Economics, 6th edition, Palgrave MacMillan.

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Bachelor in Real Estate Valuation and Development
REAL201 REAL ESTATE LAW

AIMS AND OBJECTIVES


The aims of the module are to enable students to:
- evaluate the role of Cyprus and European Law in respect of property ownership, use and
occupation;
- critically appraise Cyprus property law in the estate management context;
- compare and contrast alternative dispute resolution mechanisms in property disputes; and
- understand the applications of the law to resolving problems and disputes in the real estate arena.
LEARNING OUTCOMES
On completion of this module, students should be able to:
- articulate the influence of law on wider property ownership and occupation and demonstrate a
systematic understanding of the strengths and weaknesses of judicial, statutory and European Law
in the property ownership and occupation context;
- critically evaluate the bargaining positions and legal issues of those buying, selling and renting
property;
- identify and evaluate the practical implications of taking legal or quasi-legal action in relation to
real estate activities;
- demonstrate a detailed knowledge and understanding of the interaction between those
professionals advising on land transactions; and
- apply legal principles in respect of land occupation and show critical appreciation of land law
within Cyprus and its developing relationship with EU law.
TEACHING METHODS
The main teaching method is lectures and case studies.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest thinking and developments on topics
discussed in the class.
SYLLABUS CONTENT
The following topics will be covered in the lectures:
- Sources of law: Cyprus and EU.
- Use of statutory and common laws in controlling real estate ownership and occupation
- The modes and operation of dispute resolution available to the property owner or user
- Researching and application of Acts of Parliament in the property context
- Practical analysis of leases and contracts for the sale of land
- Use of case scenarios to cover aspects of legal interpretation
- Observation of court system and arbitral processes
- Legal aspects pertaining to Culture and Heritage projects

READING
Hurndall, A. (1998), Property in Europe, London: Butterworth Law.

30
Bachelor in Real Estate Valuation and Development
REAL202 LAND PLANNING AND ENVIRONMENTAL DESIGN

AIMS AND OBJECTIVES


The module aims to introduce students to the context in which the Cyprus planning system operates
with a focus on the need for the regulation of land development, the key elements of the present
system, the array of interests and organisations involved, and current ideas for reform. This module
addresses the historical context and development of the current system of planning in Cyprus, the
purposes of planning, how planning affects the development patterns of cities, the policy framework
in Cyprus and its influence on land use, community requirements and infrastructure provision. The
nature of the current planning system will be examined through the basic legal requirements of the
development plan and development control systems.

LEARNING OUTCOMES
At the end of this module the student should be able to:
- Explain the origins and historical context of the Cyprus planning system.
- Describe and understand the effect of past decisions/ trends on land use and development patterns;
and how these impact on current development opportunities.
- Demonstrate knowledge of the underlying concepts and principles associated with land use
planning in Cyprus.
- Demonstrate an understanding of the key elements of the current Cyprus planning system and an
appreciation of the ideas for reform and the implications for the current system.
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest thinking and developments on topics
discussed in the class.
SYLLABUS CONTENT
- Spatial planning in a historical context
- The need for planning
- Cyprus land use regulations and building controls
- Planning and outcomes: case studies
- Planning authorities and other agencies/stakeholders
- Legal framework/process
- Planning policies-framework
- Planning policies-function and effect
- Future trends in land planning
- Environmental design and land planning
READING
Agyeman, M. & Evans, B. (1994), Local Environmental Policies & Strategies, Longman Harlow.
Allmendinger, P. et al. (2000), Introduction to Planning Practice, Wiley Chichester.

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Bachelor in Real Estate Valuation and Development
Bell, S. & McGillivary, D. (2000), Environmental Law, Blackstone, London.
Greed, C. (1997), Introducing Town Planning, Longman, London.
Hall, P. (2002), Urban and Regional Planning, Routledge, London.
Moore, V. (2004), A Practical Approach to Planning Law, Blackstone London.
Ratcliffe, J. & Stubbs, M. (2003), Urban Planning and Real Estate Development, Routledge.
Selman, P. (1996), Environmental Planning, Paul Chapman, London.

32
Bachelor in Real Estate Valuation and Development
REAL300 INTERNATIONAL REAL ESTATE ECONOMICS AND MARKETS

AIMS AND OBJECTIVES


This course uses economic concepts to analyse real estate markets, values, and trends. It examines the
factors that affect the demand for and supply of residential and commercial property, the price
determination mechanism and the role of the government and public policy with respect to various
real estate issues. The module examines also alternative theories for land and real estate price
movements, the causes and impact of the cyclical nature of the real estate industry, as well as
methodologies for forecasting real estate market behaviour.
LEARNING OUTCOMES
Students who complete this module will:
- Have a good grasp of how real estate markets function and the major drivers of demand for and
the supply of the various property types
- Have acquired a good grasp of how to go about analyzing real estate markets at the macro and
micro level
- Be able to use statistical and quantitative methods to perform market analysis, study trends and
produce real estate market forecasts
TEACHING AND LEARNING STRATEGIES
Combination of lectures, guest lecturers from industry experts, article readings and reviews, class
discussions and case studies.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments relating to the analysis of real estate markets.
SYLLABUS CONTENT
The following topics will be covered in the lectures:
- Interaction of capital markets and real estate markets
- The operation of real estate markets
- Economic growth and metropolitan real estate markets
- The urban land market
- Residential real estate market economics
- Office property market economics
- Retail property market economics
- Industrial property market economics
- Real estate analysis and forecasting
- Impact of local governments on real estate markets
- Real estate and environmental issues
BIBLIOGRAPHY
Denise DiPasquale and William Wheaton (1996), Urban Economics and Real Estate Markets,
Prentice-Hall, Inc.
Arthur M. O’ Sullivan (2009), Urban Economics, 7th Edition, McGraw Hill.

33
Bachelor in Real Estate Valuation and Development
Jack Harvey and Ernie Jowsey (2003), Urban Land Economics, 6th edition, Palgrave MacMillan.
Dennis J. McKenzie (2003), Essentials of Real Estate Economics, 5th edition, Cengage Learning.
Brueggeman William B., and Jeffrey D. Fisher (2010), Real Estate Finance and Investments, 14th
edition, McGraw-Hill/Irwin.
David M. Geltner, Norman G. Miller, Jim Clayton, and Piet Eichholtz (2007), Commercial Real
Estate Analysis & Investments, 2nd edition, South Western College Publishing.

34
Bachelor in Real Estate Valuation and Development
REAL301 REAL ESTATE FINANCE

AIMS AND OBJECTIVES


The main objective of this course is to provide an overview of the various instruments and techniques
that can be used to finance residential and commercial real estate, as well as land development
projects, and present a framework for the analysis of the debt and mortgage real estate markets. The
module provides an advanced treatment of the structuring and pricing of residential and commercial
mortgage–backed securities, as well as the measurement of bond portfolio risk, and examines/assesses
the performance of a wide spectrum of active and passive fixed-income investment strategies. The
course will introduce students to the principles and tools of fixed-income portfolio management.
LEARNING OUTCOMES
On completing the course the participants will:
- Have a clear understanding of the mortgage instrument and its different types.
- Have a good understanding of the various instruments and techniques that can be used to finance
residential and commercial real estate, as well as real estate development projects.
- Have a clear and thorough understanding of the measurement of bond portfolio risk.
- Understand practical issues regarding fixed-income securities.
- Be able to address and solve real fixed-income portfolio management problems.
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest thinking and developments on topics
discussed in the class.
SYLLABUS CONTENT
The topics to be covered are as follows:
- The Mortgage Instrument
- Fixed-Rate Mortgage Loans
- Adjustable Rate Mortgage Loans
- Financing Income-Producing Properties
- Financing Residential Properties
- Financing Real Estate Development
- Sources of Mortgage and Equity Financing for Real Estate
- Mortgage Pricing
- Introduction to Mortgage-Backed Securities
- Interest Rate Futures
- Subprime Mortgage Market and CDO Structures

BIBLIOGRAPHY
Frank J. Fabozzi (2009), Bond Markets, Analysis and Strategies, 7th edition, Prentice Hall.

35
Bachelor in Real Estate Valuation and Development
Bierwag, G.O. (1987), Duration Analysis:Managing Interest Rate Risk, Cambridge, Mass.: Ballinger
Publishing Co.
Brueggeman William B., and Jeffrey D. Fisher (2010), Real Estate Finance and Investments, 14th
edition, McGraw-Hill/Irwin.
Dattatreya, R.E. and Fabozzi, F.J. (1995), Active Total Return Management of Fixed Income
Portfolios, Burr Ridge, IL: Irwin Professional Publishing.
Douglas, L.G. (1988), Yield Curve Analysis, New York Institute of Finance.
Fabozzi, F.J. (2005) (ed.), The Handbook of Fixed Income Securities, 7th edition, McGraw-Hill.
Geltner, D., Miller n. and Clayton J., and Piet Eichholtz (2007), Commercial Real Estate Analysis &
Investments, 2nd edition, South Western College Publishing. Homewood, Ill.: Dow Jones-Irwin.
Fabozzi, F.J. (1989) (ed.), Fixed Income Portfolio Strategies, Chicago, Ill.: Probus.
Fabozzi, F.J. (1996), Fixed Income Mathematics, McGraw-Hill.
Kaufman, G.G., Bierwag, G. O, and Toevs, A. (1983) (eds.), Innovations in Bond Portfolio
Management, Greenwich, Conn.: JAI Press.
Martellini, L., Priaulet, P. and Priaulet, S. (2003), Fixed-Income Securities: Valuation, Risk
Management and Portfolio Strategies, Wiley.
Olivier de la Grandville (2003), Bond Pricing and Portfolio Analysis, MIT Press.

36
Bachelor in Real Estate Valuation and Development
REAL302 REAL ESTATE APPRAISAL AND VALUATION

AIMS AND OBJECTIVES


Property value estimates represent one of the most critical inputs in real estate decision making.
The module provides a detailed presentation of the main valuation methodologies used in different
contexts, and types of properties, together with the legal and tax issues involved. Particular emphasis
is placed on the quantitative aspects of estimating and forecasting cash flows. Finally, the RICS and
other European and international valuation standards are reviewed.
LEARNING OUTCOMES
On completion of this module, students should be able to demonstrate:
- Knowledge of the main valuation methods
- Ability to use the valuation methods in a range of practical valuation situations
- The ability to adapt a valuation model for use with a variety of situations and to justify such
adaptations whilst critically examining such valuation models.
- The professional skills of accurate and succinct communication, personal time management and
punctuality.
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest thinking and developments on topics
discussed in the class.
SYLLABUS CONTENT
The topics covered in the syllabus include:
- Principles of Valuation
- The Comparable Method
- Cost Method
- Income Capitalization Approach
- The Discounted Cash Flow Model
- Cash Flow Estimation
- Discount Factor Determination in DCF
- Land Valuation
- Leasehold Valuation
- Taxes and Valuation
- Reconciliation of Value Indications
- RICS and other Valuation Standards
READING
Isaac, David and Terry Steley (1999), Property Valuation Techniques, 2nd edition, Palgrave
Macmillan.

37
Bachelor in Real Estate Valuation and Development
Scarrett, Douglas (2008), Property Valuation: The Five Methods, Routledge.
Brueggeman William B., and Jeffrey D. Fisher (2010), Real Estate Finance and Investments, 14th
edition, McGraw-Hill/Irwin.
Baum Andrew, Nunnington Nick and David Mackamin (2006), The Income Approach to Property
Valuation, 5th edition, Estates Gazette.
Baum Andrew and Neil Crosby (2007), Property Investment Appraisal, 3th Edition, Wiley-Blackwell.

38
Bachelor in Real Estate Valuation and Development
REAL304 RESIDENTIAL PROPERTY ANALYSIS AND VALUATION

AIMS AND OBJECTIVES


The aim of this module is to review the frameworks and tools that can be used in order to thoroughly
analyze and evaluate residential properties. The module examines the demand and supply for housing,
the tax treatment of homeownership and the factors that determine the choice between renting and
owning using microeconomic theory. The module then provides an in-depth review of residential
valuation techniques and issues and a framework for the estimation and forecasting of house prices.
The module concludes with a thorough treatment of the residential property mortgage market.
LEARNING OUTCOMES
On completion of this module, students should be able to demonstrate:
- Knowledge of the main factors that determine the demand for residential property
- Knowledge of the main factors that determine the supply of residential property
- Ability to analyse residential properties from all aspects
- Ability to analyse different types of residential mortgages using Excel.
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments.
SYLLABUS CONTENT
The topics covered in the syllabus include:
- The demand for residential property
- Buying versus renting decision
- The supply of residential property
- Price determination
- Financing residential property acquisition
- Mortgage basics and computations
- Residential mortgage pricing, underwriting, default, prepayments and design
- Tax consideration and planning
- Valuation of residential properties
- Hedonic valuation models for residential properties
- House price forecasting techniques

READING
Isaac, David and Terry Steley (1999), Property Valuation Techniques, 2nd edition, Palgrave
Macmillan.
Scarrett, Douglas (2008), Property Valuation: The Five Methods, Routledge.
Brueggeman William B., and Jeffrey D. Fisher (2010), Real Estate Finance and Investments, 14th
edition, McGraw-Hill/Irwin.

39
Bachelor in Real Estate Valuation and Development
Baum Andrew, Nunnington Nick and David Mackamin (2006), The Income Approach to Property
Valuation, 5th edition, Estates Gazette.
Baum Andrew and Neil Crosby (2007), Property Investment Appraisal, 3th Edition, Wiley-Blackwell.

40
Bachelor in Real Estate Valuation and Development
REAL305 INCOME PROPERTY ANALYSIS AND VALUATION

AIMS AND OBJECTIVES


The aim of this module is to review the frameworks and tools that can be used in order to thoroughly
analyze income-producing properties. The module examines the demand and supply aspects for the
main types of income-producing property and the determination of rents and prices. The module
discusses also the factors that determine the choice between leasing and owning using microeconomic
theory and provides a thorough treatment of the commercial property mortgage market by examining
alternative types of mortgages. The module then provides a framework for the appraisal of income-
property investments under different financing assumptions and develops a theory of optimal capital
structure for real estate.
LEARNING OUTCOMES
On completion of this module, students should be able to demonstrate:
- Knowledge of the main types of income-producing properties
- Ability to evaluate commercial real estate investments using the NPV, IRR and other selection
criteria
- Ability to evaluate commercial real estate investments using a variety of project financing
assumptions
- Ability to evaluate leases
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments.
SYLLABUS CONTENT
The topics covered in the syllabus include:
- Types of income-producing property
- The market for income-producing real estate
- Investment analysis and valuation of income-producing properties
- Taxation of income properties
- The use of hedonic models in commercial property valuation
- Disposition and renovation of income properties
- Leases and leasing strategies
- Commercial mortgage analysis
- The effect of leverage on real estate investment
- Real estate capital structure theory
- Corporate real estate
READING
Isaac, David and Terry Steley (1999), Property Valuation Techniques, 2nd edition, Palgrave
Macmillan.

41
Bachelor in Real Estate Valuation and Development
Scarrett, Douglas (2008), Property Valuation: The Five Methods, Routledge.
Baum Andrew, Nunnington Nick and David Mackamin (2006), The Income Approach to Property
Valuation, 5th edition, Estates Gazette.
Baum Andrew and Neil Crosby (2007), Property Investment Appraisal, 3th Edition, Wiley-Blackwell.
Brueggeman William B., and Jeffrey D. Fisher (2010), Real Estate Finance and Investments, 14th
edition, McGraw-Hill/Irwin.
David M. Geltner, Norman G. Miller, Jim Clayton, and Piet Eichholtz (2007), Commercial Real
Estate Analysis & Investments, 2nd edition, South Western College Publishing.

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Bachelor in Real Estate Valuation and Development
REAL306 STATUTORY VALUATIONS

AIMS AND OBJECTIVES


The main objective of the module is to prepare students for carrying out valuations for special
purposes such as compulsory purchase, planning compensation and rating. The course will also
demonstrate the relevance and importance of relevant case law and statute drawing from both the
Cyprus and European legislation.

LEARNING OUTCOMES
On completion of this module, students should be able to demonstrate:
- Knowledge of the main types of statutory valuations
- Ability to apply the statutory rules of compensation and the statutory planning assumptions under
different situations in order to produce valuations for compulsory purchases
- Ability to apply relevant statutory provisions when valuing properties for planning compensation
for different situations and how to value various types of property for rating purposes

TEACHING METHODS
The main teaching method is lectures.

ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include three
assignments.
SYLLABUS CONTENT
The topics covered in the module include:
• Leasehold legislation
• Leasehold valuation
• National and local taxation
• Rating
• Compulsory purchase and compensation
• Planning legislation and compensation

READING
Baum Andrew and Gary Sams (2007), Statutory Valuations, 4th Edition, Butterworth Heinemann.
Barry Denyer-Green (2006), Compulsory Purchase and Compensation, 8th Edition, Estates Gazette.

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Bachelor in Real Estate Valuation and Development
REAL400 REAL ESTATE DEVELOPMENT

AIMS AND OBJECTIVES


The main objective of the module is to provide an overview of the various stages of the real estate
development process. Students will study ways of selecting and evaluating development sites,
appraising a development project and analyzing its feasibility, funding projects and applying general
development and investment principles to residential, retail, office and other types of projects.
LEARNING OUTCOMES
On completion of this module, students should be able to:
- Understand the problems involved in the planning of real estate development projects.
- Understand the micro and macro market factors that need to be taken into account when
contemplating a real estate development project.
- Evaluate the economic viability of a proposed development.
- Understand the nature of risks involved in real estate projects.
- Understand and deal with the legal, environmental and planning issues of real estate development
projects.
TEACHING METHODS
Lectures, seminars and site visits.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest thinking and developments on topics
discussed in the class.
SYLLABUS CONTENT
The following topics will be covered in the lectures:
- The Real Estate Development Process
- Market Analysis and Site Selection
- Site Planning and Design
- The Approval and Permitting Process
- Development Project Analysis and Valuation
- Property Development Finance
- Marketing for Development
- Commercial Property Development
- Residential Property Development
- Property Development and Environmental Considerations
- Culture and Heritage Projects

READING
Brueggeman William B., and Jeffrey D. Fisher (2010), Real Estate Finance and Investments, 14th
edition, McGraw-Hill/Irwin.

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Bachelor in Real Estate Valuation and Development
David M. Geltner, Norman G. Miller, Jim Clayton, and Piet Eichholtz (2007), Commercial Real
Estate Analysis & Investments, 2nd edition, South Western College Publishing.
Peiser R. and Frej A. (2003), Professional Real Estate Development – The ULI guide to the Business,
2nd edition, Urban Land Institute.
Ratcliff John, Stubbs Michael and Keeping Miles (2009), Urban Planning and Real Estate
Development, 3rd edition, Routledge.
Wilkinson Sara and Reed Richard (2008), Property Development, 5th edition, Routledge.

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Bachelor in Real Estate Valuation and Development
REAL401 REAL ESTATE INVESTMENT: INTERNATIONAL AND
DOMESTIC

AIMS AND OBJECTIVES


The aim of this module is to focus on the investment aspects of real estate and use modern portfolio
theory to examine its role in a portfolio of assets, either directly or through real estate funds. The
implications of expanding the standard asset pricing models to include real estate is examined in
international setting.
LEARNING OUTCOMES
On completion of this module, students should be able to:
- Understand the problems involved in the measurement real estate returns
- Evaluate investment performance and carry out performance attribution using appropriate
benchmarks.
- Understand the nature of real estate funds, the determinants of their value and their regulatory
framework
- Understand the advantages and risk implications of international real estate strategies
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest thinking and developments on topics
discussed in the class.
SYLLABUS CONTENT
The following topics will be covered in the lectures
- Measurement of real estate returns
- Real estate investment analysis
- Debt and equity valuation
- Income tax and leverage considerations
- Risk and return characteristics of real estate
- Real estate portfolio strategies
- Real estate funds
- Joint ventures, syndication and partnerships
- International real estate investments
- Cyprus Investment Environment

READING
Brueggeman William B., and Jeffrey D. Fisher (2010), Real Estate Finance and Investments, 14th
edition, McGraw-Hill/Irwin.
David M. Geltner, Norman G. Miller, Jim Clayton, and Piet Eichholtz (2007), Commercial Real
Estate Analysis & Investments, 2nd edition, South Western College Publishing.

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Bachelor in Real Estate Valuation and Development
Hoesli Martin and Bryan D. MacGregor (2000), Property Investment: Principles and Practice of
Portfolio Management, Longman.
Brown Gerald and George Matysiak (1999), Real Estate Investment: A Capital Market Approach,
Longman Group United Kingdom.
Su Han Chan, John Erickson, and Ko Wang (2002), Real Estate Investment Trusts, Oxford University
Press.

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Bachelor in Real Estate Valuation and Development
REAL402 FACILITIES/PROPERTY MANAGEMENT

AIMS AND OBJECTIVES


The aim of this module is to provide an overview of the variety of tasks performed by property
management personnel/companies and the differentiation of the management approaches used by
commercial and residential managers.
LEARNING OUTCOMES
On completion of this module, students will be able to:
- Understand how a property management company operates
- Understanding the differences in managing different property types
- Improve the decision making process as part of a property management company
TEACHING METHODS
The main teaching method is lectures.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest thinking and developments on topics
discussed in the class.
SYLLABUS CONTENT
The topics covered in the syllabus include:
- Property management as a profession
- Landlord and Tenant Law
- Property management issues and tasks
- Marketing management
- Managing and negotiating leases
- Maintenance & construction
- Managing commercial property
- Managing residential property
- Life safety issues
- Risk and environment
- Culture and Heritage Projects

READING
Kyle R., Baird F. and Spodek M. (2004), Property Management, 7th edition, Dearborn Financial
Publishing Inc.
Fisher J. and Martin R. (2007), Income Property Valuation, 2nd edition, Dearborn Financial Publishing
Inc.
Floyd C. and Allen M. (2008), Real Estate Principles, 9th edition, Kaplan Publishing.
Larsen J. (2008), Core Concepts of Real Estate Principles and Practices, John Wiley.
Lefcoe G. (2009), Real Estate Transactions, Finance and Development, LexisNexis.
Aalberts R. and Siedel G. (2008), Real Estate Law, 7th edition, South-Western College.

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Bachelor in Real Estate Valuation and Development
REAL403 REAL ESTATE DEVELOPMENT PRACTICE

AIMS AND OBJECTIVES


This complementary module to REAL400 and uses all the concepts and analytical tools discussed in
that module, and in the other modules of the programme, to an actual real estate development project.
This is a how-to- do it module, as opposed to a research project, and students will have weekly
seminars to present interim results and review progress. Students will be encouraged to work with
practitioners and liaise with government departments to get a real perspective of the issues involved.
LEARNING OUTCOMES
On completion of this module, students will:
- Have acquired skills and experience to analyse and synthesise real estate development projects.
- Have acquired experience in terms of dealing with design and regulatory constraints.
- Have the opportunity to develop their ability to work and interact with other professionals in a
controlled environment.
TEACHING METHODS
The module will be taught as a workshop. Students will be given a project to develop and this will be
done through a series of supervised tasks supplemented by lectures, discussions, and field trips
offered by the instructors and invited guests.
ASSESSMENT
The module will be assessed through a series of exercises on a particular development. Students will
be evaluated on all the aspects of the project, from its design till its final completion. Both the method
and the final report will be evaluated.
SYLLABUS CONTENT
There is no defined syllabus for this module. Students will need to examine all the aspects of a real
estate development project starting with the rational for such a development in terms of market
conditions, the suitability of design from a regulatory, social, environmental and aesthetic point of
view, the funding, management and implementation issues and finally the economic financial
feasibility of the development.
READING
Peiser R. & Frej A. (2003), Professional Real Estate Development – The ULI guide to the Business,
2nd edition, Urban Land Institute.
Ratcliff John, Stubbs Michael and Keeping Miles (2009), Urban Planning and Real Estate
Development, 3rd edition Routledge.
Wilkinson Sara and Reed Richard (2008), Property Development, 5th edition, Routledge.
Miles E. Mike, Bevens Gayle and Eppli Mark (2007), Real Estate Development Principles and
Process, 4th Edition, Urban Land Institute.

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Bachelor in Real Estate Valuation and Development
REAL404 SUSTAINABILITY AND ENVIRONMENTAL ISSUES IN REAL
ESTATE DEVELOPMENT

AIMS AND OBJECTIVES


Environmental and sustainability issues are becoming increasingly important in real estate
development projects. Thus, the aim of this course is to inform students of all aspects of
environmental and sustainability issues that may need to be taken into account and factored in a real
estate project depending on its nature and size. The course includes subjects having always as an axis
the concept of sustainable planning and development.
LEARNING OUTCOMES
On successful completion of the module, students will be:
- Aware of environmental issues and sustainability issues and how they relate to real estate
development
- Understand the principles of sustainable development and how they apply to both large scale and
small scale projects
- Become aware of contemporary trends in sustainable development and environmental planning
TEACHING AND LEARNING METHODOLOGY
The course will be taught trough lectures, site visits, evaluations and discussions of on-going student
work and seminars.
ASSESSMENT
This module is assessed by coursework and examinations, which will be given a 30/70 weight.
Examinations will include a 2-hour midterm and a 3-hour final exam. Coursework will include four
assignments one of which will be a research paper on the latest environmental thinking with respect to
Culture and Heritage Projects.
SYLLABUS CONTENT
The following topics will be covered in the classes:
- Ecological systems and urban development
- Consequences of development on the natural environment
- Land contamination
- Urban design and land use planning for sustainable development
- Sustainable development principles and real estate development planning
- Environmental management and real estate development planning.
- Planning and pollution control
- Waste management
- Conservation of water resources
- Conservation of natural and man-made landscapes and cityscapes
- Principles of passive design
- Sustainable materials
- Green Buildings: Design of buildings that have lower environmental impact
- Sustainable refurbishment of existing stock
- Culture and Heritage Projects

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Bachelor in Real Estate Valuation and Development
READING
Cooper, Rachel et al (ed), (2009), Designing Sustainable Cities. Wiley-Blackwell.
Elsevier, Sassi, Paola, (2006), Strategies for Sustainable Architecture. Taylor & Francis.
Keeping, Miles and Shiers David (2004), Sustainable Property Development, Blackwell Science Ltd.
Girardet, Herbert (2003), Creating Sustainable Cities, Green Books of the Schumacher Society.
Roaf, Sue, David Crichton et al., (2009), Adapting Buildings and Cities for Climate Changes.
Architectural Press.
Wheeler S. M. & Beatley T. (Eds.) (2004) The Sustainable Urban Development Reader. London;
New York: Routledge.

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Bachelor in Real Estate Valuation and Development
PEPS100 LANGUAGE AND COMMUNICATION SKILLS

AIMS AND OBJECTIVES


This is a non-credit module whose aim is to develop students’ reading, listening, speaking and writing
language skills. Students will enhance their ability to listen, read, write, and speak through a
structured study of words and the theory of language as well as through the preparation and delivery
of speeches by way of group discussions and practice in arguing.
LEARNING OUTCOMES
On completion of the course students:
- Will have increased their linguistic ability
- Will be able to participate in class in a confident and effective way
- Will have acquired social skills for more effective social interaction
- Will have enhanced their organisational and study skills

TEACHING AND LEARNING STRATEGIES


The module is a mixture of lectures and directed work in language development. Students will attend
special films and workshops.
ASSESSMENT
There is no grade on this module; however students need to pass the module on a pass/fail assessment
based on class participation.
SYLLABUS CONTENT
- Language skills: Narration and sentence structure
- Building effective vocabulary
- Organising and presenting speeches
- Formulating arguments
- Leading and participating in group discussions
- Social skills
- Active listening
- Techniques of creative writing

BIBLIOGRAPHY
Mary Ellen Guffey (2009), Essentials of Business Communication, South-Western College.

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Bachelor in Real Estate Valuation and Development
PEPS101 COMPUTER SKILLS

AIMS AND OBJECTIVES


The aim of this module is to provide students with a good overview of computer concepts and
hardware and make them proficient in the use of applications such as Microsoft Windows, Microsoft
Office, including Microsoft Word, Microsoft Excel, Microsoft Access, Microsoft PowerPoint,
Microsoft Outlook, Dreamweaver etc. The module is closely integrated with the mathematics module
which runs concurrently, and the knowledge acquired will be used in other modules such as statistics.
LEARNING OUTCOMES
At the end of the course, the student will have become computer fluent and be able to:
- Understand the basic Hardware/Software aspects of computing.
- Use Operating System, and File Management tasks.
- Understand computer security issues and keep them safe from hackers and viruses.
- Create documents, build worksheets, create presentations and manage databases in Microsoft
Office.
- Use web applications.

TEACHING AND LEARNING STRATEGIES


Each lecture will be an introduction to a specific topic and will be followed by hands-on learning, in
the computer lab.
ASSESSMENT
Students will be assessed by a series of weekly projects and in-class tests.
SYLLABUS CONTENT
The syllabus is indicative and will be adjusted from year to year in line with industry development
and student needs. Students who already posses a high degree of computer literacy will follow a
course of directed study in computer programming.
- Computer architecture and components
- System Software: The Operating Environment
- Networks: Communicating and Sharing Resources
- Telecommunications
- Computer Crime and Security, Privacy and Encryption
- Application Software, Microsoft Office and web applications

BIBLIOGRAPHY
There is no standard textbook for the module. Lecturers will hand out tailor-made material for this
module.

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Bachelor in Real Estate Valuation and Development
BUSN100 INTRODUCTION TO BUSINESS

AIMS AND OBJECTIVES


The aim of the module is to provide a survey of the field of business management, by introducing
students to topics such as business organisation, the human factor in business, technology in business,
ethical behaviour, the environment, global and economic forces, organization, quality, products and
services, functional management, and current issues and developments. The objective of the module is
to familiarise the students with the main functions of a modern corporation.
LEARNING OUTCOMES
By the end of the course, each student will be able to:
- describe and discuss contemporary business in the free enterprise system.
- outline the structure and forms of ownership of business
- list the functions of Human Resource Management.
- identify marketing planning and strategies.
- discuss management aspects and strategies, in light of the economy today.
- explain the impact of technology, ethical behaviour, global and environmental forces, and
diversity on business activities.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
TEACHING AND LEARNING STRATEGIES
The module will be taught through lectures.
SYLLABUS CONTENT
- The module covers six broad areas of a modern corporation’s activities, namely:
- Contemporary Business and its Environment
- The Structure of Business
- Leadership and Management of the Organization
- Human Resources Management
- Marketing Management
- Management Information Systems and Financial Management

BIBLIOGRAPHY
Boone, Louis E. and David Kurtz (2008), Contemporary Business 2009. South-Western College
Publishers.
Madura, J. (2006), Introduction to Business, 4th edition, South-Western College Publishers.
William M. Pride, W. M., Hughes, R. J. and Kapoor, J. R, (2010), Business, 10th edition, South-
Western College Publishers.
Pettinger, R. (2007), Introduction to Management, 4th edition, Palgrave Macmillan, UK.

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Bachelor in Real Estate Valuation and Development
GEED101 MEDITERRANEAN CIVILISATION

AIMS AND OBJECTIVES


This module studies the evolution of ancient Mediterranean societies and cultures from the prehistory
until the decline of the Roman Empire, the rise of Islam, and the end of the Mediterranean as a
cultural unit. It focuses on major historical events and social, political, cultural, and religious
institutions and practices of ancient Mesopotamia, Egypt, Palestine, Greece, and Rome.
LEARNING OUTCOMES
Upon completion of the course, students will be able to:
- Recognise the key events and persons in the history of the ancient Mediterranean
- Explain the origins of the major cultural institutions of the area
- Compare and contrast the cultures of the ancient Mediterranean
- Compare and contrast the cultures of the ancient Mediterranean with contemporary non-
Mediterranean societies.
- Develop methods of evaluating and analyzing primary sources and material objects for the history
of the ancient Mediterranean.
- Develop critical thinking skills to compare modern images of the ancient Mediterranean as
depicted in fiction and film with ancient realities.
TEACHING AND LEARNING STRATEGIES
The syllabus will be delivered through lectures.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT
The module will cover the following topics:
- Prehistory
- The First Civilizations: Mesopotamia and Egypt
- Bronze Age Civilizations in the Eastern Mediterranean and Aegean
- Israel and Judah
- Greek Civilization: Hellas and Hellenism
- Greek Democracy and its heritage
- Rome: Republic and Empire
- Christianity and the Late Antique Mediterranean World
- The Decline of the Empire
- The End of the Mediterranean Unit: The Rise of Islam
- Culture and Heritage Projects in the Mediterranean region
BIBLIOGRAPHY
Winks, Robin, Parks, Susan (2004), The Ancient Mediterranean World.
Cantor, Norman (2003), Antiquity: the Civilization of the Ancient World.
Nissen, Hans (1998), The Early History of the Ancient Near East, 9000-2000 B.C.

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Bachelor in Real Estate Valuation and Development
MATH100 MATHEMATICAL METHODS

AIMS AND OBJECTIVES


This module is an introduction to the fundamental mathematical concepts of calculus and linear
algebra to enable students to follow more advanced topics in other modules. The module fulfils the
general educational requirement for quantitative reasoning. The students will perform most of the
practical calculation using the Excel computing package. The use of Excel is integrated into the
teaching of maths as the Computing Skills module runs concurrently.
LEARNING OUTCOMES
On completion of the module students will:
- Have acquired basic quantitative reasoning that will enable them to follow other modules such as
statistics and research methods
- Be able to perform spreadsheet calculations and to develop skills to tackle quantitative problems
- Be more proficient and confident in dealing with mathematical concepts beyond the confines of
the particular degree programme they follow.
TEACHING AND LEARNING STRATEGIES
The module will be delivered through lectures and classes.
ASSESSMENT
There will be weekly assignments which will contribute 40% to the overall assessment and a final
examination which will contribute 60% to the final assessment.
SYLLABUS CONTENT
- Functions
- The equation of a straight line
- Translations
- Quadratic functions
- Power functions
- Exponential functions
- Logarithmic functions
- Trigonometric functions
- Combining functions
- Solving equations
- Equations involving elementary functions
- Simultaneous equations
- Differential Calculus
- Maxima and minima
- Integration
- Matrices and linear systems of equations
- Matrices
- Operations of matrices
- Multiplication of matrices
- The inverse of a matrix and determinant
- Solutions of linear systems

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Bachelor in Real Estate Valuation and Development
BIBLIOGRAPHY
Ernest F. Haeussler, Richard S. Paul, and Richard J. Wood (2010), Introductory Mathematical
Analysis for Business, Economics, and the Life and Social Sciences, 12th edition, Prentice Hall.
Larry J. Goldstein, David I. Schneider, David C. Lay, and Nakhle H. Asmar (2009), Calculus and its
Applications, 12th edition, Prentice Hall.

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Bachelor in Real Estate Valuation and Development
STAT100 INTRODUCTION TO STATISTICS

 
AIMS AND OBJECTIVES
The aim of the course is to familiarise students with basic statistical techniques. Part of this objective
is achieved through the use of the EXCEL spreadsheet package and the SPSS computer package.
Topics include summarising and plotting data, basic probability theory, testing hypotheses, correlation
analysis and regression. Students built on their knowledge of EXCEL from the Computer Skills
module and make use of the statistical functions. At the same time they are introduced to the industry
standard package SPSS.
LEARNING OUTCOMES
On completion of this course students will be able to:
- Calculate and interpret descriptive statistics such as measures of central tendency and variability
using EXCEL or SPSS 
- Produce graphical and tabular representations of data in EXCEL or SPSS, and be able to use
statistical tables
- Estimate sample parameters and formulate and carry out significance tests for statistical
hypotheses
- Compute and interpret confidence intervals for means and variances
- Understand the assumptions and limitations of statistical inference.  
- Critically evaluate published research.
- Be able to carry out independent analysis of data sets using appropriate statistical tests on
computer using SPSS.
TEACHING AND LEARNING STRATEGIES
The module will be assessed by four homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
ASSESSMENT
The module is assessed by an exam paper and coursework.
SYLLABUS CONTENT
- Basic techniques of summarising data, introduction to SPSS
- Central Tendency and Spread Data transformations (z-scores)
- Random variables and probability distributions
- Samples and sampling distributions
- Statistical estimation and inference
- Testing claims about a statistic from a single sample
- Testing for association between variables
- Testing claims about differences between samples
- The F and Chi-squared distributions
- One-Factor ANOVA
- Two-Factor ANOVA
- Correlation Analysis
- Simple Linear Regression

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Bachelor in Real Estate Valuation and Development
BIBLIOGRAPHY
Lee Kirkpatrick & Brooke C Feeney (2006), A Simple Guide to SPSS for Windows, Thomson
Wadsworth.
Michael R Middleton (2004), Data Analysis Using Microsoft Excel, Thomson Brooks.
Gravetter, F. J. & Wallnau, L. B. (2008), Essentials of Statistics for the behavioral sciences, 6th
edition. Belmont, CA: Wadsworth/Thomson Learning.
Howell, David C. (2004), Fundamental Statistics for the Behavioural Sciences, 5th edition, Pacific
Grove: Duxbury.

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Bachelor in Real Estate Valuation and Development
FINA100 PRINCIPLES OF FINANCE

AIMS AND OBJECTIVES


The aim of this module is to provide students with a basic knowledge of the role of financial markets
in a modern economy, the functions of financial intermediaries such as banks, brokers, mutual funds,
and pension funds and the characteristics of the financial instruments traded in these markets.
Students will learn how financial markets operate and consider the economic principles that underlie
the operations of these markets and the history, regulation and risks of the financial system. The
content of the module is self contained so that students who do not pursue further study in finance will
have acquired a rather complete treatment of the subject.
LEARNING OUTCOMES
On completion of the course students will have acquired:
- A good knowledge of the role of the financial system in a modern economy
- A good understanding of the various instruments, bonds, equities and derivatives traded in the
financial markets
- A strong background to understand and interpret current financial markets developments
TEACHING AND LEARNING STRATEGIES
The module will be taught through a series of lectures.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT
The syllabus is divided into three broad areas. The first area covers the types of markets in which
financial instruments are traded and the main players. The second area is a more detailed examination
of the various financial instruments and the principles that underline their valuation as well as the
conventions /regulations that govern their trading. The third part deals with simple applications.
The detailed topics covered in the module are:
- Introduction to financial markets
- Primary markets
- Secondary markets
- The mortgage market
- Banks and loans
- Insurance companies and pension funds
- Derivative instruments
- Time value of money – single cash flows
- Time value of money – multiple cash flows
- Introduction to return and risk in financial markets
- Capital market history
- Bond markets
- Equity markets

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Bachelor in Real Estate Valuation and Development
BIBLIOGRAPHY
Stephen Ross, Randolph Westerfield, and Bradford Jordan (2009), Fundamentals of Corporate
Finance, 9th edition, McGraw-Hill/Irwin.
Fred Mishkin and Stanley Eakins (2008), Financial Markets and Institutions, 6th edition, Addison
Wesley.
Andrew Chisholm (2002), An Introduction to Capital Markets, Wiley.

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Bachelor in Real Estate Valuation and Development
ECON101 PRINCIPLES OF MICROECONOMICS

AIMS AND OBJECTIVES


Microeconomics is concerned with the behaviour of individual decision makers in the economy—
households, business firms, and governments—and how they interact. Because modern societies rely
heavily on markets to coordinate such interactions, the course focuses on how markets work and what
kinds of results they produce. We will examine the rationale for various public policies designed to
modify the workings of markets, and we will study the effects of such policies—both intended and
unintended. Throughout the course we will consider a wide variety of social, legal, regulatory,
technological, and global issues that form the context for economic activity.
LEARNING OUTCOMES
On completion of the course, students will be able to:
- Understand how consumers formulate demand plans
- Explain the factors that affect the demand for goods or services
- Understand how producers formulate production plans
- Understand how market structure determines prices in a certain market
- Explain why markets fail
TEACHING AND LEARNING STRATEGIES
The syllabus is taught through lectures.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT
- The Economic Problem
- Overview of Markets
- Demand and Supply
- Elasticity
- Efficiency and Equity
- Markets in Action
- Determinants of Demand and Supply
- Utility and Demand
- Organizing Production
- Output and Costs
- Markets for Goods and Services
- Competition
- Monopoly
- Monopolistic Competition and Oligopoly
- Markets for Productive Resources
- Demand and Supply in Resource Markets
- Markets and Government
- Externalities

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Bachelor in Real Estate Valuation and Development
- Public Goods and Taxes

BIBLIOGRAPHY
Michael Parkin (2003), Microeconomics, 6th edition, Reading, MA: Addison-Wesley.
Mark Rush (2008), Study Guide for Parkin, Microeconomics. (Print or CD-ROM).

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Bachelor in Real Estate Valuation and Development
ECON102 PRINCIPLES OF MACROECONOMICS

AIMS AND OBJECTIVES

The aim of this module is to provide an introduction to the problems of unemployment, inflation, and
economic growth and the tools for tackling them, such as monetary and fiscal policies. The module
will cover the basic macroeconomic accounting framework, the methods of measuring economic
activity and wealth in a country, and then examine the basic schools of economic thought, which
include the classical, Keynesian, monetarist, and supply-side schools of thought.

LEARNING OUTCOMES
After successfully completing this course, the student will be able to:
- discuss and measure economic variables
- apply macroeconomic theory to the problems of price stability, full employment, and economic
growth
- describe monetary tools and policies
- discuss the determinants of economic growth
- explain international trade and finance
TEACHING AND LEARNING STRATEGIES
The module is taught through lectures.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT
- Supply and Demand
- Macroeconomic Stability and Prosperity
- The Circular Flow of Income and Product
- Measuring Economic Activity
- The Income Expenditure Model
- Fiscal Policy
- Money and the Banking System
- Central Banking and Money Creation
- The Supply and Demand for Money
- Monetary and Fiscal Policy
- Policies for Price Stability
- International Macroeconomics
BIBLIOGRAPHY
E. G. Dolan, D.E. Lindsey and C. Liard-Muriente (2006), Understanding Macroeconomics, CA:
Horizon Textbook Publishing.
William J. Baumol and Alan S. Blinder (2009), Economics: Principles and Policy, 11th edition,
South-Western College Publishers.

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STAT200 STATISTICS

AIMS AND OBJECTIVES


The aim of this module is to enable students to perform good multivariate statistical analyses. To
achieve this, a great deal of statistical theory is covered in the module and statistical software will be
used in order to perform the various statistical tests and produce parameter estimates. The emphasis
throughout the module is on understanding the logic of statistical methodologies and the
interpretation/meaning of the findings, rather than on the mathematical underpinnings of each method.
LEARNING OUTCOMES
By the end of the module, the student will:
- Be able to perform multivariate data analysis, using statistical software, such as factor analysis,
regression analysis, cluster analysis etc.
- Be able to interpret the results and test the assumptions of a multivariate data analysis.
- Be able to understand academic research employing multivariate techniques.
- Be able to understand the empirical techniques as used in academic journals.
- Be more confident and proficient
- Be aware of the potential problems with the analysis and able to make corrections, if these
problems are present.
TEACHING AND LEARNING STRATEGIES
The module is taught through lectures and laboratory sessions.
ASSESSMENT
The Course grade will be based on a weighted average of the following:
Six computer laboratory assignments worth 30% overall (5% each).
Graded homework problems (20%).
A final exam worth 50%.

Laboratory Assignments 
There will be 6 graded computer laboratory assignments that will use either Microsoft Excel, AMOS
or SPSS.
SYLLABUS CONTENT
The following topics will be covered in the lectures:
- SPSS beginner’s tutorial: descriptive stats, explore, recoding, computing, splitting dataset,
scatterplots with rotations, boxplots, outliers, missing data
- Matrix manipulation of data
- SPSS: matrix computations
- Multivariate normal random variables
- Random samples from multivariate normal
- Inferences about a mean vector
- Classical Linear Regression Model: Gauss-Markov
- Violations of classical regression assumptions
- Regression topics: multicollinearity, non-spherical error, dummy variables, mediator variables,
Poisson regression
- Specification errors in regression

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- Exploratory Factor Analysis
- SPSS applications of factor analysis
- Multidimensional Scaling
- Cluster analysis
- Confirmatory Factor Analysis
- Confirmatory Factor Analysis via AMOS
- Simultaneous equation regression and 2SLS
- Structural equation models (SEM)
- Identification of systems of equations
- Structural equation models via AMOS
- ANOVA and MANOVA
- MANOVA via SPSS General linear model
- Discriminant analysis
- Binary logit models of qualitative choice
- Multinomial logit

BIBLIOGRAPHY

Recommended texts 
James Lattin, Douglas Carroll and Paul Green (2003), Analyzing Multivariate Data, Thomson
Learning.
Bernard Flury (1997), A first Course in Multivariate Statistics, Springer.
SPSS Companion for Lattin/Green/Carroll's Analyzing Multivariate Data.
Richard Bronson (1989), Matrix Operations, Schaum Outline Series, McGraw-Hill.

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BUSN202 MANAGERIAL ECONOMICS

AIMS AND OBJECTIVES


The aim of this module is to introduce students to the fundamental concepts of managerial economics and
to apply those principles to business analysis and managerial decision making. The main objective is for
the students to become accustomed to managerial economic reasoning and use the tools of economic
analysis in real life case studies.

LEARNING OUTCOMES
At the end of the term, students should be able to:
- Estimate own-price, cross-price, and income elasticity and interpret the results for market prices and
quantities.
- Discuss and analyze factors that affect the production and cost structure of a firm and an industry.
- Describe and analyze market structures using models of perfect and imperfect competition.
- Interpret and analyze current business articles using the main microeconomic models and
frameworks.

TEACHING AND LEARNING STRATEGIES


The module is taught through lectures and classes.

ASSESSMENT
The module is assessed by two pieces of coursework, in the form of a management report and a final
examination.

SYLLABUS CONTENT
The following topics will be covered in the lectures:
- Introduction to Managerial Economics; Timing, Organization and Markets
- Individual Demand, Demand and Income, Other Factors in Demand
- Market Demand, Buyer Surplus, Business Demand
- Own-Price Elasticity
- Forecasting Quantity Demanded and Expenditure
- Other Elasticities, Adjustment Time
- Estimating Elasticities, Elasticity of Supply
- Short-Run Costs, Short-Run Individual Supply
- Long-Run Individual Supply, Market Supply
- Seller Surplus, Labor Supply
- Perfect Competition and Market Equilibrium
- Supply Shift and Demand Shift

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- Conditions for Economic Efficiency
- Adam Smith's Invisible Hand
- Decentralized Management
- Economies of Scale, Economies of Scope and Experience Curve
- Opportunity Cost, Transfer Pricing and Sunk Costs

- Sources of Market Power, Monopoly Pricing, Demand and Cost Changes, Research and
Development
- Market Structure and Monopsony
- Price/Capacity Leadership, Restraining Competition, Antitrust (Competition) Policy
- Pricing methods
- Taxation and effects on business decisions
- Competition policy and the role of government
- Regulation

BIBLIOGRAPHY
Png, I. and Lehman, D. (2007), Managerial Economics, 3rd edition, Blackwell Publishing.

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BUSN204 PRINCIPLES OF MARKETING

AIMS AND OBJECTIVES


The aim of this module is to provide students with an introduction of the main marketing concepts and
the role of the marketing function within a business. Students will progress through the topics of
generic functions of business, the environment of business, market planning, information, and
segmentation, consumer behaviour, marketing ethics, and marketing strategy.

LEARNING OUTCOMES
Upon successful completion of this class, course participants will have:
- Acquired knowledge of marketing concepts and their successful implementation in a corporate
setting;
- Demonstrated ability to apply marketing theory to actual situations;
- Gained an understanding of the evaluation and selection of consumer and organizational target
markets;
- Understood the importance of steps in marketing research; and
- Developed and organized information that could be used to develop a marketing plan.
TEACHING AND LEARNING STRATEGIES
The module will be taught through lectures.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
CONTENT SYLLABUS
The following topics will be covered in the lectures:
- The marketing Function
- Marketing Planning
- Customer Analysis Segmentation, Targeting & Positioning
- Customer Analysis, Consumer Behaviour
- Company & Competitor Analysis
- Product Strategy: New Product Development
- Product Strategy: Brand Management
- Pricing Strategy
- Promotion Strategy
- International Marketing
- Marketing Research
- Special consideration of service marketing.

BIBLIOGRAPHY
Elizabeth Hill & Terry O'Sullivan Longman (1999), Essential Marketing.

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Kotler, Philip & Barry Armstrong, (2007), Principles of Marketing, 12th edition, Prentice Hall
Dibb, Simkin, Pride & Ferrell (1992), Supplementary Marketing: Concepts and Strategies, Houghton
Mifflin Company, Boston.
Kerin, Hartley, and Rudelius (2007), Marketing: The Core, 2nd edition, McGraw Hill .

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ACCN200 FINANCIAL ACCOUNTING

AIMS AND OBJECTIVES


The aim of this module is to introduce students to the principles, concepts and uses of financial
accounting information and to provide them with a good understanding of the role of accounting
systems in a business. The module equips students with the technical ability to use the double entry
system of record keeping and to prepare basic financial statements.
LEARNING OUTCOMES
On completion of the module students should be able to:
- Explain the nature and purpose of financial accounting
- Read and interpret data in financial statements
- Outline the legal and regulatory framework relating to financial reporting
- Display a thorough understanding of the processing and recording of financial data in an entity's
accounting system
- Prepare financial statements for single entities
TEACHING AND LEARNING STRATEGIES
The course will be taught through lectures.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT
- The context and purpose of financial reporting
- The qualitative characteristics of financial information and the fundamental bases of accounting
- Double-entry and accounting systems
- Recording transactions and events
- Preparing a trial balance
- Preparing basic financial statements
BIBLIOGRAPHY
Wood, F & Sangster A. (2008), Business Accounting 1 FT Prentice Hall, 11th edition.
Thomas, A., An Introduction to Financial Accounting, McGraw Hill.
Benedict & Elliot, An Introduction to Financial Accounting, Prentice Hall.

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FINA200 FINANCIAL THEORY

AIMS AND OBJECTIVES


The aim of this module is to provide the student with a good understanding of the theory of asset
pricing in the capital markets. This module forms the basis on which more specialised financial
modules are based and is therefore rather quantitative as many of the important problems of the
course must be attacked by theoretical and mathematical methods. The module is divided into three
major parts dealing with the valuation of fixed income securities in part one, with the valuation of
equities in part two and with the valuation of derivatives in part three.
LEARNING OUTCOMES
On completion of the course students will have acquired:
- A good knowledge of the models employed for the pricing of fixed income instruments
- A good understanding of the properties of portfolios and their risk-diversifying capacity.
- A deep understanding of the assumptions underlying the validity of standard asset pricing models
- A good knowledge of the way derivative securities are traded.
TEACHING AND LEARNING STRATEGIES
The module will be taught through a series of lectures (36 hours).
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT
The following topics will be covered in the lectures:
- Characteristics of Bonds
- The Yield Curve and the Term Structure of Interest Rates
- Calculating Forward Rates from Spot Rates
- Theories of the Term Structure
- Credit risk Premiums
- Bond Price Volatility and Managing Interest Rate Risk
- Duration and Convexity of a Bond
- Immunizing a Bond Portfolio
- Security and Portfolio Returns
- Mean – Variance Analysis and Portfolio Properties
- Expected Utility and Portfolio Selection
- The Capital Asset Pricing Model
- How CAPM is Used in the Real World
- Multi-Factor Asset Pricing Models
- Market Efficiency
- Futures Markets and Pricing
- Futures and Hedging
- Options Markets and Pricing
- Options and Hedging

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BIBLIOGRAPHY
Elton, Gruber, Brown, and Goetzmann (2010), Modern Portfolio Theory and Investment Analysis, 8th
International edition, John Wiley & Sons.
Zvi Bodie, Alex Kane, and Alan J. Marcus (2008), Investments, 7th edition, McGraw-Hill;

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FINA201 DERIVATIVES MARKETS

AIMS AND OBJECTIVES


This course is an introduction to derivative assets such as futures, forwards, swaps, and options,
financial engineering, risk management, and mortgage and credit derivatives. The module deals with
the pricing of these derivative assets, as well as securities that contain embedded options. We will
consider risk management strategies such as static and dynamic hedging. Applications will be
considered from equity, commodity and bonds.
LEARNING OUTCOMES
Students who complete the module will have:
- a good understanding of the way derivatives can be used in financial risk management
- a solid understanding of the valuation methods employed in the pricing of derivatives
- a deep appreciation of the risks stemming from derivatives trading
TEACHING AND LEARNING STRATEGIES
The module will be taught through lectures and small group practical exercises.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT

- Options, futures, forwards


- Portfolio strategies using derivatives
- Spot-futures parity, put-call parity
- Synthetic positions and quasi-arbitrage
- Index arbitrage and transaction costs
- Commodity contracts
- Convenience yields, carrying costs
- Price discovery
- Hedging and hedge funds
- The optimal hedge ratio
- Asset mismatches: basis risk and the effectiveness of the hedge
- Time mismatches: tailing the hedge
- Fixed income hedging: duration, convexity
- Hedge funds
- Swaps
- Swaps and FRAs
- Pricing swaps from forward rate curve
- Risk management
- Review yield curve

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BIBLIOGRAPHY
Robert McDonald, (2006) Derivatives Markets, 2nd edition, Addison Wesley.
Bodie, Kane, Marcus (2008) Investments, McGraw-Hill, 7th edition

Recommended texts 
F Arditti (1996), Derivative, Harvard Business School Press.
Fabozzi, F.J and M. Pitts (1989), Interest Rate Futures and Options: Pricing and Hedging Strategies
Chicago, Ill.: Probus.
J. Hull (1989), Options, Futures, and Other Derivative Securities, Prentice-Hall.

S. Figlewski, W. L. Silber and M. G. Subrahmanyam (1990), Financial Options: From Theory to


Practice, Irwin.

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FINA300 DEBT MARKETS

AIMS AND OBJECTIVES


The module provides an overview of the market for debt securities including derivatives on debt
securities. The module studies the relationships between bond prices, spot rates, forward rates and
yields and introduces the fundamental notion of arbitrage pricing in the context of securities with
fixed cash flows. It describes various ways to measure the risks of investing in fixed income
securities and factors determining yield spreads. Additional coverage includes demand and supply
analysis of bond yields, theories of the term structure of interest rates, asset securitization, and active
and passive bond investment strategies.
LEARNING OUTCOMES
- After completing the course, students will be able to:
- Provide an overview of financial markets and instruments;
- Apply concepts and tools to bond valuation, yield and return calculations;
- Explain the determinants of the broad level and structure of interest rates and how changes in
- these determinants can be expected to impact bond yields;
- Explain the determinants of interest rate differentials (yield spreads) among individual
- securities;
- Describe sources of risk and apply tools for quantifying risk in fixed income investments;
- Explain the primary features of corporate debt securities and markets and solve related
- problems;
- Describe various active and passive bond investment strategies and solve related problems;
- Describe mortgage-backed securities and the securitization process and solve related
- problems;
- Explain the fundamentals of forwards and futures on fixed income securities and solve related
- problems.
TEACHING AND LEARNING STRATEGIES
The module will be taught through lectures and small group practical exercises.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT
- Financial markets and instruments
- Bond valuation, yield and rate of return
- The Level and Structure of Interest Rates
- Bond Risks
- Duration and convexity;
- Limitations of duration and convexity as risk measures;
- Corporate debt securities and markets
- Bond Investment Strategies
- Indexing, cash-flow matching, classical immunization, and contingent immunization
- strategies;
- Bond indexes
- Corporate securities and credit risk
- The mortgage market and mortgage-backed securities

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- Interest rate derivatives
BIBLIOGRAPHY
Frank Fabozzi (2007), Fixed Income Analysis, 2nd edition, CFA Institute Investment Series.
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Bruce Tuckman, Fixed Income Securities (2002), 2nd edition, Wiley.
R. Stafford Johnson (2004), Bond Evaluation, Selection and Management, Blackwell Publishing.

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FINA301 CORPORATE FINANCE

AIMS AND OBJECTIVES


The aim of this module is to provide students with a conceptual framework for understanding and
addressing problems commonly faced by corporate decision-makers. The module starts with a
review of the approaches to investment appraisal including the application of real options, then it
discusses approaches to estimating the cost of capital for a corporation and the factors that affect the
capital structure of a corporation and finally deals with methods of valuing firms. Other topics
covered include mergers and acquisitions and the management exchange rate and interest rate risks.
LEARNING OUTCOMES
On completion of the module students will:
- Be able to develop basic understanding of the primary functions and decision-making processes
of a financial manager
- Have gained an understanding of financial markets and processes.
- Be familiar with the quantitative techniques used to assist in evaluating financial decisions.
- Have learned techniques for determining the market value of financial and physical assets.
- Have discovered the complex interaction between the economy and the financial markets.
- Have become comfortable engaging in discussion and debate over finance and related issues.
- Be familiar with essential terminology used among financial professionals.
- Have opportunities to relate concepts covered in class with current business situations.
TEACHING AND LEARNING STRATEGIES
The module will be taught through a series of lectures.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT
The following topics will be covered in the lectures:
- The Cost of Capital
- Cost of Debt
- Cost of Equity
- Weighted Average Cost of Capital
- The Basics of Capital Budgeting
- Different Methods of Evaluation
- Unequal Lives and Economic Life
- Cash Flow Estimation
- Estimating Cash Flows
- Simple Project Analysis
- Project Risk Analysis
- Sensitivity Analysis and Scenario Analysis
- Simulation
- Real Options
- Financial Planning and Forecasting

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- Overview of Financial Planning
- Financial Statement Forecasting
- Corporate Valuation
- Value Based Management
- Corporate Governance
- Capital Structure Decisions
- Business Risk and Financial Risk
- Capital Structure Theory
- Estimating the Optimal Capital Structure
BIBLIOGRAPHY

Required Text 
Michael C. Ehrhardt / Eugene F. Brigham (2006), Corporate Finance: A Focused Approach,
Thomson South-Western, 2nd edition.
Tim Koller, Marc Goedhart, David Wessels (2005), Valuation, Measuring and Managing the Value
of Companies, 4th edition, John Wiley & Sons, Inc.
Alan C. Shapiro (2006), Multinational Financial Management, 8th edition, John Wiley & Sons, Inc.
Alan C. Shapiro, Sheldon D. Balbirer (2000), Modern Corporate Finance, Prentice Hall.
Cheo S. Eun and Bruce G. Resnick (2007), International Financial management, 4th edition,
McGraw-Hill Irwin.
Bob Ryan (2007), Corporate Finance and Valuation, Thomson.
Simon Z. Benninga and Oded H. Sarig (1997), Corporate Finance: a valuation approach, McGraw-
Hill.

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PEPS400 DISSERTATION SEMINAR

AIMS AND OBJECTIVES


The aim of the dissertation seminar is to help students to apply requisite skills to carry out
independent research as well as direct them to possible topics for their dissertation.
LEARNING OUTCOMES
Upon successful completion of this course, students should be able to:
- Apply requisite skills to carry out independent research
- Understand the basic dimensions and approaches in designing a research study;
- Understand the basic structure of a well-written and coherent dissertation
- Locate and make maximum use of university research resources
TEACHING AND LEARNING STRATEGIES
The course will be taught through presentations and discussions.
ASSESSMENT STRATEGY
There will be no assessment as this is a zero ECTS course running in parallel with PEPS401
Dissertation
SYLLABUS CONTENT
Students will be introduced to several topics that can help them write a better dissertation including:
research design and basic research methodologies; components of a well-written and coherent
dissertation; and guidance in terms of how to write a defensible research proposal. During the course
students will also review and discuss recent research papers and literature on various topics in real
estate; learn about the available research resources at the university and how they can utilize them;
review examples of well written research proposals; and get help in terms of using econometric and
statistical packages or get directed to appropriate staff that can provide such help.
RECOMMENDED READING
Anderson, J. and Millicent, P. (2001), Assignment and Thesis Writing, 4th edition, Wiley, Brisbane,
Australia.
Mauch, J.E. and Birch, J. W. (1998), Guide to the Successful Thesis and Dissertation: A Handbook
for Students and Faculty, 4th edition, Publisher: M. Dekker, New York.
Preece Roy (1994), Starting Research: An Introduction to Academic Research and Dissertation
Writing, Printer Publishers, London.
Swernam, Derek (2000), Writing Your Dissertation: How to Plan, Prepare and Present Successful
Work, How to Books Oxford Publishers, U.K.

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PEPS401 DISSERTATION

AIMS AND OBJECTIVES


The aim of the dissertation is to give the opportunity to students to demonstrate their ability to carry
out an independent piece of research and development work, and to develop expertise in a chosen
subject area related to the course through the application of theory and techniques provided by the
course. This will take the form of a substantial study in a subject area related to construction project
management / real estate project management, largely through the exercise of independent inquiry.
LEARNING OUTCOMES
Upon successful completion of this course, students should be able to:
- demonstrate the ability to exercise judgment, independent thought, initiative, intellectual
achievement and understanding of the chosen subject matter;
- manage a substantial piece of individual research and development work;
- practice an area of academic discipline of the course to substantial depth;
- search, select and critically evaluate literature and material relevant to a chosen area;
- apply some of the theory and techniques developed during the course to the chosen area;
- communicate effectively in writing a programme of work and orally defend the dissertation in a
logical, precise and coherent manner.
TEACHING AND LEARNING STRATEGIES
Students will be individually supervised by their assigned Dissertation tutor.
ASSESSMENT STRATEGY
The module is assessed by coursework only.
SYLLABUS CONTENT
There is no fixed formal syllabus. Students will be required to undertake individually supervised
research and a dissertation. A departmental publication is provided giving details of requirements,
timing, and considerations necessary for the successful completion, on time, of the course.

In addition to the research skills gained earlier in the course, one formal 3-hour teaching session will
be arranged in week 1 of the Summer Term in order to review the necessary research skills and to
ensure that all students are thoroughly familiar with the requirements of the Dissertation.
RECOMMENDED READING
Anderson, J. and Millicent, P. (2001), Assignment and Thesis writing, 4th edition, Wiley, Brisbane,
Australia.
Fellows, R. and Liu, A.M.M. (1997), Research Methods for Construction, 1st edition, Blackwell
Science Ltd., London, U.K.
Mauch, J.E. and Birch, J. W. (1998), Guide to the Successful Thesis and Dissertation: A Handbook
for Students and Faculty, 4th edition, Publisher: M. Dekker, New York.
Naoum, S.G. (1998), Dissertation Research and Writing for Construction Students, Butterwort-
Heinemann, Oxford, U.K.
Preece, R. (1994), Starting Research: An Introduction to Academic Research and Dissertation
Writing, Printer Publishers, London.
Swernam, D. (2000), Writing your Dissertation: How to Plan, Prepare and Present Successful Work,
How to Books Oxford Publishers, U.K.

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9. ELECTIVES 

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Bachelor in Real Estate Valuation and Development
PSYC100 INTRODUCTION TO PSYCHOLOGY

AIMS AND OBJECTIVES


The aim of this course is to introduce students who have had no previous courses in psychology into
the various fields of research and applications of psychology. To achieve this aim, it presents the
various fields by focusing on a number of landmark studies in each field. In this way the students
come in contact with some important findings of psychology which they examine in some depth, and
at the same time become familiarized with the ways of thinking of psychologists.
LEARNING OUTCOMES
Upon completion of the course, students are expected to comprehend the complexity of human
behaviour and the methods used by psychologists to study and explain normal and declined patterns
of behaviour. They will also become aware of the possible contribution of biological and
environmental factors to the formation of behaviour and of the main questions the various fields of
Psychology deal with.
TEACHING AND LEARNING STRATEGIES
The module will be taught through lectures.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT
The following topics will be covered in the lectures:
- Definition and classification of psychology.
- Basic approaches to psychology.
- Research methods in psychology.
- Biological bases of behaviour.
- Perception, attention and consciousness.
- Learning and conditioning.
- Intelligence, cognition and memory.
- Human development.
- Emotion and motivation.
- Personality.
- Psychopathology.
- Psychotherapy.
- Social psychology.
BIBLIOGRAPHY
Hock,R. (2008), Forty Studies that Changed Psychology, 6th edition, Upper Saddle, NJ: Prentice Hall.
Drew A. (2008), Western Psychology: Mind, Brain & Culture, Wiley.

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ACCN201 MANAGERIAL ACCOUNTING

AIMS AND OBJECTIVES


The aim of the module is to introduce students to the nature and role of management accounting in
planning, control, decision-making and product costing within organisations and to foster students'
abilities to apply their knowledge and understanding of management accounting principles and
concepts through the development of cognitive, technical and interpersonal skills.
LEARNING OUTCOMES
On successful completion of this module, students will:
- Understand the nature, scope and role of management accounting in organizational settings.
- Be capable of preparing, analyzing and interpreting basic accounting information relevant to
planning, control decision-making and product costing.
- Analyse financial information for decision support.
TEACHING AND LEARNING STRATEGIES
The course will be taught through lectures.
ASSESSMENT
The module will be assessed by two homework assignments that will count towards 30% of the
overall grade and a 3-hour final examination that will count towards 70% of the grade.
SYLLABUS CONTENT
- The nature of management accounting.
- Management accounting versus financial accounting.
- Management accounting and the management of organisations.
- Management accounting information.
- Management accounting systems.
- Cost information:
o The nature of costs.
o Cost objects.
o Cost classifications for example Cost Behaviour.
- An introduction to planning and control:
o Management accounting and organisational planning and control.
o The preparation of basic budgets.
o Comparing actual and budgeted information.
- Management accounting and organisational decision-making.
- Cost Volume Profit analysis:
o Break-even analysis.
o Profit-volume graphs.
o Sensitivity analysis and margin of safety.
o Management accounting and product costing for inventory valuation.
o Product costs - materials, (including pricing methods) labour and overhead.
o Overhead absorption.
o Product costs using absorption and variable costing approaches.
BIBLIOGRAPHY
Seal,W., Garrison, R.H., and Noreen, E.W. (2006), Management Accounting, McGraw-Hill.

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Drury, C. (2004), Management and Cost Accounting, Thompson.
Horngren, C.T., Foster, G. and Datar, S. (2003), Cost Accounting: A Managerial Emphasis. Prentice
Hall.
Upchurch, A. (2002), Cost Accounting: Principles and Practice, FT Prentice Hall.Relevant journal
articles.

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Bachelor in Real Estate Valuation and Development
FINA302 INVESTMENT ANALYSIS

AIMS AND OBJECTIVES


The main focus of this course will be on valuing a company for investment purposes. This
course is intended to provide practical tools for valuing a company’s securities and several
forecasting and valuation models will be used. This is an application module based on
financial theory, financial accounting and makes extensive use of Microsoft Excel.
LEARNING OUTCOMES
On completing the course the students will:
- Have a comprehensive understanding of modern investment management strategies.
- Be able to value equity secuirties and companies.
- Be able to evaluate the quality of financial information
TEACHING AND LEARNING STRATEGIES
The course consists of lectures and presentations by the students of their portfolio / trading
performance.
ASSESSMENT
There will be one individual piece of coursework, and a written examination. The projects will be
empirical and the students will have to apply theoretical, computational and practical skills
SYLLABUS CONTENT

The following topics will be covered in the lectures:


- Efficient Market Hypothesis in equity markets, theory and evidence
- Passive and Active Portfolio Strategies and the Role of Analysts
- Fundamental analysis, dividend discount models, two and three stage models,
- Analysis of Analysts Reports and forecastind of dividends and earnings
- Industry Analysis
- Competitive Strategy Analysis
- Accounting Choices
- Quality of Earnings and Red Flags
- Introduction to Valuation Methods
- Free Cash Flow to the Firm
- Value Drivers
- Continuing Value Calculation
- Forecasting
- Revenue Models
- P/E multiples
- P/BV multiples
- Other Multiples
- Economic Value Added/Economic Profit
- Abnormal Earnings
- APV

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- Acquisitions
BIBLIOGRAPHY
Kohler, Goedhart and Wessels (2005), Measuring and Managing the Value of Companies, 4th
Edition, Wiley.
Stowe, Robinson, Pinto, McLeavy (2002), Analysis of Equity Investments: Valuation, AIMR
(now CFA Institute).
Boyet, D. (1993), Security Analysis for Investment Decisions, Hinsdale, Illinois: Dryden Press.
S. Lofthouse (1994), Equity Investment Management, Wiley.
W.R. Good, R.W. Hermansen and J.R. Meyer (1993), Active Asset Allocation: Gaining Advantage in
a Highly Efficient Stock Market, McGraw-Hill

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FINA303 PRINCIPLES OF RISK AND INSURANCE

AIMS AND OBJECTIVES

The module covers the areas of life insurance and financial planning, underwriting and selection,
mortality trends, general insurance, reinsurance and reserving. The module takes a practical approach
and illustrates theoretical principles with examples drawn from actual practice throughout. After
completing the module students will be well positioned to enter into a wide variety of interesting
careers in this area of financial services which is large, expected to exhibit high long term worldwide
growth and is robust to short term economic fluctuations.

LEARNING OUTCOMES

On completion of this module, students should be able to:

- Understand the underlying principles of life and non-life insurance.


- Demonstrate a critical understanding of the salient issues relating to life insurance, health
insurance and pension products and their use in personal financial planning
- Demonstrate a deep understanding of the different pensions systems being used worldwide
- Demonstrate a critical understanding of the salient issues relating to the evaluation of the
characteristics of general insurance policies.
- Understand the fundamentals of general insurance costing allowing students to evaluate problems
in this area
- Understand the main forms of reinsurance enabling students to make appropriate
recommendations regarding the use of reinsurance
- Understand the need for general insurance companies to hold appropriate reserves and the
problems relating to evaluating appropriate reserves.
TEACHING AND LEARNING STRATEGIES
The lectures will enable the main conceptual and factual elements of the module to be presented
efficiently to the students. The seminars will give the students opportunities to practice problem
solving skills in relationship to the material they have learned. They will also be improving their
interpersonal communication, teamwork and planning and organisation by engaging in a variety of
teamwork exercises.
ASSESSMENT
The module will be assessed by coursework (30%) and examination (70%).
SYLLABUS CONTENT
- Life Insurance
- Personal financial planning, life insurance products.
- Pensions
- Methods of securing retirement income adopted by different nations
- Regulation
- The regulation of the sale of retail financial services products
- Mortality
- Mortality tables, trends in mortality, underwriting and selection.
- Life Insurance Mathematics

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- Mathematical models of the main policy types.
- Life Insurance Costing and Reserving
- Costing policies, setting reserves for policies.
- General Insurance
- Evaluation of the characteristics of general insurance policies.
- General Insurance
- Evaluation of the characteristics of claims from general insurance policies.
- General Insurance Costing
- Mathematical methods for costing general insurance policies.
- Reinsurance
- The main forms of reinsurance – treaty, excess of loss, catastrophe.
- Practical Issues in Costing and Reinsurance
- Introduction to key practical issues via case studies.
- General Insurance Reserving
- Methods of calculating appropriate reserves
BIBLIOGRAPHY
Emmett J. Vaughan and Therese Vaughan (2003), Fundamentals of Risk and Insurance, 9th
edition, Wiley.

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FINA305 INVESTMENT BANKING

AIMS AND OBJECTIVES


The module aims to provide a good understanding of the main capital market activities of investment
banks and to develop students’ knowledge, partly through case studies, and make them familiar with
the practical aspects of investment banking.
The module also provides activities such as raising capital, underwriting, IPOs , involvement in
corporate mergers and financial reconstructions which are central to the understanding of how
corporations can raise funds and exploit profitable opportunities
LEARNING OUTCOMES
On completion of the course students will have a good understanding of:
- The main functions and activities of the Investment Banking Industry
- The process and conventions of raising capital in the primary and secondary capital markets for
corporations
- The methods and techniques for analysing and valuing companies
TEACHING AND LEARNING STRATEGIES
The course will comprise lectures and independent study. Students are expected to take part in
discussions, problem solving and case studies.
ASSESSMENT
Assessment will be based on an examination and on coursework .
SYLLABUS
− The changing nature of the investment banking industry
− The process of Raising Equity Capital in Capital Markets
− Underwriting, Syndication and Private placements
− Initial Public Offerings and secondary equity offerings
− Convertible instruments and financing
− Mergers and Acquisitions
− Securitization
− The role of private equity funds and hedge funds
− Share repurchase
− Leveraged Buyouts
− Venture capital Investing
BIBLIOGRAPHY
John Marshall and Michael Ellis (1993) Investment banking and Brokerage, McGraw-Hill
Thomas Liaw (2005) The Business of Investment Banking, 2nd edition, Wiley.

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ECON101 MICROECONOMICS

AIMS AND OBJECTIVES


The aim of this course is to provide a thorough introduction to the fundamental analytical and
theoretical tools necessary for a deeper study of consumer, firm and market behaviour. The module
provides the tools on which the study of subsequent modules such as International Trade, Public
Finance, Industrial Organization, Labour Economics, Health Economics, is based. The emphasis will
be on a rigorous development of theory using a combination graphical analysis and multivariate
calculus.
LEARNING OUTCOMES
On completion of the course students will be able to:
- Use advanced mathematical tools
- Derive a number of theoretical results
- Tackle more specialised topics
TEACHING AND LEARNING STRATEGIES
The module will be taught in lectures.
ASSESSMENT
The module is assessed by coursework (30% of grade) and an examination (70% of grade).
SYLLABUS CONTENT
The following topics will be covered in the lectures:
- The market – demand and supply
- Budget constraint
- Preferences & utility
- Utility maximization and choice
- The demand curve
- Revealed preferences - income & substitution effects
- Uncertainty and risk
- Market demand and elasticity
- Equilibrium in a competitive market and taxes
- Production and technology
- Profit maximization
- Cost minimization
- Cost curves
- Firm supply
- Industry supply Monopoly
- Price discrimination & monopolistic competition
- Oligopoly
- Exchange and general equilibrium

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BIBLIOGRAPHY

Required Text 
Hal R. Varian (2006), Intermediate Microeconomics, W.W. Norton & Company, 7th edition.

Optional, additional Textbooks 
Robert S. Pindyck and Daniel L. Rubinfield (2009), Microeconomics, Prentice Hall, 7th edition.
Walter Nicholson (2005), Microeconomic Theory, Thompson Southwestern, 9th edition.
Jeffrey M. Perloff (2007), Microeconomics, Addison Wesley,4th edition.

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ECON202 FINANCIAL ECONOMICS

AIMS AND OBJECTIVES


The aim of this module is to provide the student with a good understanding of the economics of
financial markets. Financial economics is the theoretical underpinnings of finance and this course is
intended to provide a comprehensive introduction to this topic.
LEARNING OUTCOMES
The course will provide students with a working knowledge of the classical finance model, which is
the foundation for modern finance. Students will be able to:
- Explain mean-variance analysis and formulate its assumptions
- Calculate the expected return and variance or standard deviation of return for a portfolio of two or
three assets
- Explain the minimum-variance frontier, the global minimum-variance portfolio, and the efficient
frontier
- Explain the usefulness of the efficient frontier for portfolio management
- Discuss how the correlation between two assets affects the diversification benefits achieved when
creating a portfolio of the two assets
- Discuss the reasons for and problems related to instability in the minimum-variance frontier.
- Understand the Capital Asset Pricing Model (CAPM)
- Compare and Contrast different approaches to economic forecasting
- Describe the monetary model of exchange rates
- Demonstrate the application of dividend discount and free cash flow approaches to the valuation
of the aggregate stock market
- Demonstrate the process of estimating expected earnings per share for stock market series
- Review the factor that influence the success of acquisition
TEACHING AND LEARNING STRATEGIES
The module will be taught through lectures and classes.
ASSESSMENT
The module will be assessed by a midterm exam (30%) and a final examination (70%).
SYLLABUS CONTENT
The following topics will be covered in the lectures:
- Calculating the Efficient Frontier
- Correlation Structure of Security Returns
- Instability in the Minimum-Variance Frontier
- International Diversification
- Estimating Expected Returns
- Selecting Portfolios in the Opportunity Set
- The Capital Allocation Line
- The Capital Asset Pricing Model
- Multi-Factor Asset Pricing Models
- Comparing Different Approaches to Forecasting
- Exchange Rate Forecasting with Economic Fundamentals
- Exchange Rate Forecasting using Technical Analysis

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- Forecasting Currency Volatility and Correlations
- Dividend Discount Model
- Free cash Flow to Equity Model
- Earnings Estimation
- Estimating the Multiplier
- Calculating the Value of the Index
- Market Efficiency
BIBLIOGRAPHY
Elton, Gruber, Brown, and Goetzmann (2010), Modern Portfolio Theory and Investment Analysis, 8th
International edition, John Wiley & Sons.
B. Kettell (2001), Financial Economics: Making Sense of Market Information, Financial Times
Series.

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ECON203 ECONOMICS OF EUROPEAN UNION

AIMS AND OBJECTIVES


This course provides an introduction to economic aspects of the European Union. More specifically,
its institutional and economic structure is examined and latest developments in the aggregate EU
economy are reviewed in the context of global economic developments. The course addresses also
issues related to the impact of the formation of EU on various sectors of the economy, such as
agriculture, industry, environment and energy, etc. Particular attention is paid to macroeconomic
themes related to monetary integration and the Euro zone economy and its dynamics. Finally, the
course investigates issues with respect to further EU enlargement and policies designed to solve
problems that arise due to economic integration.
LEARNING OUTCOMES
Students will be able to:
- assess the process of political and economic integration in Europe
- comprehend the development of the common market, the role of the central quasi-government and
the economic stability enacted by a common monetary policy
- understand the composition and dynamics of the aggregate EU economy
- understand the rationale of the monetary union as well as the composition and dynamics of the
Euro zone economy and its position in the global economic environment
- the implications of economic integration and EU policies/regulations/directives on the different
economic sectors and member countries
TEACHING AND LEARNING STRATEGIES
The module will be taught in lectures and classes.
ASSESSMENT
The module is assessed by a midterm (30% of grade) and an examination (70% of grade).
SYLLABUS CONTENT
- Structure of the Institutions of European Union and the Process of Economic Integration
- Theory of Economic Integration
- The Aggregate EU Economy: Composition and Recent Developments
- Common Market Theory and trade liberalization
- Microeconomic Policies and Regulations in EU
- Agriculture Policy
- Competition Policy
- Industrial Policy
- The Budget of the European Union
- Tax harmonization and Fiscal Discipline in EU
- The European Monetary Union (EMU): The development of the Euro as an international trading,
securities, and reserve currency
- The Euro zone Aggregate Economy: Composition and Dynamics
- EU Antitrust policies
- The E.U. as an international trade partner. Trade disputes within the WTO
- EU Enlargement

BIBLIOGRAPHY
Theo Hitiris (2003), European Union Economics, Pearson Education Limited, 5th Edition.

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Neal Larry (2007), The Economics of Europe and the European Union, Cambridge University Press.
Paul De Grauwe (2009), Economics of Monetary Union, 8th edition, Oxford University Press.

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ECON300 MACROECONOMICS

AIMS AND OBJECTIVES


The module provides an in depth analysis of the macroeconomic problems by examining the various
competing macroeconomic theories. Greatest attention is given to the Keynesian and monetarist
approaches, but alternative theory is also considered. Particular emphasis is placed on understanding
the nature, genesis and measurement of unemployment and inflation. Issues of economic growth,
distribution of income and wealth are also analyzed.
LEARNING OUTCOMES
At the end of the module students will be able:
- To understand how modern macroeconomics is used in understanding important economic issues.
- Analyze macroeconomic problems and integrate theoretical knowledge to initiate policy
measures.
TEACHING AND LEARNING STRATEGIES
The module is taught through lectures.
ASSESSMENT
The module is assessed by coursework (accounting for 30% of the mark) and an examination
(accounting for 70% of the mark).
SYLLABUS CONTENT
- An Overview of the main macroeconomic issues
- Deployment of Economic Resources and the Distribution of Income
- Definition of money; the supply of money vs. other financial assets; the Federal Reserve System;
the Fed and the money supply.
- Monetarism and Classical Macroeconomic Theory
- Keynesian Theory
- A Comparison of the Monetarist and Keynesian Approaches
- Economic Growth
- The Theory of Resource Diversion
BIBLIOGRAPHY
Roger LeRoy Miller and David VanHoose (2004), Macroeconomics: Theories, Policies and
International Applications, 3rd Edition, South-Western Publishing Co.
DeLong Bradford and Martha Olney (2005), Macroeconomics McGraw-Hill/Irwin; 2nd edition.
Mankiw Gregory (2006), Macroeconomics, 6th Edition, Worth Publishers.
Barro, Robert (2007), Macroeconomics: A Modern Approach, South-Western College Pub.

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ECON400 INTERNATIONAL ECONOMICS

AIMS AND OBJECTIVES


The aim of this module is to provide students with a treatment of trade theory and policy. Students
will be exposed to international trade theories such as comparative advantage, resource disparities,
and economies of scale examining the empirical evidence for reach theory. The module has a strong
policy orientation and discusses the role of the World Trade Organization and the effects of
protectionism, tariffs, subsidies and quotas. The module complements the International Financial
Management.
LEARNING OUTCOMES
On completion of the course students:
- will have a good idea of how the international Economy works
- will be able to understand decision on location of production activities
- will be able to evaluate the effects of policy on economic agents
TEACHING AND LEARNING STRATEGIES
The syllabus will be taught through lectures and seminars.
ASSESSMENT
The module will be assessed by coursework (30%) and examination (70%).
SYLLABUS CONTENT
- The most basic trade model: comparative advantage in the production of goods
- Resource disparity as the source of trade flows: the Heckscher-Ohlin model
- The standard trade model
- Trade under imperfect competition: economies of scale as the source of trade flows
- Trade in production inputs: cross-border movements of labour and capital
- Tariffs, subsidies and quotas: instruments of trade policy, and their costs and benefits
- Import-substitution industrialization: the infant-industry argument against free trade
- Export-led growth
- Political economy and international trade agreements: special interest groups, the GATT and the
WTO.
- Controversies in trade policy: technological externalities, globalization, national sovereignty.
BIBLIOGRAPHY
Paul Krugman and Maurice Obstfeld (2005), International Economics: Theory and Policy, 7th edition,
Addison-Wesley.

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BUSN303 BUSINESS LAW

AIMS AND OBJECTIVES


The main objective of this module is first to provide students with a solid understanding of the legal
system, legal processes and legal reasoning and secondly to explore various aspects of the law related
to business. These include the formation and constitution of companies in Cyprus, the regulation and
administration of corporate entities, the law of contracts and other relevant topics. The syllabus
follows closely the requirements of the Association of Chartered Certified Accountants (ACCA) to
facilitate students who wish to gain a professional qualification.
LEARNING OUTCOMES
On completing the course the students will:
- Understand the main aspects of the legal system in Cyprus
- Understand and apply legal reasoning
- Analyze fact situations and apply rudimentary legal concepts
- Recognize legal issues and suggest solutions to simple cases
- Recognize the impact of governmental regulations on business and individuals
TEACHING AND LEARNING STRATEGIES
The course will consist of lectures and study of case studies.
ASSESSMENT
The module will be assessed by coursework and a written examination.
SYLLABUS CONTENT

The following topics will be covered in the lectures:


- Introduction to law and the legal system
- The formation and constitution of business organisations
- Management, administration and regulation of companies
- Contracts
- Real estate law
- Elements of employment law
- European law
BIBLIOGRAPHY

Core text 
The textbook for this module will be the ACCA F4 CYP textbook

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ARCHPP03 INSTITUTIONAL FRAMEWORK AND LAW

AIMS AND OBJECTIVES


This course deals with the institutional issues concerning the professional practice of the architect, the
professional rights and the construction regulations. It covers elements of Public and Private Law,
Law of the European Union, Civil and Commercial Law, Labour legislation. Other subjects examined
are Cyprus and EU legislations on the construction of public works, Urbanism and Land Planning
laws, Protection of the Environment and Sustainable Development laws, and Protection of
Architectural Heritage legislations.
LEARNING OUTCOMES
On completion of this module, students will have:
- An awareness of the institutional framework of their profession.
- An ability to navigate their practice in the basic units of the institutional framework.
- An understanding of the organizational logic of the institutional framework
SYLLABUS CONTENT
- Codes and Standards that regulate the profession of the architect.
- Contract and employment contract laws.
- Construction and Development legislation.
- Land Planning Laws.
- Labour legislation.
- Taxation laws.
- Health and Safety legislation. Fire-Protection Codes.
- Civil liability legislation.
- Equal opportunities legislation.
- Universal Design for Access.
- Environmental and Sustainable Development legislation.
- Protection of Architectural Heritage legislations.
TEACHING AND LEARNING METHODOLOGY
The module will be taught through a series of lectures and discussions with professionals.
ASSESSMENT
The module will be assessed by examination and coursework.
READING
Cave, Adrian (2007), Legislation Maze: Inclusive Accessible Design, RIBA Publishing.
Speaight, Anthony (2004), Architect’s Legal Handbook, Architectural Press.
Tricker, Ray (2007), Building Regulations in Brief, Butterworth-Heinemann.

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CONS401 CONSTRUCTION LAW AND CONTRACTS

AIMS AND OBJECTIVES


The module introduces the student to the main concepts of Law. Students will study the law through
the media of the built environment using real estate, planning and construction examples to illustrate
how the law is made and applied to real life situations affecting professional practice. The module
also incorporates personal development planning, which seeks to develop students’ practical and
analytical skills.
LEARNING OUTCOMES
At the end of this module the student should be able to:
- Discuss with confidence the various sources of law in Cyprus and the European legal system and
the role of the judiciary;
- critically analyse a simple contract and comment on the causes and consequences of a breach of
contract;
- demonstrate an awareness of the various private rights and obligations that exist independent of
contract that affect the ownership and use of land;
- identify the different estates and interests in land and demonstrate an understanding of how third
parties can restrict the use and development of land; and
- discuss the different methods of dispute resolution.
TEACHING METHODS
The teaching module consists of lectures and seminars, which will be based around scenarios and also
forms part of the year-4 project.
SYLLABUS CONTENT
The module will include:
− Fundamental principles of Cyprus and European Law
− Fundamental types of laws that affect the construction industry
− Legal entities that can conduct business in the construction industry
− Processes of contract formation modification and performance
− Contract interpretation and contract disputes
− Builder’s liens
− Types of construction claims and their legal basis
− Legal problem analysis and identification of practical solutions that conform with the law
− Preparation of dispute summaries for construction managers
− Methods of dispute resolution
− Project and contract risks
− Workplace health and safety
ASSESSMENT
The module will be assessed by coursework and examination.
READING
Keenan D. (2004), Smith and Keenan’s English Law, Pearson Longman.
Card R., Murdoch J. and Murdoch S. (2003), Estate Management Law, Butterworths.

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ARCHT04 BUILDING PHYSICS

AIMS AND OBJECTIVES


This course aims to inform students of the positive and negative influences of the physical
environment on buildings. It examines the performance of the building under natural phenomena such
as solar radiation, solar glare and overheating, high and low temperatures, rain and snow, breeze and
high velocity wind etc. The aim is the formulation of proposals for the design of buildings and the
selection of materials and appropriate techniques in order to provide thermal and visual comfort and
healthy living conditions to the users. The course also aims to accentuate the fact that the
environmental factors influence the function and usage of buildings. It examines further the effects of
climatic parameters to even justify the notion that local climatic characteristics affect the structure and
form of buildings at any given site in different climatic zones.
LEARNING OUTCOMES
On successful completion of the module, students will be:
- Aware of the basic needs in matters of health, comfort and safety when they design.
- Understand and employ the basic terminology concerning issues of energy, lighting, heating,
cooling, insulation, acoustics and noise.
- Recognize the principles of climatic forces, their effects and potentials on siting, orientation,
external and internal layout and configuration, form and volume formation in a building.
SYLLABUS CONTENT
The following topics will be covered in the class:
- Site analysis and microclimate: analysis based on the climatic effects on buildings.
- Sun: sunbath dials and orientation of buildings, solar gain and glare, reflection and remittance,
natural light and hygienic content, overheating, sun control and shading devices, passive heating
and thermal comfort, daylighting (health, hygiene and visual comfort),daylighting system design,
energy management in lighting, harvesting solar energy (passive and active solar systems).
- Wind: wind damage, pedestrian level winds, air flow (building losses and airtightness), air
pollution, indoor air quality, natural cross ventilation, harvesting wind energy (passive and active
systems), wind resistant design methods and systems.
- Rain and snow: additional dead load conditions on buildings, building waterproofing, acid rain
effects and building design, rainwater harvesting and recycle systems, drainage systems, water
bodies and their benefits in and around buildings.
- Vegetation: wind resistance and filtering, cooling effects, oxygenating and hydrating effects,
visual comfort.
- Air temperature: overheating and thermal comfort, temperature control and thermal insulation,
passive heating and cooling design methods and systems.
- Earth: earth conductivity and inertia, harvesting geothermal energy (passive and active
geothermal systems).
- Sick building syndrome.
- Environmental controls (manual and automatic) and their effects on users behaviour and
psychology.
- Impact of climate change on buildings.
- Heat island effect.

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TEACHING AND LEARNING METHODOLOGY
The course will be taught through lectures on specific subjects of construction and construction details
and case studies. Students will visit worksites for practical experience.
ASSESSMENT
The form of assessment for this module is coursework and examination.
READING
Brown, G. Z. and Dekay, M. (2000), Sun, Wind & Light: Architectural Design Strategies, 2nd edition,
John Wiley & Sons.
Daniels, K. (1997), The Technology of Ecological Building, Birkhauser.
Edwards, Bryan (1996), Towards Sustainable Architecture, Butterworth.
Grumman, D. (2003), ASHRAE Green Guide, American Society of Heating, Refrigerating and
Air‐Conditioning Engineers, Inc.
Hausladen, Gerhard, Micchael de Saldanha et al., (2005),Climate Design, Birkhauser,
Jones, David L. (1998), Architecture and the Environment: Bioclimatic Building Design, Overlook
Press.
Keeler, M. and Burke, B. (2009), Fundamentals of Integrated Design for Sustainable Buildings, John
Wiley and Sons.
Kwak, A. and Grondzik, W. (2006), The Green Studio Handbook, Architectural Press.
Lawson, Bill (1996), Building Materials Energy and the Environment, University of New South
Wales.
McHarg, Ian (1992), Design with Nature, John Wiley and Sons.
Moore, F. (1992), Environmental Control Systems: Heating, Cooling, Lighting, McGraw‐Hill.
Sassi, Paola, (2006),Strategies for Sustainable Architecture. Taylor & Francis,
Slessor, Catherine (1997), Eco-Tech: Sustainable Architecture and High Technology, Thames &
Hudson.
Steele, James (1997), Sustainable Architecture, McGraw Hill.
Steele, James, (2005),Ecological Architecture. A Critical History, Thames & Hudson,
Wines, James (2000), Green Architecture, Taschen.

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ARCHT08 ENVIRONMENT AND CLIMATE

AIMS AND OBJECTIVES


The aim of the course is to discuss issues concerning the possibilities of taking advantage of
renewable sources of energy, associated with the bioclimatic and sustainable perception of the
architectural design. The bioclimatic design and sustainable architecture tries to harmonize climate
and local conditions with the function of buildings and therefore to ensure inexpensive and no
injurious energy for heating, cooling and lighting.
LEARNING OUTCOMES
On successful completion of the module, students will be able to:
- Comprehend the physical phenomena and climate changes.
- Handle issues of bioclimatic design and sustainable architecture.
- Appreciate the principles of viability and its interaction with the micro-climate and the climate of
the region.
- Assess the principles of sustainability in relation to the energy saving.
SYLLABUS CONTENT
The course defines the relationships between humans, the environment and the climate. Curiosity
about climate is basic to human nature and expressed in all disciplines including natural sciences,
social sciences, humanities, engineering and materials, design and education. The course describes a
wide range of issues from natural phenomena and climate changes to the exploitation and depletion of
Nature’s sources.
The need to save the natural world, protect the man-made environment from catastrophic extreme
climatic phenomena induced from global warming and increases of carbon dioxide emissions has
become a mandatory measure to ensure not only our livelihood, but also that of future generations.
This course offers architectural solutions that meet the needs of the present generation without
compromising the ability of future generations to meet their needs.
The following topics will be covered in the class:
- Ecologic systems.
- Renewable sources of energy.
- Passive heating and cooling mechanical systems.
- Insulation and waterproofing techniques using natural materials and/or inspired by Nature’s
processes.
- Passive heating and cooling techniques.
- Natural ventilation.
- Day lighting.
- Sustainable and smart heating, cooling, lighting and acoustic systems and techniques.
TEACHING AND LEARNING METHODOLOGY
The course will be taught through lectures on specific subjects of construction and construction details
and case studies. Students will visit worksites for practical experience.
ASSESSMENT
The form of assessment for this module is coursework and examination.

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READING
Bougdah, Hocine and Stephen Sharples, (2010), Environment, Technology and Sustainability, Vol II.
Taylor & Francis.
Hausladen, Gerhard, Michael de Saldanha et al., (2005),Climate Design, Birkhauser.
Hansladen, G., de Saldanha, Michael, Liedl, Petra (2008), Climate Skin: Building-skin Concepts that
Can Do More with Less Energy, Birkhauser.
Santamouris, Mat. (ed.) (2001), Energy and climate in the urban built environment, James & James.
Sirios, Donna (2007), Building for the 21st Century: Energy and the Environment, Fairmont.
Steemers, Koen and Steane, Mary Ann (eds.) (2004), Environmental diversity in architecture, Spon
Press.
Yeang, Ken (2006), Ecodesign. A Manual for Ecological Design, Wiley.

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ARCHT11 STRUCTURAL SYSTEMS

AIMS AND OBJECTIVES


The course aims to summarize the technology unit, through the examination of complex structural
systems. It equips students with the tools to understand structural “behaviour” of buildings and the
manipulation and optimisation of structural properties in the use of material and their expression in
form and expenditure. The course will emphasize recent innovations in complex structural systems, as
an evolutionary process inspired by structural performances in the natural sciences. It also informs
students of the new materials and structures that are used in the built environment, which are created
by the collaboration of specialists from different scientific fields. The course aims to describe the
ongoing rigorous development of material science and structural design in terms of optimum strength,
plasticity and responsiveness, as is indisputably asserted by society’s needs and demands, and
vigorous technological advances and emerging economies. The use of recent computer technologies,
to define space and form and structural systems will be presented.
LEARNING OUTCOMES
On successful completion of the module, students will be able to:
- Recognize new materials and structures in architecture and their impact on design.
- Understand the production, component fabrication and assembly, properties and application of
new materials and overall behaviour of structures.
- Understand the underlying behavioural characteristics of complex structures (brilliant in their
simplicity, inspired by Nature).
- Acknowledge the broad set of queries concerning the 20th c. discourse about architecture and
structure.
- Perceive today’s attempts to manipulate and optimise material properties and recognize their
potential applications in innovative structures.
- Perceive today’s attempts to minimize weight and mass, extract maximum capacity of interior
space due to economic, site and environmental restrictions.
- Construe the relationship of architecture, engineering and technology formulated due to new
specific design demands and the need for technological inventions in material and structural
science.
SYLLABUS CONTENT
The development of new structural techniques and new materials constantly changes the ways in
which architects and designers think about construction, manufacturing, standardization and
assembly. The focus of this course is to explore emerging structural techniques together with new
materials and view their applications to new architectural forms and volumes. In addition, it
introduces advanced structures for architects, emphasizing the skeleton properties and potential
applications in various functions of buildings, as the needs of contemporary society change. The
course also stresses the relation and application of a number of advanced materials and structural
systems mainly derived from nanotechnology, molecular, biomedical, aerospace and natural sciences.
The course also addresses the creation and manipulation of new architectural forms via computer
systems and simulations.
The following topics will be covered in the class:
- Complex tensile and other structural systems.
- Textile structures: membrane, fabric, film and textile materials.

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- Inflatable systems.
- Folding systems.
- Media facades and electronic applications.
- Smart - sustainable systems.
- Flexible – adaptable - responsive systems.
- Recyclable structures.
- Reconstructable structures.
- Multi-levelled and interconnected groupings of buildings (complex, long-span, high-rise).
TEACHING AND LEARNING METHODOLOGY
Instruction is in the form of lectures, calculation exercises, and group laboratory experiments. Case
studies of presentation and discussion of contemporary examples will be used.
ASSESSMENT
The form of assessment for this module is coursework and examination.
READING
MacDonald, J. Angus, (2009), Structure and Architecture, Architectural press, Elsevier.
Engel, Heino, (2009), Structure Systems, Hatje Cantz.
Koch, Klaus-Michael (2004), Membrane Structures, Prestel Publishing.
Kolarevic, Branco (ed.) (2009), Architecture in the Digital Age. Design and Manufacturing, Taylor &
Francis.
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Bachelor in Real Estate Valuation and Development