Course syllabus

Course-PM (updated version!)

ACE126 ACE126 Market and value in real estate lp1 HT26 (7.5 hp)

Course is offered by the department of Architecture And Civil Engineering

Welcome to ACE126 !

Dear students,

Welcome to  Market and value in real estate! The course starts on Tuesday September 1st  at 09.00.

We are looking forward to meeting you.

Contact details

Contact details

Examiner: 

Martine Buser, Associate Professor, ACE, Chalmers, buser@chalmers.se

Lecturers:

Elton Chan, post-doc.

Emílio Brandão, teacher, ACE, Chalmers

Hans Lind, professor Emeritus KTH

Janneke Van der Leer, post doc, ACE Chalmers, 

Kaj Granath, associate professor, ACE Chalmers

Martin Öberg, senior lecturer, Department of Business Administration, Gothenburg Business School , martin.oberg@handels.gu.se

Sven Tengstam, lecturer, Real Estate Studies, Malmö University, sven.tengstam@mau.se

 

Supervisors

Amar Taja, PhD student, ACE, amar.taja@chalmers.se

Elton Chan; pos doc, ext-elton.chan@aalto.fi 

Janneke Van der Leer, post doc, ACE Chalmers, janneke.vanderleer@chalmers.se>

Jonatan Forsman, PhD student ACE, jonatan.forsman@chalmers.se

Marli Swanepoel, PhD student ACE,  marlis@chalmers.se

 

Guests

Andrea Hulting Gustafson, Stadsbyggnadskontoret, Göteborg

Ellen Brandt, Chalmersfastigheter

Paul Göransson, Urbanivation

Rikard Ljunggren Fastighetsägarna

 

Course purpose

The built environment in Sweden consists not only of physical entities but also serves as financial assets, with the real estate market playing a significant role in the national economy. Understanding how value is produced, calculated, communicated and contested in real estate is therefore a critical competence for students in design and construction project management.

The course introduces students to the dynamics and mechanisms of real estate markets and to the tools and practices used to assess market value and investment performance. At the same time, it broadens the understanding of value beyond financial measures by examining how economic, social, cultural and environmental qualities contribute to the value of buildings and urban environments. Particular attention is given to how different actors, including investors, developers, property owners, public authorities, professionals and users, define and prioritise value, and to the tensions that may arise between competing perspectives.

By combining real estate economics and valuation with perspectives on urban development, sustainability and valuation practices, the course equips students to critically analyse how different forms of value are created, assessed and negotiated in contemporary real estate markets.

 

Schedule

		ACE126 Peliminary schedule
	Date	Content	Teachers
1	1 September  Tuesday 09.00-11.45 TP-L12 TeknikP	Introduction to real estate finance fundamentals and their role in construction management. Group formation + assignment 1	Martine, Amar Janneke, Jonatan, Marli
2	01 September Tuesday 13.15-16.00 TP-L13 TeknikP.	Figures and facts 1 recap	Sven Tengstam
3	04 September Friday 09.00-11.45 TP-L12	Real estate finance Investors and stakeholders Value creating factors,	Martin Öberg Rikard Ljunggren Fastighetsägarna
4	08 September Tuesday 09.00-11.45 TP-L12	Public housing in Sweden Will be given online	Hans Lind Martin Öberg
5	08 September Tuesday 13.15-16.00 TP-L23	Figures and facts 2 afternoon	Sven Tengstam
6	11 September Friday 09.00-11.45 TP-L12	Practices of values	Ellen Brandt Chalmersfastigheter Martine
7	15 September Tuesday 09.00-11.45 13.15-17.00 TP-L12/	Literature seminar Mandatory  Class divided in 2 sessions	Martine
	Between 14-18/09	Supervision 1 Agree date with your supervisor	Elton, Janneke, Jonatan, Marli, Martine
8	18 September Friday 09.00-11.45 TP-L12	Sustainability, certification and the making of value	Martine
9	22 September Tuesday 09.00-11.45 TP-L12 13.15-15.45 SB-M415	Presentation assignment 1 Mandatory Class divided in 2 sessions	Jonatan, Martine Janneke
10	23 September Wednesday 09.00-11.45 TP-L12	The mesmerising maze of measurable and immeasurable values that forms a city Introduction of assignment 2	Andrea Hulting Gustafson, Stadsbyggnadskontoret, Göteborg Martine
11	25 September  Friday 09.00-11.45 TP-L12	Institutional logics and competing values	Janneke Martine
12	29 September Tuesday 09.00-11.45 TP-L12	Critical approches	Martine
13	29 September Tuesday 13.15-16.00 TP-L12	Value, commodity, and commodification of urban space	Elton Chan
14	02 October Friday 09.00-11.45 TP-L12	Seminar Mandatory Push: ·       Push,  Fredrik Gertten, 2019 ·       Complement literature	Elton/ Jonatan
	Between 01-05/10	Supervision 2 Agree date with your supervisor	Amar, Janneke, Jonatan, Marli, Martine
15	06 October Tuesday 09.00-11.45 TP-L12	The value creation and city planning	Paul Göransson Urbanivation
16	13 October Tuesday 09.00-15.00 Hammarkullen	Social sustainability, value and real estate	Emilio Brandão Marli
17	Between 15-18 /10	Book supervision 3	Amar, Janneke, Jonatan, Marli, Martine
18	16 October Friday 09.00-11.45 TP-L12	Peer review	Martine
19	Wednesday 21/10 08.00-17.00 SB3-L300	Presentations Mandatory Class divided into 2 or 3 sessions	Amar, Janneke, Jonatan, Marli, Martine

TimeEdit

Course literature

Course literature consists of selected book chapters, scientific articles, professional reports and other practitioner material distributed during the course. Films and other media may also be used as a basis for seminar discussions. 

Below is a selection of the references

Value theory and real-estate valuation

• Zhang, J. J., Danivska, V., Schraven, D., & Remøy, H. (2026). A historical narrative of value theory in economics and appraisal. Journal of Property Research, 43(2), 145–166.
• Bellman, L., & Lind, H. (2019). Valuation standards and methods: Are Sweden’s (still) different? Journal of European Real Estate Research, 12(1), 79–96.
• Mooya, M. M. (2016). Real Estate Valuation Theory: A Critical Appraisal. Springer. Selected chapter: “Standard Theory of Real Estate Market Value: Concepts and Problems.”
• Scarrett, D., & Osborn, S. (2014). Property Valuation: The Five Methods. Routledge. Selected chapters.

Investors and real estate as financial assets

• Lekander, J. (2017). How do institutional pension managers consider real estate? A perspective from Sweden and Finland. Journal of Property Investment & Finance, 35(1), 26–43.
• Aalbers, M. B., Van Loon, J., & Fernandez, R. (2017). The financialization of a social housing provider. International Journal of Urban and Regional Research, 41(4), 572–587.
• Belotti, E., & Arbaci, S. (2021). From right to good, and to asset: The state-led financialisation of social rented housing in Italy. Environment and Planning C: Politics and Space, 39(2), 414–433.
• Gertten, F. (Director). (2019). Push [Documentary film]

Valuation as practice and calculative activity

• Callon, M., & Muniesa, F. (2005). Economic markets as calculative collective devices. Organization Studies, 26(8), 1229–1250.
• Öhman, P., Söderberg, B., & Westerdahl, S. (2013). Property investor behaviour: Qualitative analysis of a very large transaction. Journal of Property Investment & Finance, 31(6), 522–544.

• Vercel K. (2021) Feels like home: how home stagers construct spatial rhetorics to persuade homebuyers, Consumption Markets & Culture, 24:6, 545-574, DOI:10.1080/10253866.2021.1891894

• Westerdahl, S. (2021). Yield and the city: Swedish public housing and the political significance of changed accounting practices. Critical Perspectives on Accounting, 80, 102161.

Urban, spatial and social value

• Jacobs, J. (1961). The Death and Life of Great American Cities. New York: Random House. Selected chapters.
• Gehl, J., Kaefer, L. J., & Reigstad, S. (2006). Close encounters with buildings. Urban Design International, 11, 29–47.
• Molnar, S., & de Fine Licht, K. (2025). Defensive for whom: The valuation of users and uses in public space design in Gothenburg, Sweden. Urban Studies, 62(11), 2202–2221.
• Kim, M. (2025). From exchange value to social value of real estate development: A planner’s perspective. Planning Theory.
• Gamage, S. K., Amidu, A.-R., & Levy, D. (2026). Social value of property: A qualitative-bibliometric analysis of literature. Journal of Property Research, 43(1), 72–98.

Sustainability, environmental value and certification

• Lind, H. (2012). Pricing principles and incentives for energy efficiency investments in multi-family rental housing: The case of Sweden. Energy Policy, 49, 528–530.
• Warren-Myers, G. Selected work on sustainability in property valuation

 

Course design

The course is designed around the interplay between real estate markets, valuation practices, urban development, and different and sometimes competing conceptions of value. Learning activities combine theoretical perspectives with practical examples and cases from the real estate sector. Students are expected to take an active role in their learning by preparing for lectures and seminars, participating in discussions and exercises, and contributing continuously to group assignments.

To benefit fully from the course, students should follow the course progression, complete assigned readings before seminars, participate actively in scheduled activities, and work continuously on the assignments rather than concentrating the work close to submission deadlines.

Lectures

Lectures introduce key concepts in real estate markets, finance and valuation, together with broader perspectives on social, environmental, spatial and urban value. They provide the theoretical and conceptual foundation for the exercises, seminars and assignments.

Several lectures involve guest teachers and practitioners who contribute different perspectives from the real estate sector. Students are encouraged to prepare questions and use these sessions to relate academic concepts to professional practice.

Exercises

Exercises are used to apply concepts introduced in lectures. They include financial and valuation exercises as well as activities in which students analyse how value is produced, assessed and communicated in real estate practice.

Exercises are intended to support the assignments and provide opportunities to test concepts and methods before applying them independently.

Projects and assignments

The course includes two group assignments.

Assignment 1 – Open-house case study focuses on how value is produced and communicated in the residential real estate market. Groups visit and compare three open houses in the same area and analyse the dwelling, building, neighbourhood, marketing and other factors that contribute to perceptions of value.

Assignment 2 – Competing values in real estate development focuses on a real-world issue involving different and potentially conflicting conceptions of value. Students formulate a problem, review relevant literature, analyse stakeholder perspectives and apply theoretical concepts from the course to a case.

Both assignments are developed progressively during the course and are connected to lectures, seminars and supervision sessions. Students are expected to divide responsibilities within the group while ensuring that all members understand and can discuss the complete work.

Supervision

Scheduled supervision sessions support the development of the group assignments. Groups are expected to prepare for supervision by identifying the questions or issues on which they need feedback.

Different supervisors may be involved. Information about supervisors, booking procedures and the distribution of groups is provided through Canvas. Questions of general relevance to the whole class should preferably be raised in common sessions or through Canvas rather than separately with individual supervisors.

Feedback

Feedback is provided through supervision, discussions during exercises and seminars, presentations, and peer-review activities. Students are encouraged to use feedback continuously to develop their work rather than treating it only as an evaluation at the end of an assignment.

Peer feedback is an important part of the course and provides an opportunity to compare different approaches to analysing value and real estate development.

Seminars

Literature-based seminars are used to discuss and critically compare different perspectives introduced in the course. Students are expected to complete the assigned readings or other material before the seminar and come prepared to contribute actively to the discussion.

Seminars focus on applying and comparing concepts rather than simply summarising individual texts. Preparation questions and seminar instructions are provided through Canvas.

Study visits and other course resources

Study visits, open-house visits, case material, films, professional reports and other digital or physical resources are used to connect theoretical perspectives with real estate practice.

No specialised laboratory equipment is required. Students are responsible for having access to the digital and reading materials provided through Canvas and for following any practical instructions relating to study visits or field-based activities.

Canvas and communication

Canvas is the main learning and communication platform for the course. The course schedule, readings, assignment instructions, seminar preparation, supervision information, announcements and submission links are organised there.

Students should check Canvas regularly, and particularly before scheduled course activities, as updates and practical information will be communicated through the platform.

General questions concerning course content, assignments or organisation should normally be raised through the communication channels specified in Canvas so that information relevant to several students can be shared consistently. E-mail should primarily be used for individual matters that are not appropriate for the wider class.

Deadlines, revisions and missed activities

Submission deadlines and compulsory activities are stated in Canvas and in the course schedule. Students are responsible for planning their work so that assignments are submitted on time.

If an assignment requires revision following assessment, instructions and a new submission deadline will be communicated by the responsible teacher. Missed compulsory seminars, presentations or other activities may, where appropriate, be compensated through an alternative assignment. The responsible teacher determines whether compensation is possible and what form it should take.

Students who anticipate difficulties meeting a deadline or attending a compulsory activity should contact the responsible teacher as early as possible.

Changes made since the last occasion

The course has been updated to give a broader and more coherent understanding of value in real estate, combining financial and market perspectives with social, environmental and urban dimensions. The literature, seminars and assignments have been revised accordingly, with new content on valuation practices, institutional logics and commodification. The teaching team has also been expanded with new teachers and guest lecturers.

Learning objectives and syllabus

Learning outcomes (after completion of the course the student should be able to)

• Understand the economic role of real estate and explain the role of buildings as financial assets, their significance in the national economy, and the dynamics of real estate markets.
• Describe and apply tools and methods for the calculation of valuation and profitability of real estate investments.
• Analyse economic, social, cultural and environmental dimensions of value in real estate and urban development.
• Analyse economic, social, cultural, and environmental dimensions of the value in real estate and urban development .
• Critically evaluate and synthesize academic literature and professional sources concerning real estate markets, valuation and different conceptions of value..
• Identify and analyse how stakeholders define, assess and prioritise value, and examine tensions arising between competing
• Analyse how institutional, professional and market practices influence how real estate value is produced, measured and communicated.
• Demonstrate an understanding of sustainable and ethical practices in real estate management and propose strategies that balance market demands with community needs.
• Demonstrate teamwork, collaboration, and leadership skills in analysing real estate projects and addressing contemporary challenges in the industry.

 

Link to the syllabus on Studieportalen.

https://www.chalmers.se/en/education/your-studies/find-course-and-programme-syllabi/course-syllabus/ACE126/?acYear=2026/2027

 

Grading and examination

The course is assessed through two group assignments and an individual component. Together, these components assess students’ ability to apply real estate concepts and valuation perspectives, analyse real-world cases, critically engage with different conceptions of value, and communicate their findings.

The final grade is based on:

• Assignment 1 – Open-house case study: 30%
• Assignment 2 – Competing values in real estate development: 60%
• Individual component: 10%

All three components must be completed and passed in order to pass the course.

Assignment 1 – Open-house case study, 30%

The purpose of the assignment is to examine how value is produced and communicated in the residential real estate market.

Working in groups, students visit and compare three open houses in the same area. The analysis should consider the dwelling, building, neighbourhood, marketing, pricing and other factors that may influence perceptions of value.

The expected result is a comparative analysis demonstrating how different qualities are presented and related to value. The assignment is reported through an oral presentation and supporting documentation according to instructions provided in Canvas.

Assignment 2 – Competing values in real estate development, 60%

The purpose of the assignment is to analyse a real estate or urban development issue involving different and potentially conflicting conceptions of value.

Working in groups, students formulate a clear problem, identify relevant stakeholders, review academic and professional literature, and apply theoretical perspectives from the course to a real-world case. The analysis should examine how different actors define and prioritise value, how these perspectives interact, and what dilemmas or trade-offs arise.

The expected result is a theoretically informed case analysis, reported through a written group report and an oral presentation. Detailed instructions concerning scope, report structure, assessment criteria and submission are provided in Canvas.

Individual component, 10%

The individual component ensures that each student demonstrates an individual understanding of the course content alongside the assessed group work.

Individual performance is assessed through identifiable contributions during seminars, presentations, discussions and responses to questions. Assessment focuses on the student’s ability to:

• demonstrate understanding and application of course concepts;
• develop and justify arguments using relevant evidence and literature;
• engage constructively in academic and professional discussion.

Compulsory activities

Literature seminars, assignment presentations and peer-review activities are compulsory and support the assessed assignments and individual component. Preparation and active participation are expected.

The class may be divided into smaller groups for seminars and presentations to enable discussion and individual participation.

Grading criteria

Detailed grading criteria for the assignments and individual component are provided in Canvas before the respective examination activities. Assessment considers the quality of analysis, use of relevant course concepts and literature, connection between theory and empirical material, clarity of argumentation, and quality of communication.

Deadlines, revisions and missed compulsory activities

Submission deadlines and dates for presentations, seminars and other compulsory activities are stated in the course schedule and Canvas.

If submitted work does not meet the requirements for passing, students may be asked to revise and resubmit it according to instructions and a new deadline provided by the responsible teacher.

Work submitted after the stated deadline may be assessed at the next available assessment opportunity.

Missed compulsory seminars, presentations or other examination activities may, where appropriate, be compensated through an alternative assignment. The responsible teacher determines whether compensation is possible and what form it should take.

Examination format

The course does not include a traditional written examination. Examination is conducted through group assignments, written submissions, oral presentations, literature seminars, peer review and individually identifiable contributions during course activities.

Dates, times, locations, submission formats and other practical examination information are communicated through the course schedule and Canvas. Since no closed-book written examination is included, specific rules concerning examination aids are normally not applicable unless otherwise stated for a particular activity.