Full Title:Property Economics & Valuations
Language of Instruction:English
Module Code:ECON E8002
Credits: 5
Valid From:Semester 1 - 2015/16 ( September 2015 )
Module Delivered in 2 programme(s)
Module Description:This module aims to develop a student's understanding of economic concepts, principles and processes in the context of the construction industry and to develop an understanding of the principles used to value property and those used to assess the viability of proposed developments.
Learning Outcomes:
On successful completion of this module the learner should be able to
  1. Discuss the nature of the property market and the construction industry and explain the role that they have to play within the economy.
  2. Explain and apply the methods of valuing property.
  3. Explain and apply the methods used to assess the viability of proposed developments including new and existing building.

Module Content & Assessment

Indicative Content
Introduction to Economics
Overview of the basic principles and concepts of economics, including: supply & demand, economic resources and scarcity, allocation of resources, opportunity cost, cost benefit analysis etc.
The Construction Industry and Property Market
Output of the construction industry; creation and trading of property; construction sectors, including: new build, refurbishment, maintenance, residential, retail, industrial etc.; role of construction in the economy and the multiplier effect; construction as a tool for government; funding and finance, including public private partnership and private finance initiative; major archetypal roles, including the economic constraints facing construction professionals.
Property Valuation and Financial Appraisal
Rate of return/yields; rental income; capitalisation rates; risk; discounting future income; comparative method; residual valuation method; cost method/base value method; investment valuation method; capitalisation method; payback period method.
Viability of Development
New build vs refurbishment; financial viability vs non-financial viability, including: sustainability, functional, practical, value, social, heritage etc.; life cycle costing.
Assessment Breakdown%
Course Work40.00%
End of Module Formal Examination60.00%

Full Time

Course Work
Assessment Type Assessment Description Outcome addressed % of total Marks Out Of Pass Marks Assessment Date Duration
Continuous Assessment Property valuation assessment task. 2 15.00 100 40 n/a 0
Continuous Assessment Development viability assessment task 3 25.00 100 40 n/a 0
No Project
No Practical
End of Module Formal Examination
Assessment Type Assessment Description Outcome addressed % of total Marks Out Of Pass Marks Assessment Date Duration
Formal Exam Final Examination. 1,2,3 60.00 100 40 End-of-Semester 0
Reassessment Requirement
A repeat examination
Reassessment of this module will consist of a repeat examination. It is possible that there will also be a requirement to be reassessed in a coursework element.
Reassessment Description
Students will be given the opportunity to remediate part or all of their CA performance by the autumn/repeat examinations board by repeating part or all of the same or similar CA.

DKIT reserves the right to alter the nature and timings of assessment


Module Workload & Resources

Workload: Full Time
Workload Type Workload Description Hours Frequency Average Weekly Learner Workload
Lecture Theory based class. 4.00 Every Week 4.00
Directed Reading Preparation for CA. 1.00 Every Week 1.00
Independent Study Preparation for final examination. 2.00 Every Week 2.00
Total Weekly Learner Workload 7.00
Total Weekly Contact Hours 4.00
This course has no Part Time workload.
Recommended Book Resources
  • Isaac D. & O’Leary J. 2012, Property Valuation Principles, 2nd Ed., Palgrave Macmillan [ISBN: 0230355803]
  • Isaac D. & O’Leary J. 2013, Property Valuation Techniques, 3rd Ed., Palgrave Macmillan [ISBN: 1137302410]
  • Myers D. 2012, Construction Economics: A New Approach, 3rd Ed., Routledge [ISBN: 0415527791]
  • Shutt R.C. 1995, Economics for the Construction Industry, 3rd Ed., Longman [ISBN: 0582229129]
  • Gruneberg . S.L. 1997, Construction Economics: An Introduction, Palgrave Macmillam [ISBN: 033655419]
Supplementary Book Resources
  • Boussabaine A. & Kirkham R. 2004, Whole Life Cycle Costing - Risk and Risk Responses, Wiley-Blackwell Publishing [ISBN: 9781405]
  • SCSI, Guide to Life Cycle Costing, Society of Chartered Surveyors Ireland
This module does not have any article/paper resources
Other Resources
  • Websites: www.cso.ie, www.esri.ie, www.oecd.org
  • Database: DkIT library electronic databases

Module Delivered in

Programme Code Programme Semester Delivery
DK_EBSUR_8 Bachelor of Science (Honours) in Building Surveying 6 Mandatory
658 Bachelor of Science in Construction Surveying 6 Mandatory