Please note! Course description is confirmed for two academic years, which means that in general, e.g. Learning outcomes, assessment methods and key content stays unchanged. However, via course syllabus, it is possible to specify or change the course execution in each realization of the course, such as how the contact sessions are organized, assessment methods weighted or materials used.


After the course, the student is familiar with the basics of housing market equilibrium and dynamics and of housing valuation. The student will understand basics of: the formation of housing market equilibrium; the relationship between housing prices, rents and supply; the important role of housing supply elasticity; the reasons for and outcomes of regional variations in housing market variables; housing price and rent formation at the macro and micro levels; the role of public sector interventions in the housing market.

Credits: 6

Schedule: 28.10.2020 - 02.12.2020

Teacher in charge (valid 01.08.2020-31.07.2022): Elias Oikarinen

Teacher in charge (applies in this implementation): Elias Oikarinen

Contact information for the course (valid 23.09.2020-21.12.2112):

Schedule: 28.10.2020 - 02.12.2020; Wednesdays and Thursdays

Place: Via Zoom, except for possible 1-2 lectures / assignment instruction sessions (detailed information provided during the course)

Contact information for the course (applies in this implementation): 

Prof. Elias Oikarinen:

Teaching Period: 

II (autumn term)

CEFR level (applies in this implementation):

Language of instruction and studies (valid 01.08.2020-31.07.2022):

Teaching language: English

Languages of study attainment: English


  • Valid 01.08.2020-31.07.2022:

    Key actors in the housing market, basic models for housing market long-term equilibrium and short-term dynamics, basic valuation concepts for housing including hedonic valuation and regression, supply elasticity of housing and land leverage, regional differences in key housing market variables, the role of public sector interventions in the housing market.

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    Lectures and assignments, option for an exam (preliminary). The assessment methods and criteria will be announced in course syllabus.

  • Applies in this implementation:

    The course includes one obligatory assignment and a course exam. Both affect the final course grade.

  • Valid 01.08.2020-31.07.2022:

    160 hours (6 cr). The workload per activity type will be presented in the course syllabus.

  • Applies in this implementation:

    • Contact teaching (including lectures & assignment instructions and feedback): 28h
    • Independent learning & assignments: 129h
    • Exam 3h
    • Total 160h (= 6cr)


Study Material
  • Valid 01.08.2020-31.07.2022:

    To be announced in course syllabus, MyCourses and lectures.

  • Applies in this implementation:

    •  Lecture
    handouts and notes
    •  Material
    mentioned in the handouts
    •  Additional
    material provided during the course
    in MyCourses

Substitutes for Courses
  • Valid 01.08.2020-31.07.2022:

    REC-E1040 Urban Economics for Real Estate

  • Valid 01.08.2020-31.07.2022:

    REC-E3100 Real Estate Economics, REC-E3200 Institutions in Real Estate Economics

SDG: Sustainable Development Goals

    11 Sustainable Cities and Communities


Details on the schedule
  • Applies in this implementation:

    First lecture: Thu 29 Oct, 10:15-12:00

    Detailed timetable will be provided in MyCourses before the start of the course.