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 students understand the principles of real estate investment markets and valuation especially in the field of commercial property markets and are able to apply their knowledge in practice. They will be able to acquire, analyse, assess and interpreter information needed for conduct valuations and analyses for real estate investment decisions, and develop appropriate criteria for actions.

Credits: 6

Schedule: 20.04.2021 - 04.06.2021

Teacher in charge (valid 01.08.2020-31.07.2022): Kauko Viitanen

Teacher in charge (applies in this implementation): Kauko Viitanen

Contact information for the course (valid 18.02.2021-21.12.2112):

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:

    Valuation standards, valuation process, valuation report, valuation methods, ethical conduct of valuations.

  • Applies in this implementation:

    The course will be implemented this year as an online course. Lectures
    will be held this year, an assignment will be done and the course will
    end with an exam.

Assessment Methods and Criteria
  • Valid 01.08.2020-31.07.2022:

    Lectures/Workshops/Seminars, group work and assignments (preliminary). Regular attendance required. One absence may be made up by completing an assignment agreed upon with the teacher. The assessment methods and criteria will be defined in course syllabus.

  • Valid 01.08.2020-31.07.2022:

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


Study Material
  • Valid 01.08.2020-31.07.2022:

    To be announced in course syllabus, MyCourses and lectures.

Substitutes for Courses
  • Valid 01.08.2020-31.07.2022:

    REC-E3040 Real Estate Investment Analysis

  • Valid 01.08.2020-31.07.2022:

    REC-E3600 Real Estate Market Analysis

SDG: Sustainable Development Goals

    11 Sustainable Cities and Communities


Details on the schedule
  • Applies in this implementation:

    Times and topics of lectures Tue and Thu 14.15-15.45 (Zoom), preliminary, may change, not binding

    Introduction of the course. Real Estate Valuation (REV). Assignment and
    group division. Kauko Viitanen and instructors for the assignments

    •22.4. Datscha, web-based tool for analyzing and valuing commercial real estate markets. Emma Kaasinen
    •27.4. Bases of value. Valuation assignment. Valuation report. Kauko Viitanen
    •29.4. Option for group meetings with instructors.
    •4.5. Valuation approaches and valuation data. Income approach. Kauko Viitanen
    •6.5. Option for group meetings with instructors.
    •11.5. Sustainability in valuation. Anahita Rashidfarrokhi
    •18.5. Market approach and Cost approach. Kauko Viitanen
    •20.5. Option for group meetings with instructors.
    •25.5. Valuation uncertainty. Authorization. Valuation ethics. Kauko Viitanen