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In the Real Estate Finance track, you learn investment strategies for commercial and residential real estate. As well as a wide range of valuation models based on properties’ characteristics including their sustainability

The programme

During your Master's you will follow 4 general courses and 6 track-specific courses. You will finish with a thesis. If you have a drive to enhance the adoption of sustainability in finance, you can participate in our Honours programme.

  • Compulsory courses

    Applied Financial Econometrics

    In this course you expand your knowledge about regression analysis applied to finance topics,  a powerful tool in empirical finance for  analysing empirical relationships. You will review estimation and testing of the basic linear regression model and subsequently will focus on various applications and extensions of the basic model.

    Empirical Methods in Finance

    In this course you will focus on the current statistical methodology used in empirical work and the practical implementation of data analysis using STATA. You will attend methodology lectures on how to use the university’s databases and tutorials in which you present and receive feedback on empirical group assignments. Also you will write a first thesis proposal.

    Ethics and Professional Skills in Finance

    This course will explain to you the importance and relevance of ethics in finance. You will discuss:

    • the relationship with corporate governance and recognition.
    • personal dealing with ethical issues in the finance profession.

    You will also get acquainted with ethical issues in finance through practical cases.

    Being a professional requires more than specialised knowledge of finance. You also need professional skills to become successful. That is why during this course we offer you a selection of skills workshops to choose from:

    1. Public Speaking and Presenting
    2. People Skills
    3. Self-management
    4. Negotiation Skills
    5. Programming with Python
    6. Intercultural Competence

    Thesis Seminar Finance

    This course prepares you for writing your Master's thesis. It brings you up-to-date knowledge and professional skills.  Also, you will learn how to acquire a critical view on your own work and that of fellow students. In the course you will develop your thesis plan as well as learn to present, discuss and referee other’s work.

  • Track-specific courses

    Real Estate Markets and Analysis 1

    You will focus on private markets for commercial real estate. First we will introduce real estate as an investment class and will explain relevant market indicators. After this, you will discuss important topics such as real estate market cycles, the relationship between real estate markets, the wider economy and financial markets, forecasting of real estate markets, the role of location theories, and pricing of real estate and international convergence.

    Real Estate Valuation

    You will cover the basic methods to value real estate objects (the DC and DCF method). You will discuss how and when to use the right method and how to get the information (parameters) necessary to do an appraisal. You will learn how to use these methods through several practical case assignments and exercises.

    Advanced Real Estate Valuation

    This course builds on the knowledge and skills from the Real Estate Valuation course. You will discuss valuations from an investment perspective and will explore topics such as retail valuation, land valuation, the cost approach, the sales comparison approach and automated valuation models of residential properties. You will participate in practical valuation case assignments and a computer workshop. Further topics include confirmation bias in valuation, and advanced DFC analysis.

    Real Estate Markets and Analysis 2

    This course elaborates on your knowledge acquired in Real Estate Markets and Analysis 1. You will discuss concepts and analyse tools in more detail and will study the private investment markets, primary mortgage markets and markets for residential and retail properties. An important and exciting part of this course is the real estate group assignment. You will perform your own real-life market research and construct an investment advice that you will present to a jury of investment practitioners.

    Real Estate Finance

    In this course you will deep-dive into the financing choice for (international) real estate assets. You will gain the necessary tools to analyse the different funding structures and their market pricing and relative risk. Also, you will learn to analyse financing instruments and markets, with particular focus on mortgages and mortgage-backed securities. Finally, you will learn a real option approach to value real estate developments.

    Real Estate and Alternative Investments 

    This course focuses on real estate and alternative investments from a portfolio perspective. It provides an in-depth analysis of measuring real estate returns, how to construct real estate portfolios, the liquidity of listed and non-listed real estate investments and the pricing of real estate derivatives. Real estate portfolio theory is covered, including real estate investment management and international (foreign) real estate investment. Other asset classes like private equity (buyouts) and venture capital are also covered: how are PE funds structured and valued, and what is the role of leverage and what are good investor strategies?

  • Thesis

    The academic programme culminates in a thesis, which allows you to engage with state-of-the-art data analysis and statistical techniques. The Master’s thesis is the final requirement for your graduation. It is your chance to dive deep into a topic in your field of choice (track) that you are enthusiastic about, and allows you to do an independent research project in Finance. A professor of your track will supervise and support you in writing your thesis.

  • Honours programme: A Sustainable Vision for Finance

    The Honours programme is designed for students with excellent analytical and leadership abilities, and a fundamental passion to enhance the adoption of sustainability in finance. It is a challenging programme and a great way to stand out for future employers.

Experience the programme

What is the Master's Finance about?
What is the Master's Finance about?
Get career tips from our alumnus Lychelle
Get career tips from our alumnus Lychelle
Real-life case: Valuation of an office/educational building 

How do you determine the market value of an office building, in this case the Leeuwenburg building in Amsterdam (picture)? You will visit the office, get information about rents, and have to write a valuation report. This report is presented and evaluated under the supervision of Cushman & Wakefield.

Vera Scholten
Copyright: EB
The lecturers are very good and try to engage with the student in every way Vera Scholten Read Vera's full review
Frequently asked questions
  • When do I need to select a specialisation track?

    A specialisation track must be chosen when applying for the Master’s programme. However, track modifications are still possible until late October. The criteria for all tracks are identical and do not impact the likelihood of being accepted into the programme.

  • How many students are in the programme?

    Our Master’s programme is selective and only admits around 40 students per specialisation track.

  • What are the weekly contact hours?

    Most courses have one 2-3 hour lecture and one 2-hour tutorial per week. Generally students take 3 courses at a time, so count on about 12-15 contact hours per week.

  • Will all lectures be held in person, or will there be options for online attendance?

    Our preference is for in-person lectures. Certain sessions may be pre-recorded or follow a hybrid format. This entails preparing for Question and Answer (Q&A) sessions through video clips and readings, with subsequent online discussions during meetings.

  • Is attendance compulsory for lectures, tutorials, and other sessions?

    Attendance is usually not compulsory for lectures, but commonly for tutorials and other sessions. Students greatly benefit from being present and engaging in discussions with both the instructor and their classmates.

  • What is the typical method of assessment for most courses?

    The majority of courses have a written on-site exam, which counts for a large percentage of the final grade. Most courses have additional assessment methods, including oral presentations, developing research proposals, conducting experiments and writing up results. Finally, some courses grade attendance, which is reflected by presence and activity in tutorials and online assignments.