大学院
学内のオンライン授業の情報漏洩防止のため，URLやアカウント、教室の記載は削除しております。
最終更新日：2026年4月20日
授業計画や教室は変更となる可能性があるため、必ずUTASで最新の情報を確認して下さい。
UTASにアクセスできない方は、担当教員または部局教務へお問い合わせ下さい。
最終更新日：2026年4月20日
授業計画や教室は変更となる可能性があるため、必ずUTASで最新の情報を確認して下さい。
UTASにアクセスできない方は、担当教員または部局教務へお問い合わせ下さい。
Real Estate Finance and Economics
Real estate accounts for the majority of national wealth; in Japan, it accounts for 87% of the four quadrillion yen net worth. This enormous asset value represents the capitalized expenditures of individuals and organizations for the use of land and structures.
Real estate research includes theoretical and empirical analysis of household decisions and business activities, such as homeownership, leasing, development, debt financing, equity investment, property management, and valuation. Research also evaluates public policy using the capitalized value of real estate through agglomeration, transportation, and other channels. Furthermore, research extends to the macroeconomic analysis of interest rates, inflation, asset bubbles, and financial crises. Thus, real estate research, which integrates financial, macro, business, and urban economics, is pragmatic yet theoretical, local yet international, and microeconomic yet macroeconomic.
This course is appropriate for a wide range of students: graduate students in economics, public policy, finance, management, and urban engineering, and advanced undergraduates pursuing careers in finance and investment.
This course consists of a practical component for future policymakers and businesspeople and a research component for researchers. The practical component provides an institutional understanding of real estate markets, financial analysis, and investment decisions, which also serves as a foundation for academic research. It combines lectures with in-class labs for hands-on learning. The research component introduces theories, methods, and empirical findings through lectures and student presentations. Real estate finance also serves as a good prototype for learning general finance, including corporate finance and asset pricing.
時間割／共通科目コード
コース名
教員
学期
時限
291325-03
GEC-EC6832L3
Real Estate Finance and Economics
吉田 二郎
火曜4限、木曜4限
マイリストに追加
マイリストから削除
講義使用言語
英語
単位
2
実務経験のある教員による授業科目
NO
他学部履修
可
開講所属
経済学研究科
授業計画
"{Week 01} 1. Introduction to Real Estate Research
{Week 02} 2. Leasing and Cash Flows
{Week 03} 3. Development: Cost of Capital, Real Options, and Regulations
{Week 04} 4. Pricing
{Week 05} 5. Debt and Equity Contracts
{Week 06} 6. Real Estate Business Strategies
{Week 07} 7. Real Estate in Macro economy
授業の方法
There are two classes each week; Thursday classes cover practical analysis of real estate markets and investments, while Tuesday classes cover academic research related to the weekly topic. Students are required to participate in both classes, but each student may choose either a practical or research track. The practical track places more emphasis on practical classes than on research classes, while the research track places more emphasis on research classes.
成績評価方法
The typical UT grading scale will be used. I reserve the right to curve the scale dependent on overall class scores at the end of the semester. Any curve will only ever make it easier to obtain a certain letter grade.
50% for attendance and 50% for weekly assignments.
履修上の注意
Class participation is essential.
その他
One of the classes is the UTokyo-NUS-MIT-PennState Quad Real Estate Conference on June 4.
