Real Estate Valuation and Analysis
Fastighetsvärdering och analys

VFTF25, 10.0 credits, G2 (First Cycle)

Valid for: 2025/26
Faculty: Faculty of Engineering LTH
Decided by: PLED L
Date of Decision: 2025-04-11
Effective: 2025-05-05

General Information

Main field: Technology Depth of study relative to the degree requirements: First cycle, in-depth level of the course cannot be classified
Mandatory for: L3
Language of instruction: The course will be given in Swedish

Aim

The course in real estate valuation and analysis is primarily intended to give the students the financial knowledge and skills that are necessary to assess the market values ​​of real estate. It involves understanding how real estate values ​​arise and understanding how these values ​​can be measured. It includes the ability to analyze how real estate values ​​are affected by various environmental factors on a micro and macro level.

Learning outcomes

Knowledge and understanding
For a passing grade the student must

• understand basic theory och value for real estate, both for ownership as other rights such as condominium rights
• understand basic theories and methods of real estate valuation
• possess basic knowledge of the system of real estate taxation, in theory and practice
• have particularly good knowledge of the sales comparison valuation and the cash flow valuation
• have a basic understanding of the hedonic value theory and hedonic valuation method
• have knowledge of how the institutional framework of Swedish real estate market, particularly housing, is designed and how it affects real estate prices and rents.
• have knowledge of how market and real estate analysis is carried out in connection with valuation.

Competences and skills
For a passing grade the student must

• be able to assess different types of real estate using the most common methods of real estate valuation.
• be able to describe and discuss in oral and written form different approaches in the valuation of real estate objects of various kinds.
• search and evaluate information about the value of various types of real estate
• to design write write a value opinion adequately.
• be able to analyze how different properties of a real estate affect its value
• be able to carry out market and real estate analysis prior to the valuation of common real estate types.

Judgement and approach
For a passing grade the student must

• be able to critically assess the value of price statistics and other information that forms the basis for real estate valuation
• be able to critically discuss about the relationship between real estate prices and the institutional framework in the form of legislation and policy.
• be able to critically assess issues of ethics and responisbility regarding real estate valuation

Contents

The basis of the subject real estate is the economisc price theory for a market economy with particular regard to the real estate market's specific condition. This forms the basis for this course in real estate valuation.

Theory and method of real estate valuation represents the central part of the course. The emphasis is on the sales comparison method and the income method. Value theory and analysis of the real estate market's interaction with legislation and policies represent other focus areas of the course.

The course initially introduces the central concepts and methods through teaching and project work. Knowledge and skills are then deepened through analytical tasks that are carried out both individually and in groups.

Instruction consists of lectures, exercises, seminars and assignments in which the theoretical elements, as well as some prior knowledge, integrated and applied.

Examination details

Grading scale: TH - (U, 3, 4, 5) - (Fail, Three, Four, Five)
Assessment: Written exam determines the grade. An approved grade also requires approved achievements in seminars and assignments as well as other compulsory elements. Mandatory attendance is required for seminars and computer exercises.

The examiner, in consultation with Disability Support Services, may deviate from the regular form of examination in order to provide a permanently disabled student with a form of examination equivalent to that of a student without a disability.

Modules
Code: 0119. Name: Real Estate Valuation and Analysis.
Credits: 10.0. Grading scale: TH - (U, 3, 4, 5).

Admission

Admission requirements:

• (VFR140 Introductory Law and Real Estate Law or VFTA05 Introductory Law and Real Estate Law)
    and
  (FMS032 Mathematical Statistics, Basic Course or FMSF50 Mathematical Statistics, Basic Course)

Reading list

• Bengtsson, Ingemar, 1969-: Fastighetsvärdering : om värdeteori och värderingsmetoder. Lund : Studentlitteratur, 2023, ISBN: 9789144176918. Latest edition, 2ed. (2023).
• Fastighetsnomenklatur : fastighetsekonomi och fastighetsrätt. Lund : Studentlitteratur, 2024, ISBN: 9789144182636. Additional text.
• Additional materials provided by the department.

Contact

Course coordinator: Universitetslektor Ingemar Bengtsson, ingemar.bengtsson@lantm.lth.se
Course homepage: https://www.tos.lth.se/utbildning/grundutbildning/