About the Programme
The Department of Construction Economics and Management (CEM) at the University of Cape Town offers a newly updated MSc in Property Studies degree to respond to the demand from students and employers in the property and real estate sectors. With this revised curriculum, CEM is positioned as the preeminent provider of world-class property education with a distinctly South African, African and ultimately developing-country perspective. Given the challenges of poverty, unemployment and inequality, the programme explores the role that property might play in bringing about a more prosperous society.
The programmes consist of taught modules, project work and a research component. In keeping with the standing of the University of Cape Town as a research-intensive and leading university on the African continent, the new curriculum emphasises intellectual engagement with the subject matter, by prioritising the development of critical thinking, problem solving and conceptual abilities, above and beyond the acquisition of competence in the performance of professional activities. This MSc in Property Studies programme is benchmarked against similar programmes of leading universities worldwide and is fully accredited by the Royal Institution of Chartered Surveyors (RICS). Additionally, to meet the accreditation criteria of the South African Council for the Property Valuers Profession (SACPVP), the programme offers an optional elective module, Property Valuation Applications, to achieve registration with the SACPVP.
Structure of the Programme
The programme comprises five compulsory taught modules, presented in block weeks over the course of a year. This is followed by the minor dissertation in the second year. As such, the programme is well-suited to part-time students. Full-time students have the option to complete the programme in one year.
Compulsory Course Modules
The five compulsory modules are as follows:
Property Valuation and Investment Appraisal (25 credits)
This course covers the following: value theory and valuation approaches and methods; market approach, income approach, cost approach, international valuation standards; limitations of conventional valuation approaches and methods to the African context; property inspection and report writing; trends and innovation in property valuation; South African legislation and case law.
Property Investment and Finance (25 credits)
This course covers the following: mathematics of finance; property investment decision-making; capital budgeting; financing decision and capital structure; capital markets; sources and flows of capital for property investments; financial debt structures; equity capital markets (REITs); debt capital markets (asset-backed securities, mortgage-backed securities, collateralised debt obligations); the development of property investment portfolios by applying the concepts underpinned by the Capital Asset Pricing Model (CAPM).
Property Development (25 credits)
This course covers the following: property development market research, feasibility studies, environmental impact assessments, town planning, risk, property economics, marketing, and the role of different stakeholders during these processes.
Property and Facilities Management (25 credits)
This course covers the essential principles and objectives of property and facilities management and the role of the property/facilities manager within the property sector in leveraging maximum value from property assets. The course focuses on the principles and management theories of strategic property and facilities management in the integration of “space, place, people, process and technology.
Research Methodology (20 credits)
This course covers the following: ontology and epistemology (positivism, critical realism, constructivism, pragmatism); theory in knowledge production; research approaches (deductive, inductive, retroductive, abductive); research strategies (experiment, survey, case study, action research, grounded theory, ethnography, archival research); research choices (quantitative, qualitative, mixed methods); research design; data collection, analysis and reporting; and ethics issues.
Optional Elective Module
To achieve registration with the South African Council for Property Valuers’ Profession, a student must complete this elective in addition to the five compulsory courses listed above.
Property Valuation Applications (20 credits)
This course covers the following: valuation for land reform and expropriation; valuation of agricultural property; valuation of forest plantations; valuation of mineral property; valuation of air rights; valuation of filling stations; valuation of hotels and leisure property; valuation of theatres and restaurants; valuation of care/nursing homes; valuation of hospitals; valuation of telecommunication infrastructure; plant and machinery valuation; valuation of specialised commercial and (heavy) industrial property.
Research
In addition to the taught course modules, students must complete a minor dissertation.
Minor Dissertation Property Studies (60 credits)
Under the supervision of a staff member, each student must spend approximately 600 hours on a research project. This includes selecting a research problem, preparing a research proposal, conducting empirical research, analysing data, drawing conclusions, making recommendations and writing up the dissertation.
Minimum Admission Requirements
Applicants for the MSc Property Studies programme must meet the following minimum requirements:
Hold a four-year bachelor's or honours degree in an appropriate field, obtained from a recognised University; or
Hold an approved three-year degree and have a minimum of five years of senior managerial experience relevant to the field in which they propose to study.
Careers
The MSc Property Studies degree opens a range of career and entrepreneurial opportunities in the private, public and non-profit sectors. Our graduates are in great demand both locally and internationally as property valuers, property developers, facilities managers, asset managers, property brokers, and investment analysts.
Applications and Enquiries
Ms Mareldia Fagodien
Administrative Officer (Postgraduate)
Department of Construction Economics and Management
University of Cape Town
Private Bag, Rondebosch, 7701
South Africa
Tel: (021) 650 3443
Fax: (021) 689 7564
Email: con-cem@uct.ac.za