MSc Real Estate Economics and Finance

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An internationally renowned one year taught programme ranked the #1 Real Estate Masters course in Europe and #1 Real Estate Masters course worldwide (according to Eduniversal Best Masters Ranking 2017).

Enjoy excellent employer recognition and career prospects

Through MSc REEF you will learn from world-leading researchers, with LSE ranked #1 for Urban and Real Estate Economists (according to the RePEc Research Papers in Economics, 2016). You will be part of an international student body from diverse academic and professional backgrounds.

The programme benefits from a partnership agreement with the Investment Property Forum (IPF) and the Royal Institute of Chartered Surveyors (RICS), conferring professional recognition.

MSc Real Estate Economics and Finance at LSE MSc Real Estate Economics and Finance at LSE
Academics and industry experts give an overview of the programme

About the programme

Students will acquire significant theoretical and technical knowledge to equip them to understand urban economic processes, price determination in land and real property markets, and their interrelation with investment markets, investment analysis and portfolio choice and the impact (including on land and property prices) of regulations, transport, public policy and socio-economic change.

This course treats real estate and real estate finance as a particular application of a general body of knowledge, unlike professional courses currently available in Britain and Europe. Real estate is approached by means of a rigorous exposition of relevant analytical and quantitative tools rather than introducing theory as a supplement to the practice of real estate professionals. For instance, the half course in Real Property Market Practice does not set out to teach what practitioners do for its own sake. It examines that practice more to help understand how real estate professionals, as market intermediaries using their habitual tools, may influence market outcomes and portfolio choice.

Please note that due to the high demand for places on the MSc REEF programme, those accepted will not normally be granted a programme transfer.

Why choose REEF?

Top Course Ranking

Ranked #1 Masters course Worldwide according to Eduniversal Best Masters Ranking 2017. Ranked #1 Real Estate Masters course in Europe.

Top Research Ranking

The European Economics Association ranked the Economic Geography cluster at LSE as the best economics sub-centre in the UK. The Geography and Environment Department has a top RAE research ranking of 5.

Investment Property Forum Recognises LSE's MSc REEF

The Investment Property Forum, IPF, includes the MSc Real Estate Economics and Finance programme on their selected list of postgraduate courses that the Forum considers to provide the relevant skills necessary for those operating in the property investment market. This recognition comes with a number of benefits for our Masters graduates, who will be offered fast-track membership to the Forum. 

Partnership between MSc REEF and RICS

MSc REEF entered into a partnership agreement with the Royal Institution of Chartered Surveyors in 2002. Graduates from 2002 onwards receive RICS recognition; past graduates can apply to RICS for personal membership. 

An opportunity to study for an MBA at the HEC School of Management in Paris

As well as the joint and double degree programmes that LSE offers, you may also have the opportunity to link your LSE master's degree with graduate studies at another institution. These schemes typically involve the studying of two separate, existing programmes, which when combined allow students to obtain both qualifications in a shorter period.

Useful links

REEF Advisory Board

The Advisory Board was established in 2009 to help forge sustainable links between LSE’s academic output and the real estate industry. The board supports the MSc REEF programme, including reviewing and advising on the course objectives, with the aim of ensuring that its teaching is as relevant as possible to the real estate industry.

Linus Forsberg has 17 years of experience from the European real estate industry, including fund management, investment agency and financing. At Trinova, Linus is responsible for investor relations and equity raising. 

Burak Kaplanoglu has worked as Programme Management Consultant at major capital projects for events such as the Athletes Village (London 2012 Olympics), Fifa World Cup Qatar 2022 and Dubai Expo 2020 for industry leader engineering/programme management firms. Now, Burak is part of PwC Risk Assurance Solutions.

Eric Linden is a Fund Manager at Rockspring.

John Lutzius is the Managing Director of Green Street’s London office, which he co-founded in March 2008. Prior roles during his 25-year career with Green Street include Chief Executive Officer, President, and Senior Research Analyst. 

Guy Morrell is head of the Real Estate Investment team at HSBC Global Asset Management, which invests globally in property funds and listed property equities. 

Francis Salway was Chief Executive of Land Securities, a FTSE 100 company and the UK’s largest listed property company, between 2004 and 2012. He is currently a non-executive director of Next plc and a non-executive director of the Cadogan Estate.

Ruth Thompson is an Associate in the Portfolio and Asset Management team at Tristan Capital Partners. 

REEF newsletter

You can view the latest edition of the REEF newsletter, with news from staff and alumni, information on events, ways to get involved, and other items of interest to REEF alumni.

We always like to receive content and comments from our alumni. If you would like to share articles, ideas and opinions, suggest speakers, or give us your own alumni news update, please email us.

Past editions: 2016/17  2015/16     2014/15     2013/14     2012/13     2011/12


Where are they now?

Graduates of MSc Real Estate Economics and Finance go on to successful and rewarding careers in varied roles in real estate and finance markets all over the globe.

Are you MSc REEF alumni hoping to connect with former friends and classmates or looking to keep abreast of cutting-edge real estate research? We manage and maintain an MSc REEF network to provide exclusive services to our alumni students and staff. Our network aims to maximise the “value added” of the MSc REEF by maintaining and developing contacts between MSc REEF alumni, by keeping alumni up to date with the latest REEF news and events, and by facilitating the sharing of ideas, advice and opportunities across our membership.

Click here to view our list of REEF alumni.

The MSc REEF LinkedIn group is the official page for our network. It is open to MSc REEF students, alumni and faculty, or those who took core MSc REEF modules during their degrees at LSE.

Our alumni tell us what they did after graduation:

Anisha Kutowaroo


Why did you choose the course/LSE? Choosing LSE was straightforward, as I wanted to follow in the footsteps of prominent global leaders, who have walked down Houghton Street as students. Having identified a gap in expertise needed in the real estate sector of the rapidly urbanising Sub Saharan African cities, I decided to pursue a Masters degree in Real Estate Economics and Finance. I opted for the program as it offered a unique blend of theoretical and practical understanding of the workings of the urban economic processes and its relation with the real estate investment market. The topics are also taught by influential staff whose research and academic papers are highly valued and help shape policy processes. Furthermore, my choice of course and ambition was backed by the Commonwealth Scholarship Commission, which awarded me a full scholarship to pursue my study.

How has your degree programme prepared you for your future career? I currently work as Investment Executive at the Board of Investment, a policy think tank and the national investment promotion agency, under the aegis of the Ministry of Finance and Economic Development in Mauritius. My academic pathway has helped me differentiate myself in the workplace. At an early stage of my career, I have been involved in carrying out the feasibility study for the development of high profile governmental projects, for instance a new administrative city, a large-scale business and industrial park as well as inception of smart cities. Using knowledge accumulated during the course, I produce research reports and country analysis used by prospective investors and governmental stakeholders. 

The degree programme, most specifically the Applied Urban Economics and Regional Economics, equipped me with the technical knowledge as well as ability to critically and independently analyse the various aspects of urban planning and development. Furthermore, the Real Property Market Practice course provided me with focused up-to-date industry relevant content delivered first hand by industry professionals, which helped me to quickly integrate the working environment and anticipate the needs of different parties in the industry. 

What was the highlight of your LSE experience? LSE provides a platform for students to interact with leaders from all spheres of social, political and economic sciences through public lectures, mentoring schemes and networking sessions. In particular, I appreciated the mentoring scheme whereby I was matched with a highly experienced managing director of a leading independent research and advisory firm. Through regular meetings, I received interesting insight into the industry, which guided me in producing a highly relevant dissertation. As a testimonial of which, I was awarded the Investment Property Forum Postgraduate Dissertation award as well as the MSc Real Estate Economics and Finance Best Dissertation Prize. The academic staff also highly value the input of students and therefore, as course representative, I was encouraged to participate in the REEF Advisory Board chaired by Francis Salway. 

Sum up your experience in 3 words: Challenging, Enriching, Unique.

Xuyang Liu

Current job title: HSBC Global Graduate Programme.

Why did you choose the course/LSE? Strong interest in real estate and LSE arguably has a very good reputation.

How has your degree programme prepared you for your future career? I was influenced by great lecturers, e.g. Christian Hilber and Olmo Silva. Their ways of approaching a problem really inspire me. Additionally, my programme provides lots of networking opportunities. I personally was assigned a mentor from Goldman Sachs who gave me lots of valuable suggestions.

What was the highlight of your LSE experience? Meet good friends across the world, meet the right lady for my marriage, and have great fun staying in London.

Sum up your experience in 3 words: Fulfilling, Challenging, Interesting.   

Xiaolun Yu


Current job title: Intern analyst at real estate research department, Huatai Securities.

Why did you choose the course/LSE? I chose LSE for the chance to study advanced real estate economics and get exposed to a world-class faculty and brilliant fellows.

How has your degree programme prepared you for your future career? My degree programme not only offers me rigorous academic training, but also gives me the opportunities to communicate with specialists from industry and academia. This experience has proven to be very valuable in my work in financial institutions, where I often deal with economic research  and communicate with specialists of different backgrounds. 

What was the highlight of your LSE experience? When I worked with my classmates on one project in GY462, we communicated frequently with each other and had the opportunity to apply academic theory to solve real-world problems. The feedback from our lecturer was also very inspiring.

Sum up your experience in 3 words: Inspiring, Valuable, Diverse.

Rick Palacios 

My firm (John Burns Real Estate Consulting) provides independent research/consulting services focused on residential real estate in the United States. I am the Director of Research and oversee all home building, building products, multifamily and single-family rental research. My firm’s work as well as my own personal work is regularly quoted in major outlets such as the Wall Street Journal, Bloomberg, and CNBC. Previous roles include Morgan Stanley in New York (equity research covering homebuilders), as well as the Milken Institute in Santa Monica, CA (economic think tank). I completed my MSc in Real Estate Economics and Finance from LSE in 2009. 

My studies at LSE were the perfect stepping stone for furthering my career as an expert in US residential real estate. The courses completely focused on real estate and broader economic drivers/principals, the ideal environment for anybody wishing to pursue a career in the field of real estate. In addition to the fantastic courses and professors, I found the eclectic and diverse student body to be extremely engaging and open to debate. Having London at your doorstep also doesn’t hurt (still my favorite city) and I miss it dearly.  


We gratefully acknowledge the funding from the Investment Property Forum Educational Trust supporting MSc REEF. The Investment Property Forum includes the MSc Real Estate Economics and Finance programme on their selected list of postgraduate courses that the Forum considers to provide the relevant skills necessary for those operating in the property investment market. Graduates of MSc REEF will be offered a fast track membership to the Forum.

Contact us

Telephone: +44 (0)20 7955 7587

Email: Geog.Pg@lse.ac.uk