GY457 One Unit
Applied Urban and Real Estate Economics
This information is for the 2025/26 session.
Course Convenor
Prof Christian Hilber
Availability
This course is compulsory on the MSc in Real Estate Economics and Finance. This course is available on the MPhil/PhD in Economic Geography and MSc in Geographic Data Science. This course is available with permission as an outside option to students on other programmes where regulations permit. This course uses controlled access as part of the course selection process.
How to apply: Priority: MSc Real Estate Economics and Finance students. Priority is typically for students enrolled in Geography and Environment programmes, or joint degree programmes, however course specific availability is indicated via the 'Availability section' on the LSE course guide webpages. Guidance on how to apply to individual controlled access courses can also be found on LSE for You in the Graduate Course Selection system.
Please note: The number of students that can be accommodated is limited. If a course is over-subscribed, places will be allocated at the Department's discretion and a waiting list may be created. It is advised to have an alternative course in mind as a back-up in case you are unable to secure your first-choice course selection.
Deadline for application: Further guidance and information on course selection for Geography and Environment courses (GY4xx) will be available on the Geography and Environment Course Selection Moodle page which will go live from Monday 8 September and will be updated with course availability information daily throughout the course selection period. This page includes information on the timeline for course selection decisions in the Geography and Environment Department as well as the individual course application processes and requirements
A list of all taught master's courses in this Department are listed on LSE's course guide webpages.
For queries contact: geog.reef@lse.ac.uk
The number of students that can be accommodated is limited. If the course is over-subscribed, places will be allocated at the Department’s discretion and a waiting list may be created. For further details, please contact your relevant Programme Coordinator.
Requisites
Additional requisites:
The course assumes that students already have knowledge of economics equivalent to a good first degree in the subject. It is available as an option to students who can show that they are suitably qualified.
Course content
This course aims to provide students with a theoretical and empirical understanding of urban economic processes and price determination in land and real property markets within an institutional context. Examples of topics covered include: the functioning of cities and the urban system; the determinants of urban structure; patterns of urban land use; the determinants of urban growth - theory and evidence; land and real property markets; the impact of land market regulation including the economic impact of land use planning; local public finance and house price capitalisation; real estate cycles; homeownership; housing policies.
Teaching
22 hours of lectures and 10.5 hours of seminars in the Autumn Term.
9 hours of seminars and 24 hours of lectures in the Winter Term.
This course has a reading week in Week 6 of Autumn and Winter Term.
In the Department of Geography and Environment, teaching will be delivered through a combination of classes/seminars, pre-recorded lectures, live online lectures and other supplementary interactive live activities.
Formative assessment
Students can submit a mock exam in WT. Upon request, teachers are happy to provide feedback on seminar presentations.
Indicative reading
Detailed reading list will be given out at the beginning of the course. Much of the reading will be journal articles. However, some important items are: J. Brueckner, Lectures on Urban Economics, 2011; P.C. Cheshire, M. Nathan & H. Overman, Urban Economics and Urban Policy: Challenging Conventional Policy Wisdom, 2014; D. DiPasquale & W. Wheaton, Urban Economics and Real Estate Markets, 1996; G. Duranton, V. Henderson & W. Strange, Handbook of Regional and Urban Economics, Vol. V, North Holland, 2015; M. Fujita, Urban Economic Theory: Land Use and City Size, 1989; E.L. Glaeser, Triumph of the City, 2011; Henderson, J.V. and J.F. Thisse, Handbook of Regional and Urban Economics Vol. IV, North Holland, 2004; J.F. McDonald & D.P. McMillen, Urban Economics and Real Estate, Theory and Policy, 2011; B. O’Flaherty, City Economics, 2005; A. O'Sullivan, Urban Economics (9th edn.), 2018.
Assessment
Exam (100%), duration: 180 Minutes, reading time: 10 minutes in the Spring exam period
Key facts
Department: Geography and Environment
Course Study Period: Autumn and Winter Term
Unit value: One unit
FHEQ Level: Level 7
CEFR Level: Null
Total students 2024/25: 55
Average class size 2024/25: 28
Controlled access 2024/25: YesCourse selection videos
Some departments have produced short videos to introduce their courses. Please refer to the course selection videos index page for further information.
Personal development skills
- Leadership
- Self-management
- Team working
- Problem solving
- Application of information skills
- Communication
- Application of numeracy skills
- Commercial awareness
- Specialist skills