Note: I am on sabbatical and will not be offering REAL 205 in Spring 2022. I plan to offer REAL 205 in Spring 2023.

This is an introductory course to global real estate markets, with a focus on income-producing real estate assets. We will discuss the basics of valuation and risk management, emphasizing concepts that are salient in the global context, including political risk, currency risk, property rights and culture. The course will cover markets outside the United States, except for one special topic on international investors in the United States. We will focus more on the qualitative aspects of real estate investment analysis and less on quantitative aspects.

This is a full semester course, open to undergraduates only and is part of the Wharton Undergraduate Global Flex Fundamentals bracket. No pre-requisites required. The lectures will assume a basic understanding of demand and supply principles covered in EC10 or equivalent introductory courses for economics.