Жилищная экономика
Читается: 1-2 модули 3 курса
Пререквизиты: knowledge of corporate finance, micro- and macroeconomics, some notion of mathematics and statistical methods.
Трудоемкость: 5 кредитов
60 аудиторных часов:
- 20 часов лекций;
- 40 часов семинаров.
Формы контроля:
- экзамен,
- 2 теста,
- домашние работы.
Преподаватели
Департамент экономики: Профессор
О курсе
Dual nature of housing: investment asset and consumer good.
Choice between own and rented housing: user cost of housing (transaction costs, mortgage payments, maintenance, property taxes, and capital gains).
Methods of real estate valuation/appraisal: 1) cost approach, 2) income approach, and 3) direct comparison approach. Hedonic regression as a property valuation method (input data and methodology). A special case of hedonic method: Case and Shiller approach.
Mortgage loans and investment: Pros and cons of loans for owner-occupier: own and borrowed capital; fixed vs. variable interest rates; importance of principal payments; refinancing. Investment: portfolio approach, real estate funds and REITs.
Government regulations: 1) macroprudential policies (restrictions on the bank capital - Basel Capital Accord; restrictions on the borrowers - loan-to-value ratio, debt-to-income ratio, etc.); 2) rent controls and protection of tenants from eviction; 3) tax treatment of real estate property (interest subsidy, taxation of imputed rent for owner-occupiers; stamp duty and annual property tax; housing allowance, etc.).
Другие курсы майнора:
- Введение в поведенческую и экспериментальную экономику (читается на английском языке)
- Инструменты личного инвестирования (читается на английском языке)
- Потребительское кредитование (читается на английском языке)