Recognition of the role of the property within national and global economies and the relationship between business and building cycles are basic aims in the first part of this course. Variation of property prices in urban areas are explained as a function of location with respect to the central business district and   development density of land. Students will be able to relate current shopping centre developments to the contemporary shopping behaviour, and differentiate their difference from the basic assumptions of classical retailing models. Cash flow analysis techniques will be learned to assess the feasibility of real estate investments and to be able to undertake property valuation.