6203 Real Estate Valuation and Land Management

• Τhe UN Sustainable Development Agenda 2030 Goals, Targets, Indicators. Land related issues. • Security of tenure and the Constitutional protection of property rights. • The relation among property rights, land use rights and property value. The role of land administration and NSDI. • Introduction & Terminology: Property market, valuation of urban real estate, cost/value/price, demand/supply, the scope of property valuation, mass valuation, the best use of land, BIM, digital twin (DT) • Factors that influence the demand and supply mechanism. Legal and technical issues • Factors that define the value of a property • Valuation methods, criteria and standards. Comparative data method, Depreciated Replacement Cost, Residual, Direct capitalization, Discounted cash flows. The profession in Greece. • Examples • Property valuation and GIS. Mass valuation. Property taxation, technical issues, Computer Assisted Mass Appraisal – CAMA. The integrated geospatial system of the Hellenic Ministry of Finance • Compulsory land expropriation. International good practice and examples from Greece • Property Market functioning. Policy Framework for Sustainable Real Estate Markets. Basic Principles. Structural reforms for the good management of land. • Informal construction. The dead capital. The Formalization process in Greece • Policy tools for affordable housing and social housing • Land dispute Mediation. The profession in Greece • Financing. Funding / lending mechanism • Technical tools for the management of urban areas, the role of volunteers. 3D Crowdsourced cadastral surveying, BIM, 5D, BIM and land administration • The digital twin (DT) theory and example of the DT of a building • Energy efficiency improvements. The profession of energy efficiency inspector in Greece • Professional Ethics and inclusivity
ECTS : 5
Language : el
Learning Outcomes : Upon successful completion of the course, students will have knowledge regarding: - basic concepts, definitions, theory, and legal interactions at constitutional, legislative and technical levels on issues of real estate valuation, as well as land and urban real estate management, and the prerequisites for the operation of a sustainable real estate market - modern trends, good practices and international policies as they are formed globally, - issues related to: the role of the cadastre, the digital twin of buildings and urban environment, and other tools for securing property titles, the national spatial data infrastructure (in terms of visualization and provision of geospatial data for real estate management - mainly: value, determination of uses, ownership information and geometric information), relevant legislation, illegal construction and generally dead capital and policies and tools for converting it into productive capital, - real estate valuation methods and detailed examples and exercises for each method - financing mechanisms and basic prerequisites and requirements - factors shaping urban real estate values, supply and demand - the functioning of the market and those involved in it - the good land management model and policy formulation for social housing and affordable housing and experience from other countries - the development of tools that will combine policies for a sustainable real estate market with economic and social issues and with environmental protection/climate change, natural disasters - out-of-court dispute resolution regarding real estate and experience from other countries - expropriation of real estate in our country, and international experience - standardization of information and methodology - land and real estate taxation and international good practices - professional ethics issues - technological developments in issues of organization and management of relevant building information, and urban area information and examples and exercises (BIM, DT and GIS) - specialization opportunities in areas related to the functioning of the real estate market, and professional prospects in this area e.g. mediator, appraiser, energy auditor, etc. In parallel, students acquire the necessary skills to: • understand international terminology and legislation in our country regarding real estate market issues and the factors affecting it • refer to and search for any relevant legislation, read it and understand the legal issues of the cadastre and cooperate with lawyers. • handle new digital technologies in terms of modeling, BIM, digital management of building and other geospatial information • make simple real estate value estimates • refer to sources and retrieve information about asking prices, market movements, problems that arise, platforms, etc. • continue to update their knowledge independently and gain experience • speak a common language with the professionals involved in the real estate market • easily choose and attend specialized courses in relevant professions e.g. appraiser, mediator, energy auditor. Upon successful completion of the course, students acquire the following abilities: • to judge with free and inductive thinking and give correct opinions on related issues successfully • to responsibly evaluate simple real estate value estimates in terms of the correctness of the chosen method and the result • to calculate tax values of real estate • to work in an international environment and contribute to the evolution of scientific issues and the development of tools related to the operation of a sustainable real estate market and land management • to judge whether relevant legislation in our country is consistent with international trends and to draft adaptation proposals • to participate in interdisciplinary activities in this area and develop research activity • to understand the importance of professional ethics and responsibility and sensitivity to gender and minority issues • to transfer ethical values to the solutions they will provide in land and real estate management issues, as well as to provide solutions that will take into account social and environmental issues • to continue to update their knowledge and skills independently.