Course Aims:
- To understand the formal processes and procedures adopted in the UK in the approach to the valuation of property.
- To be aware of the various purposes for which valuations are required.
- To understand the fundamental principles of the five methods of valuation which are used to value different property interests and how these may be applied in a marine environment context.
- To be able to critically appraise these five valuation methods.
- To understand the mechanisms of property development in a marine environment context and its risks and rewards.
Main Learning Outcomes:
Knowledge and Understanding
Upon completion of the course, students should:
- Be aware of how the property markets in the UK function and their relationship with the national economy.
- Be able to use different valuation methods in context.
- Recognise the need for experienced valuers to undertake property valuations, how such valuations are undertaken and reported, and their implications.
- Be able to evaluate the accuracy and appropriateness of the various methods of property valuation.
- Appreciate the varied aspects of the development process including marine development in the UK.
Professional and Transferable Skills
Students should develop their:
- Written communication skills through the preparation of a 3,000 word professional report.
- Verbal communication skills through working as part of a small team which has specific targets to achieve.
- Research skills via problem definition and the identification and analysis of property data.
Course Content:
- An introduction to the property markets in the UK incorporating the concept of value, the distinguishing features of these markets and the different types of legal interests in property.
- An examination of the principle methods of property valuation including the need to assimilate and analyse all relevant evidence in a forensic fashion.
- An understanding of the practical application of property valuations including the workings of the RICS Valuation Standards.
- An understanding of the planning regime in Scotland relative to the development process.
- An appreciation of the variable factors involved in valuations concerned with development.
