ECON06021 2019 Economics of Property

General Details

Full Title
Economics of Property
Transcript Title
Economics of Property
N/A %
Subject Area
ECON - Economics
CENG - Civil Eng. and Construction
06 - NFQ Level 6
05 - 05 Credits
Start Term
2019 - Full Academic Year 2019-20
End Term
9999 - The End of Time
Barrie Cox, Leigh McLoughlin
Programme Membership
SG_SPROP_C06 201900 Higher Certificate in Science in Property Services and Facilities Management SG_SPROP_E06 202000 Certificate in Property Services

This is an introductory module to economics for property and built environment professionals. Basic principles of microeconomics and macroeconomics are presented and particular focus is given to the practical application and analysis of the property, construction and related sectors in the context of the economy as a whole. It is not expected that participants have a prior knowledge on commencing the module, but on completion of the module candidates should be able to demonstrate the ability to analyse and discuss the sectors from an economic perspective.

Learning Outcomes

On completion of this module the learner will/should be able to;


Describe the principles of micro and macro economics and interpret leading economic indicators and data.


Apply economic principles to the analysis of the built environment.


Evaluate current economic trends and factors shaping the trends.


Analyse the impact of macroeconomic change on property, construction and related sectors.


Propose mechanisms by which key economic objectives may be achieved and the role that property, construction and related disciplines play therein.

Teaching and Learning Strategies

This module will be delivered through lectures and tutorials.

Moodle is used by lecturers to direct and manage the learning process and facilitates: Formal Learning: posting of lecture notes and continuous assessments, additional resources and supporting documents. Links to websites. remote collaboration on group work (discussion boards, collaborative document editing) Informal Learning: social communication between learners (discussion boards, chat rooms, Wikis, blogs) learner journals (reflective journals, e-portfolios).

Module Assessment Strategies

This module is 40% Continuous Assessment and 60% Final Exam.

Repeat Assessments

Repeat Continuous Assessment and/or Final Exam.

Indicative Syllabus


  • Principles of demand, supply and the price mechanism: functions of demand and supply; demand and curves; market equilibrium; price controls; property and construction prices.
  • Elasticity: own price, income and cross elasticity of demand; price elasticity and total revenue; elasticity of supply. Elasticity and the property sector.
  • Factors of Production: land, labour, capital and enterprise.
  • Market Structure Analysis: perfect competition, monopolistic competition, oligopoly, monopoly. Analysing property and construction market structures; implication on price, profit and output.


  • Economic Growth: measuring economic growth using national income accounting;
  • Business cycle; circular flow of income; use of national income statistics; current trends and drivers of trends. Importance of Investment for growth;
  • Inflation: measuring inflation; causes and consequences; Residential property price inflation; construction tender price inflation; current trends and drivers of trends;
  • International Trade and the Balance of Payments: measuring international trade; FDI in Ireland.
  • Government Policy: Introduction to fiscal and monetary policy; EMU.


Coursework & Assessment Breakdown

Coursework & Continuous Assessment
40 %
End of Semester / Year Formal Exam
60 %

Coursework Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Economics of Property Continuous Assessment Continuous Assessment Assignment 40 % Week 3 2,3,4,5

End of Semester / Year Assessment

Title Type Form Percent Week Learning Outcomes Assessed
1 Economics of Property Final Exam Final Exam Closed Book Exam 60 % End of Semester 1,2,3,4,5

Online Learning Mode Workload

Type Location Description Hours Frequency Avg Workload
Lecture Not Specified Economics of Property 1 Weekly 1.00
Directed Learning Not Specified Economics of Property 1 Weekly 1.00
Independent Learning Not Specified Economics of Property 5 Weekly 5.00
Total Online Learning Average Weekly Learner Contact Time 2.00 Hours

Required & Recommended Book List

Recommended Reading
2011-09-02 Principles of Economics Gill & Macmillan Ltd
ISBN 0717149889 ISBN-13 9780717149889
Recommended Reading
2011-04-27 Economics and Property Routledge
ISBN 0080969941 ISBN-13 9780080969947

Title: Economics and Property <>Binding: Paperback <>Author: Danny Myers <>Publisher: Taylor & Francis

Recommended Reading
2016-09-14 Construction Economics: A New Approach Routledge
ISBN 1138183725 ISBN-13 9781138183728

Construction Economics : A New Approach, 4Th Edition by Danny Myers, 9781138183728 , T&F/Routledge

Recommended Reading
1994-07-28 Economics: A Foundation Course for the Built Environment: A Foundation Course for Built Environment Studies Taylor & Francis
ISBN 9780419182603 ISBN-13 9780419182603

Economics It will introduce you to the basics of economics as they relate to the built environment by looking at the principles of microeconomics (markets, price mechanisms, resource allocation, theory of the firm, etc.) and then put these principles into the

Recommended Reading
2014-03-27 Foundations of Economics OUP Oxford
ISBN 0199674876 ISBN-13 9780199674879

Module Resources

Non ISBN Literary Resources


Journal Resources


URL Resources

Central Statistics Office:

Department of Finance:

Economic and Social Research institute:

Society of Chartered Surveyors Ireland:

The Royal Institution of Chartered Surveyors:

Other Resources

Irish Times:

Financial Times:

Central Bank Quarterly Bulletins:



Additional Information