Lund University
Real Estate
Science
From : Prof.
Klas Ernald Borges Ph.D.
To : Prof. Aedil Suarez Ph.D.
UTEM –Industrial Engineering Department
Lund Sweden 2005-07-15
Some
comments after reviewing the ideas of Elio Suarez of March, 31st and
June 1st, 2005.
The
tentative approach with different aspects of links between Industrial
Management and Real Estate/Land Management indicates a broad spectrum of
possibilities. The real estate area is a special kind of industry, with a
complicated production and management process. An industrial management
approach on the area could be very useful.
A PhD
programme has to be based on a research approach, a general study plan, a
yearly programme and supervision. The ideas of Elio are useful as an approach.
A study plan with a tentative selection of courses is presented below.
The normal
requirement of courses totals about 90 ECTS (European Credit Transfer System,
corresponding to 60 Swedish credits), equivalent of 1,5 years of fulltime
studies.
A selection
of courses has to be adapted to the scientific area and the specific research
idea. The following courses are a first idea.
VFT025 Real
Estate Information Technology, 21 ECTS
VFR130
Common Property, 7,5 ECTS
VFR
International Real Estate Law, 7,5 ECTS (yearly Oct-December)
VFT Land
Development, 7,5 ECTS (new yearly course March-May)
Tentative
subjects, depending on available PhD or MSc courses at Chilean universities:
Real Estate
Law
Cadastre
Land
Development
Real Estate
Economy
Research
methodology
Theory of
science
Research
statistics
Development
of scientific research – history of science
Geographical
information systems
Marketing
and publicity of scientific research
Mortgage
(and other limited rights to real estate)
The
individual research area should be based on the knowledge of the MSc degree,
but the research could include an additional adjacent area. The review of
different approaches in the two email messages indicates the possibilities to
merge the two areas of Industrial Management and Real Estate
Science/Management.
The
specific idea of research has to be identified within a framework of interest
of the civil society. The possibilities of financing research ought to be given
first priority. The specific area could be developed during the initial
period/year of studies, in search of a perspective that could be submitted for
research funding.
There are
various ideas of interest in the two email messages. I would like to highlight
some of them, as a way to comment on ideas that in my perspective appear
interesting.
1)
Mortgages
have a huge impact
in the Europe and Northern America. The mortgage value could represent a huge
part of the total real estate value. The historic and economic review of de
Soto of the dead capital in developing countries is an important
contribution to understand the delay in development in these countries. The
reason of dead capital is not only a poor legal system, but interlinked with
the attitude of people, as an evidence of the society. Capitalization of assets
has been necessary within the manufacturing industry, as all assets are
introduced with values in the production process. The real estate industry has
an initial value in the land that is improved by the construction process. A
limited perspective is to consider the land value as a given asset without
including it in the capitalization of the real estate asset. This perspective
uses a zero value of the land, as a kind of basic collateral for any further
investment. The value is zero in its initial stage of development, but it
increases as interests are accumulated to the land. The land is not even a
given unit, as it could be divided according to the needs of the current or
forthcoming landowners. The capitalization of the real estate value through
mortgaging is a tool for distribution of values according to the specialisation
of different actors. The banking sector could be a key factor of development of
the real estate units, if these units could be identified and “packed” in a
format that easily could be understood and traded by the banking sector.
2)
The
relationship between the capital sector and the real estate sector could be further improved, if both
sectors fully understand the potentials in each sector. The different actors
are by and large concerned within the own specialisation. The sector of
transfer of properties, with real estate agents, notaries and Registrar are
fulfilling the formal requirements of transfer with a limited understanding of
the economic value of the real estate assets. Extended delays for an individual
person in transferring or investing in his property are not only a concern for
the authorities to control the correctness of the change in ownership or
rights, but a concern for an active and customer minded capital sector.
3)
Land
use is depending on
the conditions provided by the society, including the Authorities, the
professional actors on the real estate market and the clients or private persons.
Changes in land use are always submitted to analyses of the concerned parties.
The usual change aims at an improved land use, and thus increased value for the
society or occasionally only for the individual user. The example of people
leaving houses in unpopular suburban areas without transferring the house to
anybody shows the dynamism of land use, if considered in a time perspective.
The same phenomenon is found rural areas that have been abandoned by people
moving the urban or better rural areas. A zero value of real estate has to be
understood in a time perspective, and as a result of activities to improve the
land use.
4)
The
legal perspective
of land holdings is a basic condition for any use, as it should define the
rights of different actors to the values of the land. Constraints are found in
different situation of land use, e g, inherited real estate, public
restrictions in land use, common facilities or common proprieties, limited
rights as tools between adjacent landowners.
Ph. D LUND Training Program at UTEM Chile 2005
ALUMNI
Ph.D ©
Jorge Bahamondes Passi
|
Mortgages and dead capital |
Yes |
|
Relationship between the capital sector and the
real estate sector |
Yes |
|
Land use depending on the conditions provided by
the society |
No |
|
The legal perspective of
land holdings |
No |
Patricio Perez
|
Mortgages and dead capital |
No |
|
Relationship between the capital sector and the
real estate sector |
No |
|
Land use depending on the conditions provided by
the society |
Yes |
|
The legal perspective of
land holdings |
Yes |
Rodrigo Ramirez Contreras
|
Mortgages and dead capital |
No |
|
Relationship between the capital sector and the
real estate sector |
No |
|
Land use depending on the conditions provided by
the society |
Yes |
|
The legal perspective of
land holdings |
Yes |
Elio Suarez Acevedo
|
Mortgages and dead capital |
Yes |
|
Relationship between the capital sector and the
real estate sector |
Yes |
|
Land use depending on the conditions provided by
the society |
No |
|
The legal perspective of
land holdings |
No |
For more information about the thesis structure please :
1. link to Rodrigo Ramirez in GOOGLE ( touch LUND , TITULACION , etc ..)
2. link to www.civ.cl/academico/rodrigo/asignaturas.htm
touch 7. SEMINARIO DE TITULACION
Note: this information is the same for all academics & students going to the thesis support system ( www.civ.cl/sgam ) in the CIBERUTEM NETWORK