Real Estate: Market Analysis, Appraisal, Finance & Investment

An Interactive 10-Day Training Course

Real Estate: Market Analysis, Appraisal, Finance & Investment

NASBA
Classroom Schedule
Date Venue Fees
20 Apr - 01 May 2026 London $ 11,900
28 Sep - 09 Oct 2026 London $ 11,900

Introduction

Full outline shall be posted soon.

For more inquiries, please call: +97144250700 or email us at: info@glomacs.com

Modules

This training course is split into the following modules:

Module I - Real Estate Market Analysis & Appraisal

Module II - Real Estate Finance & Investment

Course Outline

Module I: Real Estate Market Analysis & Appraisal

Day 1

Market Analysis

  • Real estate strategy
    • Real estate sectors and their performance
    • Available data in Saudi and the region
    • Sources of real estate information
    • Calculating and using real estate indices
  • Comparing real estate developer strategies
  • Key risks for real estate development and investment
  • Political risk
  • Analysing economic cycles and foreign exchange risk
  • Technological threats and opportunities
  • Cultural and organizational issues
  • Analysing real estate markets
    • Urban economics and city development
    • City plans and their significance
    • Localities and values
    • Competitor SWOT analysis
    • Demand and supply: pipelines, rent and occupancy levels
    • How to forecast real estate: qualitative and quantitative techniques
Day 2

Planning and Financial Analysis

  • Planning for development
    • Zoning, planning permission and building permits
    • Highest and Best Use (HBU) studies
    • Navigating the planning process
    • Planning timelines, regulations and approvals
  • Estimating costs
    • Evaluating and benchmarking land costs
    • Regression analysis for land valuation
    • Construction cost determination, modelling and audit
  • Financing
    • Corporate vs Real Estate finance
    • The role of SPVs Bank financing and bank ratios
    • Sectoral differences in lending
    • Equity investment, joint ventures and cashflow waterfalls
  • Assessing Performance
    • Ratio-based tools (ROA, ROI and others
    • NPV and IRR and their use in practice
    • Examples of financial models
  • Risk analysis (sensitivity, scenario and Monte Carlo)
Day 3

Property Assessment

  • Analysing individual properties
    • Classifying real estate
    • The regulatory framework for real estate analysis
    • The role of the chartered surveyor
    • RICS and Taqueem valuation standards analysed and compared
  • Valuation techniques
    • Discounted Cashflow – forecasting market trends
    • Options based valuation
    • Comparables, valuations, sales and hedonic valuation (location, size, age, type and other variables)
    • Cost methodologies
    • Combining techniques for valuation accuracy
  • The role of the surveyor
    • Content of property surveys
    • Assessing quality
    • Accessing and reviewing property maintenance and capex records
    • Key due diligence issues
Day 4

Assessing Income Potential

  • PGI, EGI and NOI – calculating and forecasting income
  • Advantages and disadvantages of Excel
  • Integrating externalities and the valuation of multiple properties
  • Advanced DCF Valuation in Real Estate
    • RICS Valuation principles, comparisons with Dubai and elsewhere in the Gulf
    • Differences between the use of techniques for valuation and investment
    • DCF Valuation and modelling
    • Principles of DCF modelling (including NOI, cap rates, cost of capital, land prices and forecasting cashflows)
    • Presentation of DCF model including Assumptions, Operations, Senior and Junior Debt
    • Examples of DCF valuation from the Gulf
  • Multiples based valuations
    • Ratio (multiples) analysis and the selection and use of comparables.
    • Examples of multiple analysis from the Gulf
  • Forensic Financial Analysis for Real Estate
    • DCF model complexities (including taxation, depreciation, leases and examples of SPV models)
    • Use of hedonic and regression models for real estate valuation
    • How to analyse and audit DCF and multiples valuations and investments
  • Risk Analysis
    • Objectives and results of risk analysis
    • Application of methodologies (sensitivity analysis, scenarios and Monte Carlo) to the completed DCF valuation model
    • Advantages and disadvantages of different methods
Day 5

Legal Analysis and Valuation Reports

  • Tenancies and the law
    • Freehold, leasehold and other legal issues (e.g., easements, fixtures)\
    • The analysis of tenancies
    • Tenancy renewals and options
  • Valuation Reports
    • Preparation and content of a valuation report
    • Deciding on the validity and status of valuation reports
    • Differences between jurisdictions and sectors
    • How to audit a valuation report

Module II: Real Estate Finance & Investment

Day 6

Overview Of Real Estate Finance And Invest

  • An international overview of real estate market.
  • Banking and real estate.
  • Fund managers.
  • Valuation standards.
  • Investment value.
  • Mortgage lending value.
  • Sales comparison approach.
  • Cost approach.
  • Income approach.
Day 7

Source Of Finance For Real Estate

  • Potential funding sources for real estate
  • Long term source of finance
  • Short term source of finance
  • Evaluation of the types of finance in real estate
  • Equity finance
  • Debt finance available for real estate
  • How to estimate the Cost of Weighted Average Cost of Capital (WACC) for real estate firms.
  • Application of Capital Asset Pricing Model (CAPM) in real estate.
  • Measures of risks in real estate investments.
Day 8

Investment Decisions In Real Estate.

  • The principal of cash flow forecast
  • Evaluating real estate investment decision using:
  • Payback
  • Accounting Rate of Return (ARR)
  • Net Present Value (NPV)
  • Internal Rate of Return (IRR)
  • Analysing real estate Investment Decision using:
    • What If Analysis
    • Sensitivity Analysis
  • Simulation
  • Applying Economic Value Added to real estate investments.
Day 9

Asset Allocation Strategies In Real Estate Investment

  • Investment opportunities in real estate.
  • Real estate required rate of return.
  • Sustainable investment strategies.
  • Risk and return of real estate investments.
  • Portfolio theory application in real estate business.
  • Estimation of systematic risk for real estate firms.
Day 10

Assessment Of Business Performance In Real Estate

  • Ratio analysis for real estate business.
  • Management’s point of view.
  • Owners’ point of view
  • Lenders’ point of view
  • Ratios as a system – pyramids of ratios
  • Integration of real estate financial performance.
  • Predicting financial distress for real estate firms.
Certificates
  • On successful completion of this training course, GLOMACS Certificate will be awarded to the delegates.
  • Continuing Professional Education credits (CPE): In accordance with the standards of the National Registry of CPE Sponsors, one CPE credit is granted per 50 minutes of attendance.
Providers and Associations

Endorsed Education Provider

NASBA

In Association With

Options & Brochure
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