SLIDES
TOPIC 1 Introduction to the Property Market and Investments
TOPIC 2 Measurement of Property Investment Returns Part 1
TOPIC 2 Measurement of Property Investment Returns Part 2
TOPIC 3 Introduction to Property Market Indexes Part 1
TOPIC 3 Introduction to Property Market Indexes Part 2
TOPIC 3 Introduction to Inflation Indexes
TOPIC 4 Risk Assessment and the Distributional Properties of Real Estate Returns Part 1
TOPIC 4 Risk Assessment and the Distributional Properties of Real Estate Returns Part 2
TOPIC 4 Risk Assessment and the Distributional Properties of Real Estate Returns Part 3
TOPIC 5 Application of Econometric Techniques to the Determination of Property Prices Part 1
TOPIC 5 Application of Econometric Techniques to the Determination of Property Prices Part 2
READINGS
1 TOPIC 1 Reading 1.1 5 Stages of A Bubble
1 TOPIC 1 Reading 1.2 Is building a home an investment
1 TOPIC 1 Reading 1.3 Investment Vs Insurance
1 TOPIC 1 Reading 1.4 Investment vs Speculation
1 TOPIC 1 Reading 1.5 Beware the blurred line between investing and gambling _ CFA Institute
1 TOPIC 1 Reading 1.6 Investment Analysis and Portfolio Management-Frank K Reilly, Chapter 1
1 TOPIC 1 Reading 1.7 MSCI SA Direct Property Investment Index
1 TOPIC 1 Reading 1.7 What Is the Difference between Investing and Speculation
1 TOPIC 1 Reading 1.8 Investment vs Gambling
1 TOPIC 1 Reading 1.8 Unlisted Real Estate Funds (Baum, 2009) New
1 TOPIC 1 Reading 1.9 The Case for Unlisted Property
1 TOPIC 1 Reading 1.10 Listed Real Estate (Baum, 2009)
1 TOPIC 1 Reading 1.11 What Is a Commercial Mortgage-Backed Security
1 TOPIC 1 Reading 1.12 Real Estate Derivative
1 TOPIC 2 Reading 2.1 The Investment Setting and Returns
1 TOPIC 2 Reading 2.1 The Investment Setting and Returns-Questions
1 TOPIC 2 Reading 2.2 Geometric or Arithmetic Mean
1 TOPIC 2 Reading 2.3 Volatility Drag and its Impact on AM
1 TOPIC 2 Reading 2.4 Trouble with averages
1 TOPIC 2 Reading Anson et al. (2011) Arithmetic Mean vs Geometric Mean
1 TOPIC 2 Reading CFA Institute (2019)
1 TOPIC 2 Reading Eichholtz et al. (2021)
1 TOPIC 2 Reading Jorda et al. (2019)
1 TOPIC 2 Reading Mauboussin and Callahan (2023)
1 TOPIC 3 Reading Essential 6.1 Property Investment Indexes _Parker_-1
1 TOPIC 3 Reading Essential Extracted pages from Investment Analysis and Portfolio Management
1 TOPIC 3 Reading Optional 1 en.wikipedia.org-Dow Jones Industrial Average
1 TOPIC 3 Reading Optional 1 SREP-12-02064_s
1 TOPIC 3 Reading Optional 2 IMF CPI Manual and Concepts
1 TOPIC 3 Reading Optional 2 OECD - Consumer and Produce
1 TOPIC 3 Reading Optional 2 Real vs. Nominal in Economics
1 TOPIC 3 Reading Optional 2 STATS SA Consumer Price Index June 2022
1 TOPIC 3 Reading Optional 3 5.1 Benchmarks and Indices _CFA
1 TOPIC 3 Reading Optional 3 6.2 Current Practices in Benchmarking Real Estate
1 TOPIC 3 Reading Optional 3 6.3 The Measurement and Modelling of Real Estate
1 TOPIC 3 Reading Optional 3 6.4 MSCI Property Indexes Methodology-1
1 TOPIC 3 Reading Optional 3 6.5 FTSE-JSE Property Indices Brochure
1 TOPIC 3 Reading Optional 3 A guide to MSCI Private Real Assets Indexes
1 TOPIC 3 Reading Optional 3 FTSE JSE Africa Index - Calculation Guide
1 TOPIC 3 Reading Optional 4 fool.com-What Are Stock Splits
1 TOPIC 3 Reading Optional 4 Stock Splits A Closer Look at Their Effects _Investopedia
1 TOPIC 3 Reading Optional 4 What Is a Stock Split _time.com
2 TOPIC 4 Reading 1 Standard Normal Table -Left Z-Table (Positive and Negative)
2 TOPIC 4 Reading 2 Chi-square-table
2 TOPIC 4 Reading 3 POLITICAL RISKS ASSOCIATED WITH SOUTH AFRICA
2 TOPIC 4 Reading 4 NORMALISED DISTRIBUTION
2 TOPIC 4 Reading 5 STANDARD DEVIATION IN NORMAL DISTRIBUTIONS FOR PROPERTY INVESTMENTS
2 TOPIC 5 Reading Amal and Waselowski (1993)
2 TOPIC 5 Reading Dziauddin (2014)
2 TOPIC 5 Reading Gnagey and Tans (2018)
2 TOPIC 5 Reading Kim et al. (2015)
2 TOPIC 5 Reading Liu and Ma (2017)
2 TOPIC 5 Reading Sabyasachi (2019)
2 TOPIC 5 Reading Shrestha (2020) Detecting Multicollineari
2 TOPIC 5 Reading Testing the Significance of Correlation Coeff
2 TOPIC 5 Reading Zietz et al. (2008)
Text Books
01 Angrist, J. D., & Pischke, J. S. (2009). Mostly Harmless Econometrics
02 Brooks, C. (2019) Introductory Econometrics for Finance 4th Edition
03 Andrew Baum - Commercial Real Estate Investment, Second Edition - A Strategic Approach (2009)
04 Investment Analysis and Portfolio Management (Reilly Brown) 7Th Edt
Articles
Index smoothing and the volatility of UK Commercial Property
Practical Econometric Analysis for Assessment of Real Property
SPREADSHEETS
1 TOPIC 2 Excel 0 Measurement of Property Investment Returns - Examples 2&3
1 TOPIC 2 Excel 01 AM and GM - Example 1 (Empty)
1 TOPIC 2 Excel 02 AM and GM - Example 1 (Filled)
1 TOPIC 2 Excel 03 AM and GM - Example 2 (Empty)
1 TOPIC 2 Excel 04 AM and GM - Example 2 (Filled)
1 TOPIC 2 Excel 05 AM and GM - Example 3 (Empty)
1 TOPIC 2 Excel 06 AM and GM - Example 3 (Filled)
1 TOPIC 2 Excel 07 AM and GM - Example 4 (Empty)
1 TOPIC 2 Excel 08 AM and GM - Example 4. (Filled)
1 TOPIC 2 Excel 09 AM and GM CofCT Municipal Services
1 TOPIC 2 Excel 10 AM and GM CofCT Municipal Services (Filled)
1 TOPIC 3 Excel 1 Basic Price Index Construction - Example 1 (Empty)
1 TOPIC 3 Excel 1 Basic Price Index Construction - Example 1 (Filled)
1 TOPIC 3 Excel 1 Basic Price Index Construction - Example 2 (Empty)
1 TOPIC 3 Excel 1 Basic Price Index Construction - Example 2 (Filled)
1 TOPIC 3 Excel 1 Basic Price Index Construction - Example 3 (Empty)
1 TOPIC 3 Excel 1 Basic Price Index Construction - Example 3 (Filled)
1 TOPIC 3 Excel 1 Basic Price Index Construction - Example 4 (Empty)
1 TOPIC 3 Excel 1 Basic Price Index Construction - Example 4 (Filled)
1 TOPIC 3 Excel 1 Basic Price Index Construction - Example 5 (Empty)
1 TOPIC 3 Excel 1 Basic Price Index Construction - Example 5 (Filled)
1 TOPIC 3 Excel 2 Price Indexes with Stock Split - Example 1 (Empty)
1 TOPIC 3 Excel 2 Price Indexes with Stock Split - Example 1 (Filled)
1 TOPIC 3 Excel 2 Price Indexes with Stock Split - Example 2 (Empty)
1 TOPIC 3 Excel 2 Price Indexes with Stock Split - Example 2 (Filled)
1 TOPIC 3 Excel 2 Price Indexes with Stock Split - Example 3 (Empty)
1 TOPIC 3 Excel 2 Price Indexes with Stock Split - Example 3 (Filled)
1 TOPIC 3 Excel 2 Price Indexes with Stock Split - Example 4 (Empty)
1 TOPIC 3 Excel 2 Price Indexes with Stock Split - Example 4 (Filled)
1 TOPIC 3 Excel 3 Value-Weighted Indexes - Example 1 (Empty)
1 TOPIC 3 Excel 3 Value-Weighted Indexes - Example 1 (Filled)
1 TOPIC 3 Excel 3 Value-Weighted Indexes - Example 2 (Empty)
1 TOPIC 3 Excel 3 Value-Weighted Indexes - Example 2 (Filled)
1 TOPIC 3 Excel 3 Value-Weighted Indexes - Example 3 (Empty)
1 TOPIC 3 Excel 3 Value-Weighted Indexes - Example 3 (Filled)
1 TOPIC 3 Excel 3 Value-Weighted Indexes - Example 4 (Empty)
1 TOPIC 3 Excel 3 Value-Weighted Indexes - Example 4 (Filled)
1 TOPIC 3 Excel 4 Total Return Indexes - Example 1 (Empty)
1 TOPIC 3 Excel 4 Total Return Indexes - Example 1 (Filled)
1 TOPIC 3 Excel 4 Total Return Indexes - Example 2 (Empty)
1 TOPIC 3 Excel 4 Total Return Indexes - Example 2 (Filled)
1 TOPIC 3 Excel 4 Total Return Indexes - Example 3 (Empty)
1 TOPIC 3 Excel 4 Total Return Indexes - Example 3 (Filled)
1 TOPIC 3 Excel 5 Converting Indexes to Returns - Example 1 (Empty)
1 TOPIC 3 Excel 5 Converting Indexes to Returns - Example 1 (Filled)
1 TOPIC 3 Excel 5 Converting Indexes to Returns - Example 2 (Empty)
1 TOPIC 3 Excel 5 Converting Indexes to Returns - Example 2 (Filled)
1 TOPIC 3 Excel 5 Converting Indexes to Returns - Example 3 (Empty)
1 TOPIC 3 Excel 5 Converting Indexes to Returns - Example 3 (Filled)
1 TOPIC 3 Excel 6 Inflation Indexes Example 1 (empty)
1 TOPIC 3 Excel 6 Inflation Indexes Example 1 (filled)
1 TOPIC 3 Excel 6 Inflation Indexes Example 2 (empty)
1 TOPIC 3 Excel 6 Inflation Indexes Example 2 (filled)
1 TOPIC 3 Excel 6 Inflation Indexes Example 3 (empty)
1 TOPIC 3 Excel 6 Inflation Indexes Example 3 (filled)
1 TOPIC 3 Excel 6 Inflation Indexes Example 4 (empty)
1 TOPIC 3 Excel 6 Inflation Indexes Example 4 (filled)
1 TOPIC 3 Excel 6 Inflation Indexes Example 5 (empty)
1 TOPIC 3 Excel 6 Inflation Indexes Example 5 (filled)
1 TOPIC 3 Excel 6 Inflation Indexes Example 6 (filled)
2 TOPIC 4 Excel 1 Standard Deviation - Example 1 (Empty)
2 TOPIC 4 Excel 1 Standard Deviation - Example 1 (Filled)
2 TOPIC 4 Excel 1 Standard Deviation - Example 2 (Empty)
2 TOPIC 4 Excel 1 Standard Deviation - Example 2 (Filled)
2 TOPIC 4 Excel 2 Normal Distribution - Example 1 (Empty)
2 TOPIC 4 Excel 2 Normal Distribution - Example 1 (Filled)
2 TOPIC 4 Excel 2 Normal Distribution - Example 2 (Empty)
2 TOPIC 4 Excel 2 Normal Distribution - Example 2 (Filled)
2 TOPIC 4 Excel 2 Normal Distribution - Example 3 (Empty)
2 TOPIC 4 Excel 2 Normal Distribution - Example 3 (Filled)
2 TOPIC 4 Excel 2 Normal Distribution - Example 4 (Empty)
2 TOPIC 4 Excel 2 Normal Distribution - Example 4 (Filled)
2 TOPIC 4 Excel 2 Normal Distribution - Example 5 (Empty)
2 TOPIC 4 Excel 2 Normal Distribution - Example 5 (Filled)
2 TOPIC 4 Excel 3 Skewness - Example 1 (Empty)
2 TOPIC 4 Excel 3 Skewness - Example 1 (Filled)
2 TOPIC 4 Excel 3 Skewness - Example 2 (Empty)
2 TOPIC 4 Excel 3 Skewness - Example 2 (Filled)
2 TOPIC 4 Excel 4 Kurtosis - Example 1 (Empty)
2 TOPIC 4 Excel 4 Kurtosis - Example 1 (Filled)
2 TOPIC 4 Excel 4 Kurtosis - Example 2 (Empty)
2 TOPIC 4 Excel 4 Kurtosis - Example 2 (Filled)
2 TOPIC 4 Excel 5 Jarque Bera Test - Example 1 (Empty)
2 TOPIC 4 Excel 5 Jarque Bera Test - Example 1 (Filled)
2 TOPIC 4 Excel 5 Jarque Bera Test - Example 1 (Partly Filled)
2 TOPIC 4 Excel 5 Jarque Bera Test - Example 2 (Empty)
2 TOPIC 4 Excel 5 Jarque Bera Test - Example 2 (Filled)
2 TOPIC 4 Excel 5 Jarque Bera Test - Example 2 (Partly Filled)
2 TOPIC 4 Excel 5 Jarque Bera Test - Group Task 1 (Empty) - IPD SA
2 TOPIC 4 Excel 5 Jarque Bera Test - Group Task 1 (Filled) - IPD SA
2 TOPIC 4 Excel 5 Jarque Bera Test - Group Task 2 (Empty) - SAPY
2 TOPIC 4 Excel 5 Jarque Bera Test - Group Task 2 (Filled) - SAPY
2 TOPIC 4 Excel 6 Normality Test in Eviews - Example 1 (Empty)
2 TOPIC 4 Excel 6 Normality Test in Eviews - Example 1 (Filled)
2 TOPIC 4 Excel 6 Normality Test in EViews - Example 2 (Empty)
2 TOPIC 4 Excel 6 Normality Test in EViews - Example 2 (Filled)
2 TOPIC 4 Excel 6 Normality Test in EViews - Group Task 1 (Empty) - IPD SA
2 TOPIC 4 Excel 6 Normality Test in EViews - Group Task 1 (Filled) - IPD SA
2 TOPIC 4 Excel 6 Normality Test in EViews - Group Task 2 (Empty) - SAPY
2 TOPIC 4 Excel 6 Normality Test in EViews - Group Task 2 (Filled) - SAPY
2 TOPIC 5 Excel 1 Covariance Analysis - Example 1 (Empty)
2 TOPIC 5 Excel 1 Covariance Analysis - Example 1 (Filled)
2 TOPIC 5 Excel 1 Covariance Analysis - Example 2 (Empty)
2 TOPIC 5 Excel 1 Covariance Analysis - Example 2 (Filled)
2 TOPIC 5 Excel 2 Correlation Analysis - Example 1 (Empty)
2 TOPIC 5 Excel 2 Correlation Analysis - Example 1 (Filled)
2 TOPIC 5 Excel 2 Correlation Analysis - Example 2 (Empty)
2 TOPIC 5 Excel 2 Correlation Analysis - Example 2 (Filled)
2 TOPIC 5 Excel 3 Simple Linear Regression - Example 1 Floor Area and Property Prices (Empty)
2 TOPIC 5 Excel 3 Simple Linear Regression - Example 1 Floor Area and Property Prices (Filled)
2 TOPIC 5 Excel 3 Simple Linear Regression - Example 1 Floor Area and Property Prices (Part-Filled)
2 TOPIC 5 Excel 3 Simple Linear Regression - Example 2 Direct RE and Inflation (Empty)
2 TOPIC 5 Excel 3 Simple Linear Regression - Example 2 Direct RE and Inflation (Filled)
2 TOPIC 5 Excel 3 Simple Linear Regression - Example 2 Direct RE and Inflation (Part-Filled)
2 TOPIC 5 Excel 3 Simple Linear Regression - Example 3 House Prices and Inflation (Empty)
2 TOPIC 5 Excel 3 Simple Linear Regression - Example 3 House Prices and Inflation (Filled)
2 TOPIC 5 Excel 3 Simple Linear Regression - Example 3 House Prices and Inflation (Part-Filled)
2 TOPIC 5 Excel 4 Multiple Regression Analysis - Example 1 (Empty)
2 TOPIC 5 Excel 4 Multiple Regression Analysis - Example 1 (Filled)
2 TOPIC 5 Excel 4 Multiple Regression Analysis - Example 2 (Empty)
2 TOPIC 5 Excel 4 Multiple Regression Analysis - Example 2 (Filled)
2 TOPIC 5 Excel 4 Multiple Regression Analysis - Group Task 1 (Empty)
2 TOPIC 5 Excel 4 Multiple Regression Analysis - Group Task 1 (Filled)
2 TOPIC 5 Excel 4 Multiple Regression Analysis - Group Task 2 (Empty)
2 TOPIC 5 Excel 4 Multiple Regression Analysis - Group Task 2 (Filled)
VIDEOS
TOPIC 1 Introduction to Property Market & Investments - Video 1
TOPIC 1 Introduction to Property Market & Investments - Video 2
TOPIC 2 Measurement of Property Investment Returns - Part 1
TOPIC 2 Measurement of Property Investment Returns - Part 2
TOPIC 3 Introduction to Property Market Indexes - Part 1
TOPIC 3 Introduction to Property Market Indexes - Part 2
TOPIC 4 Risk Assessment and the Distributional Properties of Real Estate Returns - Part 1
TOPIC 4 Risk Assessment and the Distributional Properties of Real Estate Returns - Part 2
TOPIC 4 Risk Assessment and the Distributional Properties of Real Estate Returns - Part 3
TOPIC 5 Application of Econometric Techniques to the Determination of Property Prices - Part 1
TESTS
2025 CON3052S Class Test 1 (Memo)
2025 CON3052S Class Test 2 (Memo)
GROUP PROJECTS
GUIDANCE NOTES
Conducting Systematic Literature Reviews
Reading and Analysing Research Papers
2025
READINGS
Bahmani-Oskooee and Ghodsi (2016)
Bahmani-Oskooee and Ghodsi (2018)
Barmani-Oskooee and Ghodsi (2017)
COMPLETED GROUP PROJECTS
2026
READINGS
Analysis of the Performance and Diversification Benefits of the South Africa Commercial Real Estate Market
Analysis-The Property Market in South Africa
Blended Finance for Affordable Housing in Africa
Cape Town's Residential Property Market-Size Activity Performance
Investing in South Africa’s Commercial Property Market-Top Trends for 2025
Johannesburg Builds on its Top Position as Africa’s Premier Data Centre Market
MSCI-Residential Property-Quantitative Analysis of an Emerging Asset Class
MSCI-South Africa Real Estate Annual Index-Dec 25
Real Estate Market in South Africa-Statista
Revitalising South African Cities
Soaring Demand and Land Scarcity make Cape Town and Durban Investor Hotspots
South Africa Housing Market Report-2021
South Africa Property Market Predictions for Landlords 2025
South Africa Tops the World’s Property Markets-Real Estate Investor Magazine
South Africa’s Housing Market set for Recovery in 2026-Property 24
The South African Property Industry-Overview and Issues for Research-Manya Mooya
The South African Residential Property Market
The State of SA’s Property Market in Q1 2025-Property Wheel
Trends in South Africa’s Commercial Property Market in 2025
EXAMS
CON3052S 2025 Examination Practice Questions
CON3052S 2025 Examination Practice Questions (Memo)
CON3052S 2025 Examination Practice Questions (Data)