Real Estate Economics, Master of Science (Technology)
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Description
The Master's Programme in Real Estate Economics offers a thorough understanding of the dynamics of real estate markets. You will attain a holistic understanding of the phenomena related to real estate markets and learn the techniques used to analyse and manage real estate.
The programme combines the scientific disciplines of economics, management, land management and planning to provide you with the key skills needed in a wide range of career paths in the real estate sector.
Many courses combine theoretical knowledge with real life projects and business cases, giving you hands-on experience and an understanding of the complexity of the subjects. As most jobs in real estate are about people and interaction, a strong emphasis in the studies is placed on teamwork.
More detailed information about study objectives is available on our website.
Language of instruction
The language of instruction is English. Exams also provided in Finnish or in Swedish on request.
More information and Aalto University guidelines on the language and communication studies in the degree website.
Tuition fees and scholarships
The tuition fee for this programme is 17 000 euros per academic year. Citizens of European Union (EU), the European Economic Area (EEA) or Switzerland do not pay tuition fees. Citizens of other countries must pay tuition fees.
Aalto University offers a small number of scholarships in the form of tuition fee waivers to fee-paying students. Scholarships can be awarded to the highest-achieving applicants based on the programme's evaluation criteria. Applicants are ranked according to the criteria outlined on the programme's webpage.
More information on tuition fees and scholarships at Aalto University is available at the Scholarships and Tuition Fees webpage.
Structure of studies
The Master's Programme in Real Estate Economics consists of 120 credits (ECTS), including following elements:
- Major studies (60 ECTS); includes 36 ECTS of compulsory and 24 ECTS of optional major subject courses
- Elective studies (30 ECTS); to be chosen according to your interests and specialisation
- Master's thesis (30 ECTS); your master's thesis is an independently conducted piece of applied research
The programme is designed so that you are able to complete your major subject studies during the first year. This leaves your second year for elective courses and the master's thesis. It also makes it easy for you to go for an exchange period during the second year. Alternatively, you can further build your expertise by taking more of our programme's advanced courses as elective courses.
For more details, visit Aalto University's website.
Specialisations
Studies in the Master's Programme in Real Estate Economics introduces you to real estate economics, investment, development, management, technology and legislation. If you are interested in the planning and development of land use, the programme also offers in-depth studies on land use management.
Internationalisation
Real Estate Economics students are actively encouraged to spend a semester abroad, studying at one of the top-tier international partner universities of Aalto University.
Further study opportunities
Master’s programme in Real Estate Economics at Aalto is considered as a great foundation for doctoral studies.
Career opportunities
Real estate and urban environments require expertise in every phase of their lifespans. The Master of Science in Technology degree from the Master's Programme in Real Estate Economics gives you a great starting point for working in the industry. Our graduates are employed in both the private and public sector, both in Finland and abroad. The real estate sector offers diverse career paths, so you will have the opportunity to follow your own goals after you graduate.
The Master's Programme in Real Estate Economics, a wide variety of extracurricular opportunities and an active real estate economics student organisation combined offer you a strong network that reaches beyond the university. You will have opportunities to connect with current and future real estate professionals from the start of your studies, and many of our students find their future position before they even graduate thanks to these connections. After graduation, you can find work as an analyst, a valuer, a real estate inspector, a researcher or an expert, to name a few. Career paths typically lead to management positions in real estate investment, management and technology.
Research focus
The Real Estate Research Group at Aalto University is the only university-level research unit in Finland focusing on the broad area of real estate.
More detailed information about real estate as a research field is available at our website.
Co-operation with other parties
We collaborate closely with our stakeholders within our Master’s Programme, engaging with both public and private sector actors in our education. We also collaborate with other Master’s Programmes at Aalto University in our education and research field.
Read more
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Alumna Annina Salakka: My education from Aalto is a good base for various work tasks
Stockholm based Annina Salakka works with alternative long-term financing options for real estate investments.
Alumna Pia Mäkilä: Experts of real estate sector are needed in many different positions
Pia Mäkilä found a her job with the National Land Survey through her Master’s thesis project, which gave her a new perspective into the field of real estate.
Chat with Aalto students
Are you wondering what it is like to study at Aalto? Come chat with our students and alumni about all things Aalto on Unibuddy chat platform.
Evaluation criteria for the programme 2025
Applicants meeting Aalto’s general eligibility criteria for master's studies are evaluated and ranked according to the evaluation criteria decided in advance for each study option. The applications to Master’s Programme in Real Estate Economics (REC) are evaluated based on the following criteria.
| What is evaluated? | Grades of the previous degree/CGPA |
| What we look for in an applicant? | The applicant's success in his/her previous studies (those that give basis for applying to the programme) will be evaluated based on the grade point average (GPA). Applicants are required to have a GPA equivalent to a minimum of 3.0 (on a scale 1.0 - 5.0, 1.0 being the minimum passing grade). |
| Method of demonstrating competence | Transcript(s) of records, degree certificate(s) |
| What is evaluated? | Recognition and quality of the applicant's previous institution |
| What we look for in an applicant? | The applicant's previous institution (where the degree giving basis to apply was completed) will be evaluated based on the recognition and quality of the institution. |
| Method of demonstrating competence | International and national rankings of higher education institutions |
| What is evaluated? | Content and quantity of previous studies in relation to the study-option-specific requirements. |
| What we look for in an applicant? | BSc or equivalent degree in a relevant field. However, the study option should provide genuinely new knowledge and enhance the career prospects of the applicant |
| Method of demonstrating competence | Transcript(s) of records, degree certificate(s) |
| What is evaluated? | Applicant’s further applicability to the study option, motivation and commitment for the studies |
| What we look for in an applicant? | The applicant should be motivated to study and commit to full-time studies with a plan to complete a master’s degree in two years. Motivation should be clearly related to the programme. In the motivation letter applicant should clearly state the reasons for applying and why she/he would be a good candidate for this programme. Motivation letter is mandatory. Please see further instructions for the motivation letter below |
| Method of demonstrating competence | Motivation letter |
To ensure that the students have sufficient skills and knowledge for the Master’s studies, a miminum requirement in student selection is that earlier studies (either bachelor's degree or other studies) include at least basics of economics. Priority will be given to students whose prior studies include courses in real estate, urban studies or urban geography. If completed individual courses or studies on these topics that are not included in the degree that is used as grounds for the application, the certificates should be attached on these studies in the application.
In addition to the studies giving basis to apply to the programme, other possible studies are also evaluated. However, the study option should provide genuinely new knowledge and enhance the career prospects of the applicant. Thus, applicants who already have a master’s degree in a closely related field will only be admitted with well-justified reasons which should be explained in the motivation letter.
The applied pedagogic approach relies heavily on multi-disciplinary group work, dialogue and co-creation. Thus, students are expected to participate in the teaching sessions and studios, and participation is in many cases obligatory. This characteristic assumes that students in the programme commit to full-time studying and active participation. Applicants are encouraged to discuss this also in their motivation letter, and students who present a credible plan for full-time studies are given priority.
Programme-specific documents requested:
The documents requested from all applicants are listed here Applying to master's programmes. In addition, applicants to this master's programme are requested to provide the following programme-specific documents:
- Motivation letter - mandatory (The lack of this document will adversely affect the evaluation of the application.)
- Max 1 page
- Should be written in English
Examples of questions to consider when writing the motivation letter:
- Why are you applying for this master’s programme?
- What do you expect to gain from studies in this master’s programme?
- How will your previous education, work experience, knowledge and skills support your success in your master’s degree studies?
- Describe your professional goals. How do you think the master’s programme you are applying for would support the development of your professional profile?
- What kind of career are you planning?
- Why do you want to study at Aalto University and in Finland?
If you have already completed another master’s degree in a closely related field or have the right to study for another master’s or doctoral program, explain why you are applying for this master’s degree. Applicants who already have a master’s degree in a closely related field will only be admitted with well-justified reasons.
Contact information
Heidi Falkenbach
Professor, Programme Director
Päivi Kauppinen
Programme Planning officer
Admission Services of Aalto University
For enquiries regarding the application process, obligatory application documents or English language proficiency, please contact Admission Services.
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