Study options

Urban Studies and Planning in Real Estate Economics, Master of Science (Technology)

Many perspectives and industries come together to make a city shine. In the past, co-ordination between these perspectives has been limited and even combative. The challenges facing cities – social conflict, climate risks, affordability, and countless others – demand a new way of thinking about urban development. Master's Programme in Urban Studies and Planning is a unique, multidisciplinary programme aimed at ambitious students who have completed previous courses in economics, law and/or statistics. Aalto University and the University of Helsinki have joined forces with the goal of bringing future city planners and developers together to break down barriers between local government, policymaking and urban development. If you believe collaboration and innovation will be critical in creating the connected and sustainable cities of the future, this programme is for you. 
Students meeting at Aalto University

Degree:

Master of Science (Technology)

Application period:

28 Nov 2024 – 27 Dec 2024

Language of instruction:

English

Duration:

2 years, full-time

Eligibility:

Relevant Bachelor's degree

Field of study:

Technology and Engineering

Credits:

120 ECTS

Organising school:

School of Engineering

Tuition fees:

For non-EU/EEA citizens, €17000/y (Master’s studies) Read more

Applying to master’s programmes

Description

Are you prepared for an intensive master’s degree programme that puts you at the forefront of urban planning and development?

Together with fellow students and teachers from Aalto University and the University of Helsinki, you will combine the fields of urban studies and real estate to learn how to:

  • Understand and act on the complex challenges and controversies in urban development.
  • Analyse supply, demand and pricing in real estate markets
  • Grasp the fundamentals of real estate value formation and understand the logic and motivation of key players in the industry.
  • Make sustainable decisions in city planning and development.
  • Collaborate with fellow students and stakeholders, working closely with students and professionals in many different fields who bring competing interests, motivations and challenges to the negotiating table.
  • Apply relevant conceptual, theoretical frameworks to analyse and critically evaluate urban questions in your own professional field.
  • Recognise the multidisciplinary foundations of urban studies and planning while developing your interdisciplinary knowledge.
  • Use diverse methods to address urban studies and planning research questions.
  • Engage in broader, contemporary urban challenge discussions.

Aside from lectures, in-class group work and your thesis, the unique focus in Urban Studies and Planning in Real Estate Economics study option will be on urban challenges. In your coursework, you will work in an interdisciplinary team to analyse the challenges and strengths of an area in a city, coming up with practical solutions.

This teamwork will focus on urgent contemporary issues found not only in Finland, but on a European and global scale, including controversies intrinsic to urbanisation. It may be attached to a focus area, research project or collaboration with our universities, municipalities and regions to provide a constructive, critical framework for your study and practice. Your team will cross boundaries of disciplines and professions to address a common challenge with a forward-looking perspective.

Past graduates count their work on urban challenges as the most valuable part of their degree – the piece that sharpens their communication skills and prepares them best for taking on real-world issues in their careers.

This study option will require intensive in-person co-operation and negotiation – so your fellow students will be depending on you to be physically present.

The growing, changing nature of urban centres means today’s developers and planners have countless ways to make an impact, so no matter where your passion takes you in the field, you can build a rich and impactful career in shaping the future of our cities.

Language of instruction

All teaching is done in English. Exams can also be taken in Finnish or Swedish, and the master’s thesis can be written in English, Finnish or Swedish.

More information and Aalto University guidelines on the languages of degree and instruction available here.

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 Urban Studies and Planning in Real Estate Economics, Master of Science (Technology) degree is 120 ECTS credits. It includes:

  • 64 credits of major studies
  • 26 credits of elective studies
  • 30 credits of master’s thesis

Half of the major's studies are in urban studies and planning, and half are in real estate studies.

Year one will include both your introductory and advanced studies in USP and real estate.

Year two is devoted to elective studies, which you can also complete abroad. You’re free to pursue your own interests and might choose to deepen your knowledge in real estate or broaden it through studying another related field, like sociology. You will complete year two with your master’s thesis.

More information about the studies can be found on Aalto University's website.

Specialisations

The specialisation in this study option is in real estate, where you will learn the skills to analyse real estate markets and understand the dynamic processes that determine supply, demand and prices.

Internationalisation

The Urban Studies and Planning in Real Estate Economics master’s programme takes a broad look at urban challenges, including outside of Finland, and many of the programme’s faculty bring their international perspectives to the table.

Aalto University is also international by nature, welcoming thousands of degree and exchange students from abroad each year. You will have many opportunities to develop your global competence at Aalto – for example, many students choose to complete exchange studies at one of Aalto’s partner universities around the world.

Further study opportunities

If your interests lie in exploring the latest research in urban planning and real estate, this master’s programme will prepare you to apply for doctoral programmes at Aalto University, the University of Helsinki, or other top international universities.

Career opportunities

You will graduate prepared for an interesting and challenging professional career in real estate or civil service, contributing to the development of integrated and sustainable smart cities while tackling countless new challenges.

Your future career path may lie in the public or private sector, and might include:

  • Real-estate development, investment or analysis
  • Cadastral engineering
  • Consulting
  • Strategic planning
  • Founding your own start-up

Career stories from alumni

    A PhD researcher with dark glasses sits near a window on the Aalto University campus.

    I was thrilled when I was accepted into the USP Real Estate Economics program. I had been looking for a multidisciplinary program, as I wanted to integrate a range of topics into my studies and explore new ideas.

    The USP program has provided exactly that. It offered a learning environment that introduced diverse perspectives on complex challenges — challenges that can’t be approached from a single viewpoint. It was also a social environment, where I met new colleagues and friends.

    Furthermore, the USP program equipped me with valuable tools for an academic career. It taught me to develop a comprehensive understanding of the subjects in hand, a skill that has proven essential in my current role as a doctoral researcher.

    Petja Peltoranta
    Doctoral researcher, Aalto University

    In the grey background, a close-up of a person with dark hair and a blue-red checkered shirt.

    When I informed my undergraduate professors that I had been accepted into Urban Studies and Planning with a focus on Real Estate Economics, they were disappointed, as they had expected me to pursue Urban Design.

    However, my exposure to both urban planning and real estate economics gave me valuable insight into these interconnected fields. While I stepped away from my initial path in urban design, I discovered that the overlap between these disciplines offered rich opportunities for both career development and research. This intersection ultimately led me to pursue a doctoral degree investigating the impact of public land development on housing market, where planning and housing development converge.

    Babak Fooladi Firoozi
    Doctoral researcher, Aalto University

    A close-up photo of a person in long bob hair and a mountain landscape in the background.

    I planned to study urbanism, and the USP programme seemed to fit my objectives well. I prepared and applied only to this programme and was accepted! The moment I received the confirmation, I knew that my professional adventure was about to start.

    The USP programme provided me with a wider understanding of the urban planning and design field, the variety of actors and the complexity of challenges it involves. The multidisciplinary nature of the programme and the USP community itself taught me to understand and hear with empathy, patience and compassion the different socio-cultural contexts and its people.

    The studies taught me flexibility and encouraged me to step out of the traditional professional setting into new international positions and projects. I believe that these skills and the degree were recognized and appreciated by professionals in the urban planning field.

    Eglė Pilipavičiūtė
    Global Outreach Officer, Public Space Academy by City Space Architecture, Italy

    Research focus

    If you’re interested in academic research in the field of urban studies and planning or real estate economics, you’ve found the right place. As a joint effort between leading experts in both Aalto and the University of Helsinki, this programme has a rich research culture that applies a mix of methodologies, including quantitative, qualitative, mixed methods and future studies.

    The research typically falls under a few broad categories, with significant crossover. Here are a few examples:

    1. Real estate economics and finance: Land and housing policy, valuations, real estate finance and investments.
    2. Real estate management: Corporate real estate management, business models in real estate, green innovations, digitalisation.
    3. Institutions: The legal and institutional foundations of real estate markets and cadastral systems.

    Co-operation with other parties

    A unique strength of the programme is our close collaboration with the University of Helsinki – so you’ll be getting the best instruction available in both urban studies and planning and real estate. The universities, together with their student groups, pool resources to bring in guest lecturers and host exciting events. All students will have the opportunity to study in an international environment and acquaint themselves with different cultures.

    And you won’t be working solo. You’ll have the student communities from both Aalto and the University of Helsinki at your fingertips – spending your time working, building bonds and relaxing with enthusiastic, driven students from both universities. Each year, new students in the Master’s Programme in Urban Studies and Planning include both Finnish and international applicants whose backgrounds reflect the richness of modern society.

    Scholarships and Tuition Fees

    Evaluation criteria 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 Urban Studies and Planning in Real Estate Economics (USP in REE) study option are evaluated based on the following criteria:

    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.
     

    Study-option-specific documents required

    The documents requested from all applicants are listed here Applying to master's programmes . In addition, applicants to Urban Studies and Planning in Real Estate Economics study option are requested to provide the following documents:

    • a motivation letter - mandatory (the lack of this application document will adversely affect the evaluation of your application

    Applying to master’s programmes

    Contact information

    Heidi Falkenbach

    Professor

    [email protected]

    Päivi Kauppinen

    Planning officer (content and studies of the study option)

    [email protected]

    Aalto University Admission Services

    For enquiries regarding the application process, obligatory application documents or English language proficiency, please contact Admission Services.

    [email protected]

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