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Real Estate Economics, Master of Science (Technology)
For applicants
The Master's Programme in Real Estate Economics prepares future professionals to understand real estate markets, shape urban development, and create value through the built environment. Combining economics, business, law, governance, and sustainable built environment management, the programme equips students with a broad understanding of the real estate sector and opens pathways to diverse careers. Students gain a strong theoretical foundation and the skills to turn knowledge into practice, tackling real-world challenges together with industry and public sector partners.
Degree:
Master of Science (Technology)
Application period:
1 Dec 2025 – 2 Jan 2026
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)
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Apply to master’s programmes
Description
The Master's Programme in Real Estate Economics (REC) combines economics, real estate development and business, law and governance, and the sustainable management of the built environment, giving you a broad knowledge base and the flexibility to pursue diverse career paths across the real estate sector.
You build knowledge and capabilities across the real estate sector—from investment and financing to development, strategic asset and workplace management, urban governance, and land management—while learning how real estate creates value as a financial asset, a business opportunity, and a strategic resource for organizations and society.
Many courses combine theoretical knowledge with real-world projects and business cases, helping you connect academic knowledge with the realities of real estate practice. As the real estate sector is fundamentally about people, teamwork and interaction are an integral part of your studies.
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.
Master's Programme in Real Estate Economics
Specialisations
Build on a broad foundation and shape your own path. Through course choices, projects, and your master’s thesis, you can deepen your expertise in the areas that interest you most and create a profile that supports your future career goals.
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.
Read more about applying for doctoral studies at Aalto University:
https://www.aalto.fi/en/doctoral-education/how-to-apply-for-doctoral-studies
Career opportunities
From the start of your studies, you will have opportunities to connect with real estate professionals through industry and public sector projects and a wide range of extracurricular activities. These connections help you build your professional network, and many of our students find their first position in the field already before graduation.
Our graduates build diverse careers in Finland and internationally—in real estate and investment companies, consultancies, corporations, public administration, research organizations, and entrepreneurial ventures. They work as analysts, consultants, valuers, researchers, and specialists across real estate investment and development, valuation, asset and property management, workplace management, corporate real estate, sustainability and ESG, land administration and cadastral systems, and urban development. Career paths often lead to senior specialist, management, and leadership roles.
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.
Our research feeds directly into teaching, giving you access to the latest knowledge, insights, and emerging topics in the field.
More detailed information about real estate as a research field is available at our website.
Co-operation with other parties
The programme has strong connections with companies, public sector organizations, and professional associations across the real estate sector, many of which contribute actively to our teaching and student projects. We also collaborate with other Master’s programmes and research fields across Aalto University, giving students opportunities to benefit from Aalto’s multidisciplinary environment.
Get to know us
Find out more about the field of study, the programme and what comes after from our students and alumni.
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
Curious about life at Aalto University? Chat with Aalto students on Unibuddy and join them for virtual Coffee sessions on Fridays!
Evaluation criteria 2027
Applicants to the programme must meet the general eligibility and language requirements that are common to all Master's programmes in Aalto University. 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 are evaluated based on the following criteria:
| What is evaluated? | Grades of the previous degree/CGPA |
| What we look for in an applicant? | Grades need to be very good or excellent. 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 (CGPA). Applicants are required to have a CGPA 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), grading scale |
| 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, or with courses providing solid prerequisite knowledge to study in the Master’s programme. Particular attention is paid to courses in economics, law, statistics and finance. Previous studies including real estate courses are considered as a merit. In addition to the studies giving basis to apply to the programme, other possible studies are also evaluated. 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 of these studies in the application. 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.
Evaluation Process
Applicants' evaluation process is described under Evaluation Process.
The applicants are first evaluated on the basis of Aalto’s general eligibility requirements. Applicants who meet the general eligibility criteria for master's studies will be evaluated by the academic evaluation group in accordance with the evaluation criteria decided in advance for the study option.
The selection process for those who meet the general eligibility criteria comprises of two phases.
In the first phase, the applications will be evaluated based on the following criteria:
- Academic performance
- Recognition and quality of institution
Only applicants who meet the evaluation requirements for the first phase will be evaluated with the second phase using the following criteria:
- Relevance of previous studies
- Suitability
After the evaluation, the best applicants will be selected based on a joint of evaluation of all criteria.
Documents required by the study option
This study option (master's programme) requires two sets of documents from their applicants:
1. Obligatory application documents detailed on the Apply to master’s programmes webpage
2. Documents required by the study option listed below.
- Motivation letter - obligatory (a lack of this document will adversely affect the evaluation)
- Grading scale
The applicant must provide information on the official grading scale used in the Bachelor's degree studies, including the lowest passing mark on the scale. The grading scale may be included in the transcript of records/degree certificate or it may be provided as a separate document, such as a link to the grading scale on the institution's webpage or handbook, a diploma supplement, or another reliable source. Applicants from Finnish Universities or Universities of Applied Sciences do not need to submit this document. - Use of AI Tools in the Application
To ensure transparency and fair evaluation, all applicants must clearly declare any use of AI tools, if at all, across all parts of the application specifying in which parts of the application AI tools were used (e.g., text, design, development, proofreading, translation, spelling, grammar) and for what purpose. If excessive use of AI is suspected and applicant has not referred to any use of AI tools, this may affect the evaluation of the application negatively.
- Max 1 page
-
Should be written in English
The motivation letter is an important part of your application. It gives you an opportunity to present relevant pieces of information that cannot be provided elsewhere in the application.
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.
Contact information
Saija Toivonen
Professor, Programme Director
saija.toivonen@aalto.fi
Päivi Kauppinen
Programme Planning officer
masterstudies-eng@aalto.fi
Admission Services of Aalto University
For enquiries regarding the application process, obligatory application documents or English language proficiency, please contact Admission Services.
admissions@aalto.fi