Study options

Real Estate Economics, Master of Science (Technology)

The majority of annual global investments target real estate, and most of national wealth is into real estate as well. Urbanisation accelerates construction and increases the demand for experts of real estate economics. If you are interested in working with real estate markets, investments, management or development, the Master's Programme in Real Estate Economics will get you started. The programme gives you the skills and knowledge you need to manage the entire lifespan of real estate.
Students in a lecture hall


Master of Science (Technology)

Application period:

30 Nov 2023 – 2 Jan 2024

Language of instruction:



2 years, full-time


Relevant Bachelor's degree

Field of study:

Technology and Engineering


120 ECTS

Organising school:

School of Engineering

Tuition fees:

For non-EU/EEA citizens, €15000/y (Master’s studies) Read more

Applying to master’s programmes


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

Aalto University’s tuition fee for master’s programmes taught in English is 15 000 euros per academic year. Tuition fees apply to citizens of countries other than those of the European Union (EU), the European Economic Area (EEA) or Switzerland.

Aalto University has a scholarship programme to support non-EU/EEA citizens who study in a fee-charging degree programme. The scholarship may cover 100% or 50% of the tuition fee.

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 consists of 120 credits (ECTS), including following elements:

  • Major studies (60 ECTS); includes 36 ECTS of common studies and 24 ECTS of advanced studies
  • 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 common and advanced 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


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.


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 Programme at Aalto University in our education and research field.

Read more

What does modern real estate development look like?

Students of a real estate development course used the map-based tool CHAOS to navigate the large information sets used to create development plans for real estates.

Presentation of project work at Real Estate Development course

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.

Annina Salakka, real estate economics alumna

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.

Pia Mäkilä with a horse
Applying to master’s programmes

Chat with Aalto students

Are you wondering what it is like to study at Aalto? Come chat with our students about all things Aalto on Unibuddy chat platform.

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Admission requirements 2024

Aalto University's student selection process is competitive and paper-based. Applications that pass the eligibility check (administrative evaluation) conducted by Aalto University Admissions Services proceed to the school's programme-specific academic evaluation. The programme is planned for full-time studies and preference is given to applicants who are committed to this.

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:

Academic performance
What is evaluated: Grades of the previous degree/CGPA
Admission requirements: Grades need to be mainly very good or excellent
Evaluated documents: Transcript of records

Relevance of previous studies
What is evaluated: Content and quantity in relation to the applied study-option-specific requirements
What we look for in an applicant: Content suit very well or excellent to the study option
Evaluated documents: Transcript(s) of records, degree certificate(s)

Recognition and quality of institution
What is evaluated: Recognition and quality of the applicant's previous institution
Admission requirements: Recognized for high quality of education and research
Method of demonstrating competence: International and national rankings of higher education institutions

What is evaluated: Applicant’s further applicability to the study option, motivation, and commitment for 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.
Evaluated documents: 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.

Study option -specific documents

The following documents is requested to provide by the programme:

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

Contact information

Heidi Falkenbach

Professor, Programme Director

[email protected]

Päivi Kauppinen

Programme Planning officer

[email protected]

Admission Services of Aalto University

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

[email protected]

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