This course deals with a broad range of financial issues related to the real estate markets. For most of the time, we will focus on commercial real estate, which produces a series of cash flows in the form of rents. Hands on exercises, readings and exams focus on several questions: What drives the value of direct real estate investments? How do you choose among different ways to finance your investment? How do you go about investing in real estate? What drives the value of indirect real estate investments? In a given market, should you rent or buy?