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Quest Training

Real Estate Feasibility Studies & Financial Modeling Training Course

Applies feasibility and financial modeling specifically to real estate: residual land value, phased sales, leasing income and returns, not general modeling.

RDI · Real Estate Development & InvestmentAll Levels#3105ClassroomEnglish , Arabic
Duration
5 Days
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Free substitution at any time · 30+ days' notice: full refund minus 10%. Cancellation policy

Sectors:Real Estate & Property ManagementCategories:Real Estate Development & Investment

Course Overview

The Real Estate Feasibility Studies & Financial Modeling Training Course equips development, investment, and finance professionals with the methods needed to test whether a real estate project deserves to proceed and to build a model that decision makers can trust. Unlike general financial modeling or cost-benefit programs, the course is applied entirely to real estate: land, phased sales, leasing income, construction draws, and the returns that developers, landowners, and lenders each look for. Participants work on a realistic project throughout, so each assumption can be followed from the market study into the final returns. Participants start with market evidence, including demand, supply pipeline, absorption rates, and pricing, and learn how to turn it into defensible assumptions. They then carry out development appraisals, calculate residual land value, and build a month-by-month development cash flow in a spreadsheet, covering land payments, construction S-curves, off-plan collections, and escrow release assumptions. The course then moves to income-producing assets, working with net operating income, capitalization rates, discounted cash flow, and exit values. Participants examine debt sizing, loan covenants, equity waterfalls in joint ventures, and sensitivity and scenario testing. The International Valuation Standards are used as a reference for reading valuation reports as a management user, and the course explains how IRR and NPV can mislead when they are read in isolation. How much a developer can afford to pay for a site is treated as a modeling question, and attention is given to how lenders and investment committees read a model when deciding whether to support a scheme. The course is delivered through worked case studies, hands-on modeling exercises, assumption challenge sessions, and a final workshop in which teams present an investment recommendation. Participants leave with a reusable development appraisal model, an income property model, a market assumptions log, a model review checklist, and an investment paper template.

Learning Objectives

  • Explain how a real estate feasibility study differs from a general project appraisal or corporate financial model.
  • Gather and test market evidence on demand, supply pipeline, absorption, and achievable prices and rents for the target product.
  • Convert market research into documented, defensible assumptions for use in a financial model that others can review.
  • Estimate development costs, including land, construction, soft costs, finance, and contingency at the level of detail each study stage requires.
  • Calculate residual land value and use it to support land bids and landowner negotiations without overstating what a site can carry.
  • Build a monthly development cash flow model with land payments, construction draws, and sales collections.
  • Model off-plan sales, instalment plans, and escrow release assumptions and their effect on funding needs.
  • Value income-producing assets using net operating income, capitalization rates, and discounted cash flow.
  • Size development and investment debt using loan-to-value and debt service coverage measures and lender covenants.
  • Structure equity waterfalls and landowner profit shares in real estate joint ventures.
  • Interpret IRR, NPV, equity multiple, and profit on cost, and recognize where each can mislead.
  • Run sensitivity and scenario analysis on price, cost, timing, and absorption assumptions to reveal what drives the result.
  • Present a clear investment recommendation backed by a reviewed and auditable model.

Who Should Attend

This course is designed for development managers, investment analysts, feasibility and business development specializts, financial controllers, and asset managers in real estate companies who prepare or rely on feasibility studies and financial models. It is equally relevant for officials in housing ministries, land authorities, municipalities, and government investment entities who assess development proposals, allocate public land, or review the business cases that developers bring to them. They need enough modeling literacy to question the numbers placed in front of them. Professionals in government-backed development companies, family-owned property groups, sovereign and pension fund real estate teams, real estate funds, banks financing development, and consulting firms will find the course directly applicable. It is particularly valuable for finance staff moving into real estate from other sectors, and for engineers and project managers who need to understand how their cost and program decisions affect project returns. Asset managers taking over completed schemes will also benefit from seeing how the original model was built.

Learning Outcomes

  • By the end of this course, participants will be able to:
  • Scope a real estate feasibility study suited to the stage of the project decision.
  • Assess demand, supply pipeline, absorption, and pricing evidence for a target market.
  • Document model assumptions so that reviewers can trace and challenge each one.
  • Prepare a development appraisal and calculate residual land value to support a land bid or landowner negotiation.
  • Build a monthly development cash flow with land, construction, sales, and funding in a clearly structured spreadsheet.
  • Model off-plan collections and show their effect on peak funding need.
  • Value an income-producing asset using capitalization and discounted cash flow methods and compare the results.
  • Size debt with loan-to-value and debt service coverage measures and explain the result to lenders.
  • Model an equity waterfall and a landowner profit share in a joint venture under different performance outcomes.
  • Interpret IRR, NPV, equity multiple, and profit on cost, and reconcile them when they disagree.
  • Run sensitivity and scenario tests and explain what the results mean for risk.
  • Write an investment paper with a clear recommendation and stated conditions.

Course Outline

Course Outline:

Day 1

Real Estate Feasibility and Market Evidence

  • What makes a real estate feasibility study different from general project appraisal
  • Stages of feasibility: screening, pre-feasibility, full study, and investment paper
  • Demand analysis: demographics, household formation, affordability, and tenant demand
  • Supply pipeline, competing projects, and realistic absorption rates
  • Price and rent evidence: comparables, adjustments, and reliable data sources
  • Documenting assumptions and separating fact from judgment
  • Practical application: participants build a market assumptions log for a residential project
Day 2

Development Appraisal and Residual Land Value

  • Gross development value, unit mix, and saleable versus gross area
  • Construction costs, soft costs, marketing, finance, and contingency
  • The residual method and how sensitive it is to small changes
  • Profit on cost and profit on value as measures of developer return
  • Land bids, payment terms, and landowner joint venture alternatives
  • Cost benchmarks, quantity surveyor input, and escalation over the development period
  • Why land price is an output of the appraisal rather than a starting assumption
  • Practical application: participants calculate residual land value for two competing development schemes
Day 3

Building the Development Cash Flow Model

  • Model structure and good practice: inputs, calculations, outputs, and checks
  • Timing land payments and construction draws with an S-curve
  • Off-plan sales, instalment plans, collection risk, and escrow release assumptions
  • Equity, construction loan drawdown, interest, and peak funding need
  • IRR, NPV, equity multiple, and the limits of each measure
  • Phasing logic and reinvesting early sales proceeds in later project phases
  • Building checks, version control, and a clear dashboard for decision makers
  • Practical application: participants build a monthly cash flow model for a phased development
Day 4

Income-Producing Assets, Debt, and Joint Venture Returns

  • Rent roll, vacancy, operating expenses, and net operating income
  • Capitalization rates, discounted cash flow, and exit value
  • Reading valuation reports against the International Valuation Standards as a management user
  • Debt sizing with loan-to-value and debt service coverage ratios
  • Equity waterfalls, preferred returns, and landowner profit shares
  • Lease-up periods, rent incentives, and stabilized income for new assets
  • Loan covenants, interest cover, and refinancing at the point of stabilization
  • Practical application: participants model a build-to-rent asset and a joint venture waterfall
Day 5

Testing, Review, and the Investment Decision

  • Sensitivity tables, scenarios, and break-even analysis on price, cost, and time
  • Common modeling errors, circular references, and independent model review
  • Optimizm bias and how to challenge assumptions in an investment committee
  • Writing the investment paper: recommendation, risks, and conditions
  • Comparing options: sell, lease, hold, or bring in a joint venture partner
  • Final workshop: teams present a feasibility study, model, and go or no-go recommendation

Upcoming Dates

Selected date

Abuja · 18 – 22 Jan 2027 · Classroom

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CityDatesPrice per ParticipantEarly Bird
IstanbulScheduled
2 – 6 Nov 2026€4,700—
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JeddahScheduled
8 – 12 Nov 2026€4,200—
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KigaliScheduled
16 – 20 Nov 2026€5,100—
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Kuala LumpurScheduled
16 – 20 Nov 2026€4,400—
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LisbonScheduled
23 – 27 Nov 2026€5,400€4,860until 2 Nov
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LondonScheduled
30 Nov – 4 Dec 2026€5,600€5,040until 9 Nov
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MadinahScheduled
30 Nov – 4 Dec 2026€4,200€3,780until 9 Nov
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MadridScheduled
7 – 11 Dec 2026€5,400€4,860until 16 Nov
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MakkahScheduled
14 – 18 Dec 2026€4,200€3,780until 23 Nov
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MuscatScheduled
21 – 25 Dec 2026€5,300€4,770until 30 Nov
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ManamaScheduled
21 – 25 Dec 2026€4,700€4,230until 30 Nov
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OnlineScheduled
27 – 31 Dec 2026€1,700€1,530until 7 Dec
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ParisScheduled
4 – 8 Jan 2027€5,700€5,130until 14 Dec
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Sharm El-SheikhScheduled
4 – 8 Jan 2027€4,300€3,870until 14 Dec
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SingaporeScheduled
11 – 15 Jan 2027€6,700€6,030until 21 Dec
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AccraScheduled
18 – 22 Jan 2027€5,100€4,590until 28 Dec
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AbujaScheduled
18 – 22 Jan 2027€5,100€4,590until 28 Dec
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AmmanScheduled
24 – 28 Jan 2027€3,100€2,790until 4 Jan
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BakuScheduled
1 – 5 Feb 2027€4,800€4,320until 11 Jan
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AmsterdamScheduled
1 – 5 Feb 2027€5,400€4,860until 11 Jan
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BarcelonaScheduled
8 – 12 Feb 2027€5,400€4,860until 18 Jan
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BeirutScheduled
14 – 18 Feb 2027€4,000€3,600until 25 Jan
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CairoScheduled
21 – 25 Feb 2027€3,300€2,970until 1 Feb
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BerlinScheduled
22 – 26 Feb 2027€5,800€5,220until 1 Feb
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Cape TownScheduled
1 – 5 Mar 2027€5,100€4,590until 8 Feb
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CasablancaScheduled
8 – 12 Mar 2027€4,300€3,870until 15 Feb
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DammamScheduled
14 – 18 Mar 2027€4,200€3,780until 22 Feb
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DohaScheduled
14 – 18 Mar 2027€4,400€3,960until 22 Feb
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DubaiScheduled
21 – 25 Mar 2027€4,400€3,960until 1 Mar
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ErbilScheduled
28 Mar – 1 Apr 2027€3,100€2,790until 8 Mar
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Available in: Istanbul · Dubai · London · Doha · Amsterdam

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