Real estate education in Malaysia: a new paradigm

Abstract

Since early 70s, real estate education in Malaysia emphasises on real estate valuation to cater for the needs for Valuation Officer in Ministry of Finance. Shifts in real estate activities from individual to corporate participation however have evolved real estate education towards more dynamic and proactive learning process. The paper presents the current issues of real estate education in Malaysia including the consequences of REITs listing, managing corporate real estate for non-real estate companies and the perception of real estate investment with other investment means. In order to cater for the changing needs, real estate education should transform for a new paradigm focusing more on real estate investment and decisions. The direction of real estate education must also emphasise on real estate asset management, marketing, market research and decision-making. Currently, the main shortcoming of real estate discipline is the unstable of real estate data and information which affect real estate decision-making. However, shifting towards a new direction in real estate education requires collaboration from institution of higher learning. This means that institution offering courses in real estate should complement one another. In Malaysia, this was done with the formation of REER (Real Estate Educators and Researchers) forum where educators and researchers in real estate discuss together concerning important issues of real estate education.