The PhD program in Real Estate is designed to prepare students for teaching and research at universities and colleges and for positions in government and business. The PhD in Real Estate emphasizes intensive training in real estate, economics, quantitative methods and finance with the goal of producing research-minded PhD graduates, while at the same time providing a comprehensive teaching experience. Students are encouraged to individualize their programs by supplementing their studies with courses from other programs in the Terry College of Business.

The Terry College provides an excellent opportunity for those interested in pursuing a PhD in real estate. Our faculty are very involved in the education of our doctoral students with specialized seminars focused on a student’s overall success. Some of the other benefits of the Terry College include:

  • One of the premier academic journals in real estate, The Journal of Real Estate Finance and Economics, has been housed at Terry since its inception.
  • Our faculty include the current and former editors of the top academic journals in real estate, as well as board members of the American Real Estate and Urban Economics Association.
  • Our faculty members are among the top publishers in the premier real estate journals. One faculty member was recently ranked as the 6th most cited real estate researcher in the United States.


The specialized curriculum, involvement in research, and opportunities for gaining quality teaching experience while at the University of Georgia, lead to excellent employment possibilities. Our doctoral program has a strong record of placing professors and chairholders at a number of universities, including Florida State University, Pennsylvania State University, Auburn University, Louisiana State University, Brigham Young University, University of Denver, and Arizona State University. Recent graduates of the Real Estate Program currently serve on the faculty of leading universities in the U.S. and around the world as well as in leadership positions are major private-sector and government organizations:

  • Joseph R. Nicholson (2012), Assistant Professor, Montclair State University
  • Kiplan Womack (2012), Assistant Professor, University of North Carolina - Charlotte
  • Shannon Clark (2010), Principal Research Statistician & Developer, SAS
  • Constantine Lyubimov (2010), Researcher, Federal National Mortgage Association
  • Harris Hollans (2005), Associate Professor, Auburn University

The universities at which our graduates ultimately are recognized for their success is also a testament to the foundation received at Terry. Selected alumni holding chairs and named professorships:

  • C.F. Sirmans, J. Harold and Barbara M. Chastain Eminent Scholar in Real Estate, Florida State University
  • Anthony B. Sanders, Distinguished Professor of Finance, George Mason University
  • John H. (Jack) Corgel, Robert C. Baker Professor of Real Estate, Cornell University
  • G. Stacy Sirmans, Kenneth G. Bacheller Professor of Real Estate, Florida State University
  • Paul Robert Goebel, James E. and Elizabeth F. Sowell Professor, Texas Tech University
  • R. Kelley Pace, Louisiana Real Estate Commission Professor, Louisiana State University
  • Brent Ambrose, Smeal Professor of Real Estate, Pennsylvania State University
  • Tim Allen, Alico Chair and Eminent Scholar of Finance, Florida Gulf Coast University
  • V. Carlos Slawson, C.J. Brown Distinguished Professor of Real Estate, Louisiana State University
  • Barrett A. Slade, James Passey Professor of Finance, Brigham Young University

Faculty Research Interests

Areas of research interests are an important consideration for selecting a program that fits your academic needs. We have faculty experts in areas of economics, finance and investments, as well as geo-spatial analysis. Research areas include, but are not limited to:

Faculty Member Research Interest
James N. Conklin Real Estate Economics & Finance, Mortgages, Financial Intermediation
Darren K. Hayunga Asset Pricing, Housing Economics, Geo-Spatial Economics
Richard W. Martin Gentrification, Spatial Mismatch, Suburbanization and Sprawl, Housing Affordability
Henry J. Munneke Price Indices, Land Use Controls, and Land Economics
James B. Kau Real Estate Finance and Investment, Urban Economics, Housing Economics, Real Estate Economics, Regional Science


Ideally students should complete these courses prior to entering the program:

  • MATH 2200: Analytic Geometry and Calculus
  • MATH 2210: Integral Calculus

Typical Course Sequence

  Fall Spring Summer
Year 1
Year 2
  • REAL 9000 Doctoral Research
  • Preliminary Exams
Year 3 & 4