Master in Real Estate Finance (MREF)
Master in Real Estate Finance (MREF) in Madrid 2026 | Advantere School of Management
The Master in Real Estate Finance (MREF) at Advantere School of Management is a 1-year, 60 ECTS, full-time master's program taught entirely in English, starting in September 2026. The program is uniquely designed with direct input from an Advisory Committee composed of the most influential leaders in real estate and capital markets, including CEOs from Merlin Properties, CBRE, Blackstone, Hines Spain, Neinor Homes, Metrovacesa, JLL, Savills, Colliers, and Arcano. The MREF specializes in real estate investment, asset management, property valuation, and quantitative analysis, integrating a Tech Academy focused on AI applied to real estate investment. Students complete Project-Based Learning challenges with Advisory Board companies and participate in a residential module at Georgetown University in Washington D.C., preparing them for senior roles in real estate private equity, asset management, and prop-tech.
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The Master in Real Estate Finance (MREF) at Advantere School of Management is a 1 year, 60 ECTS, full time master’s program taught entirely in English, starting in September 2026. The program is uniquely designed with direct input from an Advisory Committee composed of the most influential leaders in real estate and capital markets, including CEOs from Merlin Properties, CBRE, Blackstone, Hines Spain, Neinor Homes, Metrovacesa, JLL, Savills, Colliers, and Arcano. The MREF specializes in real estate investment, asset management, property valuation, and quantitative analysis, integrating a Tech Academy focused on AI applied to real estate investment. Students complete Project-Based Learning challenges with Advisory Board companies and participate in a residential module at Georgetown University in Washington D.C., preparing them for senior roles in real estate private equity, asset management, and prop-tech.
Advisory Board
Composed of some of the most influential leaders in the real estate and capital markets ecosystem.
Our Advisory Board includes executives such as:
- Ismael Clemente (CEO, Merlin Properties)
- Adolfo Ramírez-Escudero (Chairman & CEO, CBRE Spain & LatAm)
- Claudio Boada (Senior Advisor, Blackstone)
- Vanesa Gelado (CEO, Hines Spain)
- Borja García-Egoecheaga (CEO, Neinor Homes)
- Jorge Pérez de Leza (CEO, Metrovacesa)
- Jaime Riera (Head of Corporate Finance, JLL)
- Javier Echeverría (COO, Savills)
- Laura Hernando (CEO, Colliers)
- Ignacio de la Torre (Chief Economist, Arcano).
Duration:
1 year (60 ECTS)
Format:
In person
Language:
English
Next Intake:
September 2027
Location:
Madrid & Washington D.C.
Why join Advantere's Finance Experience
Innovative Teaching Methods
Work on real projects with companies across the real estate and financial sectors, tackling real investment and asset management challenges. Develop the analytical mindset and decision-making skills employers expect from day one.
Skill Development
Develop strong financial, analytical, and strategic capabilities to evaluate assets, structure deals, and understand global real estate markets. Combine technical expertise with leadership and ethical decision-making to create long-term value in a sector shaped by capital markets.
International Exposure
Study in Madrid, one of Europe’s leading real estate hubs, and connect with Georgetown University in Washington, D.C. Collaborate with a highly international cohort of over 30 nationalities and gain first-hand exposure to global capital markets and investment perspectives.
Sustainability & Impact
Understand how finance, innovation, and sustainability intersect in real estate. Learn to integrate ESG and impact-driven thinking into investment strategies that deliver both financial performance and positive societal impact.
Mentorship & Career Guidance
Receive personalized mentoring from professors and industry practitioners with direct experience in consulting, investment, and asset management. Define your career goals, sharpen your profile, and connect with organizations actively hiring specialized talent.
Internship Opportunities
Access extracurricular internships and applied projects with leading international firms. Apply your skills in real investment environments and position yourself for a strong first role in one of the world’s fastest-evolving and most opportunity-rich sectors: Real Estate Finance.
Explore the program in detail
This master has not only equipped me with specific financial knowledge but has enabled me to broaden my horizons and gain much more confidence in myself.
MIF Graduate,
Spain
My master’s at Advantere was key to securing a role in Luxembourg’s financial sector. The curriculum and practical skills set me apart in the job market, allowing me to contribute meaningfully to my company.
MIF Graduate,
Republic of Korea
The PBL Methodology is very intentional; it puts you in real-time situations, helping us understand how it feels to work in an organization. So it gives you hands-on training, helps you understand the market, and the office environment, and assists you in deciding your future much better.
MIF Graduate,
Uganda
Our Campus
Your Learning Space in Madrid
We are located in Madrid’s Chamartín district, within the new Campus Arrupe. This modern urban campus hosts up to 1,000 students from Comillas, Deusto, and Advantere, offering an innovative environment with coworking spaces, advanced labs, collaborative learning areas, and rest zones.
The campus is easily accessible by metro, train, or bus, and includes facilities designed to ensure full accessibility, such as easily accessible main entrance, accessible restrooms on each floor, and special elevator access to the cafeteria.
Your Next Opportunity to Connect
More events to come! Stay tunned!
Master’s FAQs:
What makes the Master in Real Estate Finance unique?
The MREF is the only Master in Real Estate Finance in Spain designed specifically for early-career professionals. It combines rigorous finance training with real estate specialization and is built with direct input from industry leaders to ensure strong employability.
Is this a general finance master degree?
No. This is not a general finance program. The MREF focuses on finance applied to real estate, preparing students for roles in investment, capital markets, asset management, private equity, and advisory within the real estate sector.
Is the program suitable for recent graduates?
Yes. The MREF is a pre-experience, early-career program, ideal for recent graduates or young professionals who want to make a smart first career move in a high-demand sector.
What career opportunities do graduates have after the program?
Graduates typically work as Real Estate Investment Analysts, Capital Markets Analysts, Private Equity Analysts, Asset Management Analysts, Valuation & Advisory Analysts, or in real estate investment banking teams, in Spain and internationally.
How does the program support employability?
Employability is built into the program design. Students work on real projects with companies, learn from industry practitioners, and follow a curriculum aligned with market needs, supported by a highly engaged Advisory Board.
Is the program international?
Yes. The program is 100% taught in English, based in Madrid, and includes a residential period at Georgetown University in Washington, D.C., providing strong international exposure and networking opportunities.
Who is the MREF designed for?
The program is ideal for recent graduates or young professionals with backgrounds in finance, economics, business, engineering, or architecture who want to specialize early in a high-demand sector.
Do I need prior real estate experience?
No. Prior real estate experience is not required. The program is designed to provide both the technical foundations and the sector-specific knowledge needed to enter the industry confidently.
Is the MREF a full-time program?
Yes. The MREF requires full-time commitment due to its technical rigor, group work, and applied projects.
Are scholarships or financial aid available?
Yes. Advantere offers merit-based scholarships and financial aid options. Early application is recommended to maximize scholarship opportunities.
Are internships included in the program?
The program offers you the chance to have optional extracurricular internships.
What is the Master in Real Estate Finance (MREF)?
The Master in Real Estate Finance (MREF) is a one-year, full-time, official master’s degree taught entirely in English at Advantere School of Management. The programme awards 60 ECTS credits and prepares future professionals for careers in real estate investment, asset management and property finance. Students combine financial expertise with international exposure, Project-Based Learning and an international residential experience at Georgetown University.
What makes Advantere's Master in Real Estate Finance different from other real estate master's programmes?
The MREF is the only Master in Real Estate Finance in Spain designed specifically for early-career professionals. Unlike traditional real estate master’s programmes, Advantere’s MREF combines finance, investment, sustainability and technology through its Re-solutionary™ methodology. Students work on real projects with organisations such as Tresmares Capital and KPMG while developing expertise in real estate investment, asset management, ESG, valuation and PropTech. The programme also includes an international residential experience at Georgetown University and a Tech Academy focused on digital transformation in the real estate industry.
Is the Master in Real Estate Finance an official master's degree?
Yes. The MREF is an official master’s degree recognised within the European Higher Education Area (EHEA). Graduates receive an officially recognised qualification that supports international academic and professional mobility and provides access to doctoral studies, subject to each university’s admission requirements.
What will I learn during the programme?
The MREF develops advanced knowledge in real estate investment, asset valuation, real estate private equity, structured finance, portfolio management and sustainable real estate. Through Project-Based Learning and the Tech Academy, students also gain practical experience in AI, business analytics and emerging PropTech solutions that are transforming the global property industry.
Do I need previous experience in real estate to apply?
No. The MREF welcomes recent graduates and early-career professionals from finance, economics, business, engineering, architecture and related disciplines. Previous experience in real estate is not required, although professional experience or internships in finance, consulting or property are positively valued during the admissions process.
What are the admission requirements?
Applicants must hold a bachelor’s degree (or equivalent), demonstrate English proficiency at B2 level or above, and submit the required application documents, including their CV, academic transcripts and identification. Applications are reviewed holistically, considering academic performance, analytical skills, motivation and interest in the real estate industry.
How does the Georgetown University residential experience work?
Students participate in an international residential experience at Georgetown University in Washington, D.C., where they explore global real estate markets, investment strategies and sustainable urban development. The experience combines academic sessions, collaborative projects and exposure to international perspectives on the global property sector.
Which companies collaborate with the MTM?
MREF students solve real real estate finance challenges through Project Based Learning with leading industry players. A key collaboration is with Tresmares Capital, a prominent real estate private equity firm, where students work on investment strategies, asset valuation, and portfolio management. Additionally, students collaborate with KPMG on real estate advisory, tax structuring, and market analysis projects. These corporate partnerships provide students with a professional portfolio and direct access to top-tier employers in the real estate sector.
How does the MREF prepare students for the future of real estate finance?
The MREF integrates technology, sustainability and quantitative analysis throughout the programme. Through the Tech Academy, students explore PropTech, artificial intelligence, data analytics and ESG principles applied to real estate investment and asset management, preparing them to lead the digital transformation of the property industry.
What career opportunities can I expect after graduation?
MREF graduates are prepared for careers in real estate investment, asset management, valuation, private equity, real estate consulting and PropTech. Throughout the programme, students expand their professional network through Advantere’s Employability & Career Services, Project-Based Learning and the active involvement of Advisory Committee members. They also engage with professionals from leading organisations across the real estate sector—including firms such as Merlin Properties, Blackstone, Hines Spain, CBRE, JLL, Savills, Colliers, Arcano, Neinor Homes and Metrovacesa—gaining valuable industry insights and connections.
What is the MREF Advisory Committee and how does it benefit students?
The MREF Advisory Committee is composed of the most influential
leaders in the real estate and capital markets ecosystem, including Ismael Clemente (CEO,
Merlin Properties), Adolfo Ramírez-Escudero (Chairman & CEO, CBRE Spain & LatAm),
Claudio Boada (Senior Advisor, Blackstone), Vanesa Gelado (CEO, Hines Spain), Borja
García-Egoecheaga (CEO, Neinor Homes), Jorge Pérez de Leza (CEO, Metrovacesa),
Jaime Riera (Head of Corporate Finance, JLL), Javier Echeverría (COO, Savills), Laura
Hernando (CEO, Colliers), and Ignacio de la Torre (Chief Economist, Arcano). Their direct
involvement brings real market insight and strategic perspective into the program, reinforcing
its relevance, credibility, and close alignment with the skills and profiles demanded by
today’s Real Estate Finance industry.
Are scholarships available?
Advantere offers a range of scholarships and financial support options based on academic excellence, diversity, leadership potential and financial need. Flexible payment plans are also available, helping students finance their studies while pursuing an international postgraduate education.
Innovative Learning
Project-Based Learning
Capstone Project
Tech Academy
International Experience
Explore our global experience
Georgetown University
Zurich
Through our strategic partnership with Georgetown University, all students participate in an immersive residency in Washington, D.C. This experience focuses on sustainability, social impact, and ethical leadership, equipping future professionals with a conscious approach to business. Get more information.
What to expect:
- Engaging masterclasses with industry leaders.
- Visits to major global institutions like the IMF and World Bank.
- The chance to pitch your impact project to a panel of experts.
What you’ll get:
- Official Certificate from Georgetown University
- +10 Top Experts
- +20 Masterclasses
What to expect:
- Learn from experts shaping the future of finance.
- Get firsthand exposure to one of the most advanced financial ecosystems.
- Discover how innovation is transforming the industry.
Get all the details about the Advantere Master in Real Estate Finance
Study Plan
First Semester
Leadership, Ethics & Sustainability
3 ECTS
Artificial Intelligence & Tech Academy
3 ECTS
Financial Analysis and Decision Making in Real Estate
6 ECTS
Corporate Finance and Advanced valuation for Real Estate companies
6 ECTS
Real Estate Portfolio Management
6 ECTS
Dynamics of the Real Estate Sector
6 ECTS
Second Semester
Management Techniques for Optimizing the Value of Real Estate Assets
6 ECTS
Institutional investment in Real Estate and market cycles
6 ECTS
Mergers, acquisitions and special situations in Real Estate
6 ECTS
Real Estate Financing and Advanced Analysis
6 ECTS
Master's Thesis (Capstone Project)
6 ECTS
Academic Director
Jaime Castelló
Associate Dean
Be an impactful player in the business world.
41% OF ALL CREDITS ARE TAUGHT BY INTERNATIONAL FACULTY
76% PRACTITIONERS
56% PHD PROFESSORS
Associate Professor (Bachelor’s Degree)
Adriana Camila Navarro Hernández
Monetary Policy and Economic Analysis
Associate Professor (Bachelor's Degree)
Álvaro Navarro Reguero
Ethics, Sustainability and Society
Associate Professor (PhD)
Ángela Sánchez González
Asset Management and Behavioral Finance
Associate Professor (Bachelor’s Degree)
Borja Oyarzabal Alonso
Private Equity and Impact Investing
Associate Professor (PhD)
Consuelo Benito Olalla
Ethics, Sustainability and Society
Associate Professor (Bachelor's Degree)
Damián Rubianes Carrasco
Financial Statements Analysis and Corporate Finance / Global Finance Markets and its Regulation
Associate Professor (PhD)
David Tercero Lucas
Tecnología de Blockchain / Blockchain Technology
Associate Professor (PhD)
Eszter Wirth
Economics
Associate Professor (Bachelor’s Degree)
Francisco Gómez Casanova
Big Data & Artificial Intelligence in Finance / Quantitative Methods in Finance
Associate Professor (PhD)
Gabriel Rodríguez Garnica
Blockchain Technology
Associate Professor (Bachelor’s Degree)
Guillermo Corredor Vegas
Maths, statistics and business analytics / Quantitative Methods in Finance / Fixed Income Derivative
Associate Professor (PhD)
Ignacio Prieto Funes
Portfolio Management
Associate Professor (PhD)
Inge Birkbak Larsen
Entrepreneurship
Associate Professor (Bachelor’s Degree)
Jaime Fernández Cerezo
Digital Banking
Associate Professor (PhD)
Javier López Bernardo
Asset Management and Behavioral Finance
Associate Professor (PhD)
Jorge Aracil Jordá
Project Finance
Associate Professor (Bachelor´s Degree)
Jorge Rodríguez Sánchez
Quantitative Methods & Data Science Seminar
Associate Professor (PhD)
José Miguel Fernández de Bilbao Ortega
Project Finance
Associate Professor (Bachelor’s Degree)
Juan Ayora Aleixandre
Monetary Policy II and Banking
Associate Professor (Bachelor’s Degree)
Luba Schoenig
Derivatives
Associate Professor (PhD)
Luis Maldonado García-Pertierra
Fintech and Banking Disintermediation
Associate Professor (Bachelor’s Degree)
Luis Manuel García Muñoz
Quantitative Risk Management / Quantitative Methods in Finance
Associate Professor (Bachelor´s Degree)
Maria Augusta Wiedner
Hedge Funds and Real Asset
Associate Professor (Bachelor´s Degree)
María Calvo Pesini
Ethics, Sustainability and Society
Associate Professor (PhD)
María Luisa Mazo Fajardo
Financial Institutions Management
Associate Professor (Bachelor’s Degree)
Marta Echarri Pérez
Fintech and Banking Disintermediation
Associate Professor (Bachelor´s Degree)
Pablo Valencia Muñoz
Private Equity and Impact Investing
Associate Professor (PhD)
Rafael Castellote Azorín
Accounting Introduction / Financial Accounting / Financial Statements Analysis
Associate Professor (PhD)
Rafael Hurtado Coll
Financial Accounting, Bloomberg and Eikon
Associate Professor (PhD)
Rafael Martínez Ferreira
Global Finance Markets and its Regulation
Associate Professor (Bachelor’s Degree)
Robert Antonides Campos
Business management fundamentals
Associate Professor (Bachelor’s Degree)
Santiago Daniel O´Davoren
Banking & Fintech / Asset Management & Alternative Investments / Quantitative Methods & Data Science
The different faculty categories reflected are established by the regulations of Universidad Pontificia Comillas
Our Master in Real Estate Finance brings together ambitious early-career professionals from diverse academic backgrounds, including business, economics, engineering, architecture, law, and social sciences, who share a global mindset and a clear ambition to build a strong career in finance within the real estate sector.
Real Estate Finance Student Profile:
We seek analytical, driven individuals who want to specialize early and make informed investment decisions in real asset markets. Curious about how finance shapes cities, infrastructure, and societies, MREF students combine quantitative rigor, strategic thinking, and international perspective to access high-demand career paths in Real Estate Finance, where financial expertise translates into real-world impact.
This master has not only equipped me with specific financial knowledge but has enabled me to broaden my horizons and gain much more confidence in myself.
MIF Graduate,
Spain
This master has not only equipped me with specific financial knowledge but has enabled me to broaden my horizons and gain much more confidence in myself.
MIF Graduate,
Spain
The PBL Methodology is very intentional; it puts you in real-time situations, helping us understand how it feels to work in an organization. So it gives you hands-on training, helps you understand the market, and the office environment, and assists you in deciding your future much better.
MIF Graduate,
Uganda
Your gateway to high-demand recruitment circuits in Real Estate Finance.
Ready for What’s Next
Step into Real Estate Finance, where rigorous financial expertise meets one of the world’s most dynamic investment ecosystems. Designed to respond to the growing demand for hybrid profiles, combining advanced finance skills with deep sector knowledge, this program prepares you to build a strong, future-proof career in real assets. Through a hands-on learning experience connecting Madrid and Georgetown, you’ll strengthen your analytical mindset, gain international exposure, and develop the capabilities required to make real investment decisions. Career outcomes include roles in real estate capital markets and advisory, investment banking real estate teams, private equity and private credit funds, REITs, and strategic consulting firms.
We are dedicated to ensuring that you are not just academically prepared but also fully equipped to excel in your career.
Careers Center
Your Student Journey is a comprehensive process designed to guide you, from self-discovery to landing a job aligned with your purpose.We also offer specialized support to help non-EU students transition smoothly to life in Madrid.
+1000
20
18
An extended team of over 20 professionals, experts in various sectors, countries, and disciplines
Mentoring Program
We kick off the process by working closely with each student to articulate their career objectives.
Our team diligently seeks out high-profile mentors whose expertise aligns seamlessly with the students’ goals.
Mentor and mentee engage in monthly sessions that provide invaluable insights to steer the student’s career and open doors to networking opportunities.
Collaborating Organizations
Our partner organizations
Be part of the transformation of
management education by bringing
real, demanding projects to our
students—and helping them solve new
and unexpected challenges.
Master’s FAQs:
Main Job Positions
Graduates access high-demand roles across capital markets, investment banking, asset management, private equity, and consulting within the real estate ecosystem. Real Estate Investment Analyst, Real Estate Capital Markets Analyst, Investment Banking Analyst – Real Estate, Real Estate Private Equity Analyst, Asset Management Analyst (Real Assets), Acquisitions Analyst, Valuation & Advisory Analyst, Development Finance Analyst, Strategy & Consulting Analyst – Real Estate, ESG & Sustainable Investment Analyst (Real Assets).
Top Employers
Accenture
Deloitte
NTT DATA
PwC
Working Abroad
In a nutshell
Duration:
1 year (60 ECTS)
Format:
In person
Language:
English
Location:
Madrid – Washington D.C.
Next intake:
September 2027
Certification:
Official Master's Degree
Tuition fee:
35.000 €
Working experience:
Recent graduates and young professionals
MREF Admissions Process
Rolling Admissions: applications are open until all seats are filled. We recommend applying early.
We believe that ambition and potential should never be limited by financial constraints. At Advantere, we offer scholarships and funding opportunities to attract diverse, driven, and purpose-oriented talent—empowering future real estate finance professionals to grow, lead, and create meaningful impact in a global industry that shapes the cities and communities of tomorrow.
We can support you
Financial Aid
We offer a variety of scholarships and funding opportunities to attract and support diverse talent, empowering students to contribute to the Advantere community and beyond.
Admissions helps yout with Visa, Health Insurance, Housing
Our Admissions team provides personalized support to help you settle in seamlessly.
Master’s FAQs:
Admission Requirements and Application-Process
Note for applicants with disabilities
Personalized support is available through the “Comillas Contigo” office, which manages a dedicated support program led by a social worker.
Financial Information
Master’s Degree in Real Estate Finance
Tuition fee: € 32,000
Commitment fee: € 3,000
Three installments: € 9,667 (due on: July, October, and February)
*Final tuition fees will be adjusted based on the scholarship awarded.
Available Scholarships and Payment Plans