Financialization and the production of urban space in Brazil: a contribution to the debate
DOI:
https://doi.org/10.4067/S0250-71612013000300002Keywords:
real state market, rescalement, economic restructuringAbstract
Over the past ten years, the number of mortgage loan originations has grown rapidly in Brazil. At the same time, there is a clear trend toward the issuing of financial instruments backed by property revenues, such as the Certificados de Recebíveis Imobiliários (CRIs) and shares in real estate investment trusts. Against the backdrop of this growing centrality of financialized channels for property investment, after a brief theoretical discussion, we have looked at this trend by focusing on how the relationship between large developers and capital markets has transformed the property sector in Brazil. We have noted, particularly, that the connection with financial markets has encouraged strategies of territorial expansion and growing scale of investment among large developers. The paper concludes by suggesting that financialization in property markets amounts to a rescaling of the urban process.
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Copyright (c) 2013 Revista EURE - Revista de Estudios Urbano Regionales
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