A financeirização do circuito imobiliário como rearranjo escalar do processo de urbanização
Over the past five to ten years, Brazil’s residential real estate market has experienced a marked expansion both in terms of housing starts and sales. This expansion, which has rapidly transformed Brazilian cities, was spurred by an unprecedented intertwining of the financial markets and the product...
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| Format: | Article |
| Language: | English |
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Confins
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| Online Access: | https://journals.openedition.org/confins/8494 |
| _version_ | 1797309726722097152 |
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| author | Daniel de Mello Sanfelici |
| author_facet | Daniel de Mello Sanfelici |
| author_sort | Daniel de Mello Sanfelici |
| collection | DOAJ |
| description | Over the past five to ten years, Brazil’s residential real estate market has experienced a marked expansion both in terms of housing starts and sales. This expansion, which has rapidly transformed Brazilian cities, was spurred by an unprecedented intertwining of the financial markets and the production/consumption of the urban built environment in the country. In the wake of this process, many scholars have interpreted these changes as representative of the financialization of the economy, since it expresses financial investors’ growing ability to derive income from changes in the urban space. This paper attempts to contribute to this ongoing debate by arguing that the process of financialization, which in the past few years has taken hold of the property sector in Brazil, has caused a restructuring of the links between socio-spatial scales. In the first part, we have provided an overview of the changes that have taken place in the real estate business as an outcome of its connections with the financial system. In the second part, based on a set of interviews conducted between 2011 and 2012 and on data collected about the sector, we have brought attention to the types of articulation between agents operating at different socio-spatial scales. In this analysis, the articulation between the global and the national scales is illustrated by developers’ need to make their businesses more “transparent” in order that the papers they issue in financial markets can be aggregated to the portfolio of large foreign institutional investors. The linkages between the national and the local scales, in terms, are examined here as resulting from the partnerships established between large, financialized developers and regional small and medium-sized builders. In both cases, we have attempted to shed light on the disagreements and tensions that have resulted from the convergence of agents that embody distinct socio-spatial logics, thus demonstrating that the geographical scale, far from being a fixed dimension of social relations, is itself socially produced and changed and, because of that, it internalizes tensions and contradictions. The paper concludes by highlighting the importance of the construction of scalar linkages for the reproduction of financial power. |
| first_indexed | 2024-03-08T01:31:30Z |
| format | Article |
| id | doaj.art-33b171ac225b44289011de8372427675 |
| institution | Directory Open Access Journal |
| issn | 1958-9212 |
| language | English |
| last_indexed | 2024-03-08T01:31:30Z |
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| spelling | doaj.art-33b171ac225b44289011de83724276752024-02-14T13:48:15ZengConfinsConfins1958-92121810.4000/confins.8494A financeirização do circuito imobiliário como rearranjo escalar do processo de urbanizaçãoDaniel de Mello SanfeliciOver the past five to ten years, Brazil’s residential real estate market has experienced a marked expansion both in terms of housing starts and sales. This expansion, which has rapidly transformed Brazilian cities, was spurred by an unprecedented intertwining of the financial markets and the production/consumption of the urban built environment in the country. In the wake of this process, many scholars have interpreted these changes as representative of the financialization of the economy, since it expresses financial investors’ growing ability to derive income from changes in the urban space. This paper attempts to contribute to this ongoing debate by arguing that the process of financialization, which in the past few years has taken hold of the property sector in Brazil, has caused a restructuring of the links between socio-spatial scales. In the first part, we have provided an overview of the changes that have taken place in the real estate business as an outcome of its connections with the financial system. In the second part, based on a set of interviews conducted between 2011 and 2012 and on data collected about the sector, we have brought attention to the types of articulation between agents operating at different socio-spatial scales. In this analysis, the articulation between the global and the national scales is illustrated by developers’ need to make their businesses more “transparent” in order that the papers they issue in financial markets can be aggregated to the portfolio of large foreign institutional investors. The linkages between the national and the local scales, in terms, are examined here as resulting from the partnerships established between large, financialized developers and regional small and medium-sized builders. In both cases, we have attempted to shed light on the disagreements and tensions that have resulted from the convergence of agents that embody distinct socio-spatial logics, thus demonstrating that the geographical scale, far from being a fixed dimension of social relations, is itself socially produced and changed and, because of that, it internalizes tensions and contradictions. The paper concludes by highlighting the importance of the construction of scalar linkages for the reproduction of financial power.https://journals.openedition.org/confins/8494FinancializationReal estate marketRescalingProduction of scale |
| spellingShingle | Daniel de Mello Sanfelici A financeirização do circuito imobiliário como rearranjo escalar do processo de urbanização Confins Financialization Real estate market Rescaling Production of scale |
| title | A financeirização do circuito imobiliário como rearranjo escalar do processo de urbanização |
| title_full | A financeirização do circuito imobiliário como rearranjo escalar do processo de urbanização |
| title_fullStr | A financeirização do circuito imobiliário como rearranjo escalar do processo de urbanização |
| title_full_unstemmed | A financeirização do circuito imobiliário como rearranjo escalar do processo de urbanização |
| title_short | A financeirização do circuito imobiliário como rearranjo escalar do processo de urbanização |
| title_sort | financeirizacao do circuito imobiliario como rearranjo escalar do processo de urbanizacao |
| topic | Financialization Real estate market Rescaling Production of scale |
| url | https://journals.openedition.org/confins/8494 |
| work_keys_str_mv | AT danieldemellosanfelici afinanceirizacaodocircuitoimobiliariocomorearranjoescalardoprocessodeurbanizacao AT danieldemellosanfelici financeirizacaodocircuitoimobiliariocomorearranjoescalardoprocessodeurbanizacao |