Globalizing financial valuation: International property consultants in São Paulo
International property consultants (IPCs) have become key intermediaries in the globalization of property markets by providing a range of services that generate transparency and comparability in land and property-based investments. While their role in generating standardized information on local mar...
| Main Authors: | , |
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| Format: | Article |
| Language: | English |
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Cambridge University Press
2023-01-01
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| Series: | Finance and Society |
| Subjects: | |
| Online Access: | https://www.cambridge.org/core/product/identifier/S205959990000128X/type/journal_article |
| _version_ | 1797255813613486080 |
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| author | Lucia Shimbo Daniel Sanfelici |
| author_facet | Lucia Shimbo Daniel Sanfelici |
| author_sort | Lucia Shimbo |
| collection | DOAJ |
| description | International property consultants (IPCs) have become key intermediaries in the globalization of property markets by providing a range of services that generate transparency and comparability in land and property-based investments. While their role in generating standardized information on local markets is well known, what is less is known is how IPCs help turn property into an income-yielding asset in less developed economies. This article investigates the contested diffusion of financialized valuation approaches in São Paulo's local property market. Through a qualitative inquiry into large IPCs and their main clients in the city, we show that IPCs have promoted valuation approaches that are tailored to the needs of financial market investors, thus affecting key investment decisions taken by diverse actors. Though these financialized techniques have at times clashed with more traditional views of property ownership prevalent in the country, we show that most often they co-exist with long-established valuation techniques that reflect the social and economic circumstances of Brazil's economy. The socially contingent nature of property valuation raises theoretical issues concerning the complexity of attributing value to fixed capital, as well as several policy issues. |
| first_indexed | 2024-04-24T22:11:49Z |
| format | Article |
| id | doaj.art-b53b2729966146da8aea0700e7e83091 |
| institution | Directory Open Access Journal |
| issn | 2059-5999 |
| language | English |
| last_indexed | 2024-04-24T22:11:49Z |
| publishDate | 2023-01-01 |
| publisher | Cambridge University Press |
| record_format | Article |
| series | Finance and Society |
| spelling | doaj.art-b53b2729966146da8aea0700e7e830912024-03-20T08:20:10ZengCambridge University PressFinance and Society2059-59992023-01-019355310.2218/finsoc.8091Globalizing financial valuation: International property consultants in São PauloLucia Shimbo0Daniel Sanfelici1Universidade de São Paulo, BrazilUniversidade Federal Fluminense, BrazilInternational property consultants (IPCs) have become key intermediaries in the globalization of property markets by providing a range of services that generate transparency and comparability in land and property-based investments. While their role in generating standardized information on local markets is well known, what is less is known is how IPCs help turn property into an income-yielding asset in less developed economies. This article investigates the contested diffusion of financialized valuation approaches in São Paulo's local property market. Through a qualitative inquiry into large IPCs and their main clients in the city, we show that IPCs have promoted valuation approaches that are tailored to the needs of financial market investors, thus affecting key investment decisions taken by diverse actors. Though these financialized techniques have at times clashed with more traditional views of property ownership prevalent in the country, we show that most often they co-exist with long-established valuation techniques that reflect the social and economic circumstances of Brazil's economy. The socially contingent nature of property valuation raises theoretical issues concerning the complexity of attributing value to fixed capital, as well as several policy issues.https://www.cambridge.org/core/product/identifier/S205959990000128X/type/journal_articleInternational property consultantsfinancializationvaluationreal estate marketsBrazil |
| spellingShingle | Lucia Shimbo Daniel Sanfelici Globalizing financial valuation: International property consultants in São Paulo Finance and Society International property consultants financialization valuation real estate markets Brazil |
| title | Globalizing financial valuation: International property consultants in São Paulo |
| title_full | Globalizing financial valuation: International property consultants in São Paulo |
| title_fullStr | Globalizing financial valuation: International property consultants in São Paulo |
| title_full_unstemmed | Globalizing financial valuation: International property consultants in São Paulo |
| title_short | Globalizing financial valuation: International property consultants in São Paulo |
| title_sort | globalizing financial valuation international property consultants in sao paulo |
| topic | International property consultants financialization valuation real estate markets Brazil |
| url | https://www.cambridge.org/core/product/identifier/S205959990000128X/type/journal_article |
| work_keys_str_mv | AT luciashimbo globalizingfinancialvaluationinternationalpropertyconsultantsinsaopaulo AT danielsanfelici globalizingfinancialvaluationinternationalpropertyconsultantsinsaopaulo |