A metrópole sob o ritmo das finanças: implicações socioespaciais da expansão imobiliária no Brasil

Sanfelici, Daniel

doi:10.11606/t.8.2013.tde-07012014-093205

Cited by 29 publications

(60 citation statements)

References 15 publications

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“…Without neglecting the effort and capacity of the local elite to insulate their markets from external competition -as the historical dispute between regional elites within Brazil's state administration demonstrates -we argue here that the main explanation for the fact that, until recently, the real estate sector had remained a predominantly local sector comes from technical and economic particularities that sharply distinguish this sector from the manufacturing sector. These particularities also explain the distinctive nature of the centralization process that followed the public listing of major developers in Brazil's stock exchange, a process that was analyzed recently by a few scholars (SHIMBO, 2010;MARTINS, 2010;FIX, 2011;SANFELICI, 2013a).…”

Section: Centralization Of Capital: Preliminary Theoretical Remarksmentioning

confidence: 95%

“…This path toward regional expansion is illustrated by Rossi Residential and its move into the state of Rio Grande do Sul, in Southern Brazil (SANFELICI, 2013a). Originally based in São Paulo, the firm adopted a long-term policy aimed at increasing market share in Rio Grande do Sul.…”

Section: The Distinctive Nature Of Capital Centralization In the Realmentioning

confidence: 99%

“…Under constant evaluation and strong pressure from shareholders to deliver results, large developers pursued aggressive strategies to generate revenue, opening up new fields of accumulation through a diversification policy that took three key directions: regional (expanding to peripheral markets outside São Paulo); social (targeting other income strata, especially following the increasing availability of mortgage credit); and segment (new products, such as corporate offices, suburban developments, etc.). The construction of increasingly larger housing developments was also a key means through which these firms raised their outputs and profitability in order to satisfy their shareholders' expectations (SANFELICI, 2013a).…”

Section: The Place Of Large Developers In the Production Of Metropolimentioning

confidence: 99%

“…The tendency towards large-scale housing developments became a reality after a group of developers raised equity in the stock market in 2005-7 (RUFINO, 2012SANFELICI, 2013a). Its impact on cities can be seen in the growing number of large luxury condominiums on the outskirts of cities, "planned developments" combining condominiums, entertainment and retail facilities on a single site, as well as multifunctional projects blending residential and office space.…”

Section: The Place Of Large Developers In the Production Of Metropolimentioning

confidence: 99%

“…On the one hand, it is true that one should avoid transposing dynamics and processes typical of advanced economies to Brazil. On the other, however, acknowledging the fact that financialization advanced more consistently on the supply side through the relationship established between developers and shareholders, recent research has shown that large corporate developers have acted as key transmission chains for the speculative dynamics that emanate from financial markets (FIX, 2011;SANFELICI, 2013a). This becomes clear when we observe the behavior of some firms after raising equity and debt in stock markets: following these firms' initial public offerings (IPOs), the stock market began to assess firms' future profitability on the basis of their land banks.…”

Section: The Place Of Large Developers In the Production Of Metropolimentioning

confidence: 99%

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The Centralization of Capital in the Property Sector and the Restructuring of Metropolitan Areas

Sanfelici¹

2016

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ResumoNa esteira das transformações recentes nos negócios imobiliários no Brasil, muitas pesquisas abordaram as repercussões econômicas e socioespaciais da formação de grandes grupos empresariais com abrangência nacional. Na discussão sobre as forças econômicas que viabilizaram a expansão de um grupo pequeno de incorporadoras, é recorrente (embora implícito) o entendimento de que o caráter tardio do processo de centralização do capital nos negócios imobiliários decorreria do poder das elites regionais de preservarem para si o segmento imobiliário como órbita exclusiva de valorização de seus capitais. Embora reconhecendo que o argumento possa ter validade parcial, pretende-se, aqui, argumentar que o ingresso tardio dos negócios imobiliários na dinâmica de formação de grupos econômicos nacionais decorre, prioritariamente, do caráter singular da mercadoria imóvel, que impõe uma série de obstáculos à centralização do capital no setor. O artigo organiza-se em três partes. Inicialmente, oferecemos alguns apontamentos teóricos em torno do conceito de centralização do capital. Em seguida, na segunda seção, discutimos as circunstâncias econômicas que diferenciam o processo de centralização no setor imobiliário. Por fim, refletimos sobre a relevância do conceito de centralização do capital para pensar as mudanças urbanas recentes. Palavras-chave:Centralização do capital; Financeirização; Mercado Imobiliário; Reestruturação urbana. AbstractIFollowing the recent changes in Brazil's real estate industry, many researches have focused on the economic and socio-spatial effects of the appearence of large, nationally-operating business groups. In discussing the economic forces behind this expansion of a small group of developers, it is common (though implicit) the understanding that the centralization of capital was delayed in this sector due to regional elites' capacity to preserve the property sector as an exclusive field for the operation of their capitals. While recognizing that the argument may be partially valid, we argue that the late development of large property business groups results, primarily, from the unique character of property as a commodity, which creates obstacles to the centralization of capital in the real estate sector. The paper is divided into three sections. Initially, we offer a few theoretical signposts around the concept of centralization of capital. Then, in the second part, we discuss the economic circumstances that differentiate the centralization of capital in the real estate sector. Finally, we consider the relevance of the concept of centralization to deal with recent changes in urban areas.Key words: Centralization of capital; Financialization; Real estate market; Urban restructuring. ResumenEn vista de las transformaciones recientes ocurridas en los negocios inmobiliarios en Brasil, muchas investigaciones han abordado las repercusiones económicas y socioespaciales de la formación de grandes grupos empresariales de alcance nacional. En la discusión sobre las fuerzas económicas que viabilizaron l...

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Section: Centralization Of Capital: Preliminary Theoretical Remarksmentioning

confidence: 95%

Section: The Distinctive Nature Of Capital Centralization In the Realmentioning

confidence: 99%

Section: The Place Of Large Developers In the Production Of Metropolimentioning

confidence: 99%

Section: The Place Of Large Developers In the Production Of Metropolimentioning

confidence: 99%

Section: The Place Of Large Developers In the Production Of Metropolimentioning

confidence: 99%

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The Centralization of Capital in the Property Sector and the Restructuring of Metropolitan Areas

Sanfelici¹

2016

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Housing Financialization in the Global South: In Search of a Comparative Framework

Fernández

Aalbers

2019

Housing Policy Debate

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The financialization of housing in the Global South (GS) and peripheries of the Global North (GN) develops in different ways than in the GN because the mechanisms underlying and pushing financialization are fundamentally different. We argue that subordinated financialization in the GS is the contemporary form of uneven and combined development, shaped by the financialization of the GN. The recycling of GN excess liquidity in countries lower in the global money hierarchy has contributed to the growth of mortgage lending in the GS and peripheries of GN. With the macrocomparative perspective in our paper we provide a framework to rethink the relations between GN and GS in shaping distinct patterns of uneven and combined financialization, but also to rethink the varieties of capitalism and residential capitalism approaches. In the GS we can distinguish between at least two additional types: 'state-led market economies' (Nolke et al, 2015) and 'less-financialized market economies'.

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Financialization of Housing in Brazil: New Frontiers

Pereira

2017

Int J Urban Regional Res

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The financialization of housing has been increasingly identified as an important driver of social and economic change in contemporary capitalism. Focusing on the Brazilian context, this article considers the extent to which recent changes in housing regulations, policies and markets confirm or challenge narratives about the financialization of housing in the international academic debate. I argue that while many of the trends stressed in the literature are apparent, more extreme processes of financialization within the Brazilian housing sector remain limited--not only because of institutional and regulatory constraints, path dependence or political resistance, but also because of fundamental structural conditions of Brazil's position as a peripheral economy. Three different but mutually reinforcing processes are scrutinized in order to evaluate the financialization of housing and its limits in Brazil: the re-regulation of the real estate financial sector initiated in the 1990s; the changing funding patterns among real estate companies since the mid-2000s; and the increasing commodification of housing induced by a large-scale and heavily subsidized housing program launched in 2009.

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A metrópole sob o ritmo das finanças: implicações socioespaciais da expansão imobiliária no Brasil

Cited by 29 publications

References 15 publications

The Centralization of Capital in the Property Sector and the Restructuring of Metropolitan Areas

The Centralization of Capital in the Property Sector and the Restructuring of Metropolitan Areas

Housing Financialization in the Global South: In Search of a Comparative Framework

Financialization of Housing in Brazil: New Frontiers

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