Beirut and the creation of the rent gap

Krijnen, Marieke

doi:10.1080/02723638.2018.1433925

Cited by 34 publications

(34 citation statements)

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“…Following Smart and Lee’s argument that the state’s relationship to real estate is central to financialized capitalism – urbanization is driving accumulation (Lefebvre, 1974; Soederberg and Walks, 2018) – we see that the literature stresses the centrality of real estate and urbanization to political economies in both Global North and South. State actors use powers of governance, regulation and in some cases also direct ownership to create this centrality of real estate in order to legitimize but also empower the state (Krijnen, 2018; Shatkin, 2016, 2017). Indeed, the local state is no longer merely the enabler of property speculation but has become a speculator itself (Mosciaro et al, 2019; Weber, 2015; cf.…”

Section: Urban Financialization As a State Strategymentioning

confidence: 99%

Financial geography III: The financialization of the city

Aalbers

2019

Progress in Human Geography

133

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This report discusses the financialization of urban governance and the built environment as an explicit state strategy, focusing on municipal finance and the use of financial products by the local state and (semi-)public sector. A number of lessons can be drawn regarding the temporality and spatiality of financializing ‘the urban’. Firstly, the financial crisis that started in 2007 has not resulted in a definancialization of the city. Secondly, despite a number of common trends, the literature also highlights the diversity of experiences. Yet it would be too easy to conclude that the financialization of the land, housing and real estate is exclusively a Global North phenomenon, as it extends into the Global South. Finally, the literature notes an emerging gentrification-touristification-financialization nexus. The role of the state in all of this is variegated and often ambiguous.

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Section: Urban Financialization As a State Strategymentioning

confidence: 99%

Financial geography III: The financialization of the city

Aalbers

2019

Progress in Human Geography

133

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“…Beyond the context of Havana and Cuba, we conclude that there is a dire need to study uneven patterns of real estate internationalization in other urban settings of the Global South, from cities in the Caribbean and Central America (Payne, 1994;Soederberg, 2015; see also Whiteside, 2019) to cities in South America, Africa, Central Asia, and the Middle East (Krijnen, 2018;Kutz & Lenhardt, 2016;Zoomers et al, 2017). Indeed, the question whether such housing transitions in the Global South may also trigger gentrification effects is an urgent one (Janoschka et al, 2014), not in the least because it touches upon broader income-related dynamics in national and urban political economies.…”

Section: Resultsmentioning

confidence: 89%

“…Other studies suggest that the relatively undeveloped credit and real estate markets of the Global South provide big investment opportunities for those seeking to profit from surging real estate prices (Rolnik, 2013;Wyly, 2015). From the rise of internationally funded secondary mortgage markets in Mexico and Brazil (Pereira, 2017;Soederberg, 2015), over to the subprime urbanization of Tangier and Beirut (Krijnen, 2018;Kutz & Lenhardt, 2016), to economic migration and transnational gentrification in Panama City, Cuenca, and other Latin American cities (Hayes, 2015;Janoschka et al, 2014;Sigler & Wachsmuth, 2016), scholars argue that cities of the Global South are not insulated from transnational developments. Indeed, the materialization of new urban frontiers is driven by the rolling out of real estate finance techniques "invented" in the US, such as mortgage securitization and Real Estate Investment Trusts (REITs), to the Global South (Bassens, 2012;Pereira, 2017;Sanfelici & Halbert, 2018;Soederberg, 2015).…”

Section: Introductionmentioning

confidence: 99%

“…In developing this alternative framework, we first explore how patterns of "expatriate world-city formation" (Beaverstock, 2010;Cook, 2010) can trigger globalizing tendencies in the urban real estate markets of Southern economies. Krijnen (2018), for example, highlights state practices in Lebanon that enabled real estate actors to attract capital not only from neighboring countries but also from the Lebanese diaspora as a source of wealth to be absorbed into Beirut's housing market. Indeed, an increasing number of migrants consider urban land and housing as an attractive investment opportunityespecially now that global property prices are surging (De Haas, 2006;Obeng-Odoom, 2010).…”

Section: Introductionmentioning

confidence: 99%

“…Fernandez & Aalbers, 2019;Pereira, 2017). Yet, foreign capital can still find its way into urban real estate of Southern economies, albeit not always involving the "traditional" actors or market segments (Krijnen, 2018). For example, Sigler and Wachsmuth (2016) show how "cosmopolitan transnational residents" have increasingly bought homes in Panama City that are considered architecturally interesting, thereby tying international capital flows to redevelopment and gentrification.…”

Section: Introductionmentioning

confidence: 99%

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Cuban migrants and the making of Havana’s property market

2020

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The emerging literature on the globalization of real estate has addressed how internationally circulating capital has increasingly found its ways into housing markets of the "Global South". With relatively underdeveloped financial and real estate markets, these countries have discursively and materially been rebranded as emerging markets, that is, they have been shaped into frontiers in the global urbanization of capital. In this paper we scrutinize the transnational real estate networks that shape and reshape the Cuban housing market. First, we reconstruct how, following the 2011 legalization of housing prices set between buyers and sellers, Cuban migrants and a few foreign investors, in cooperation with Cubans residing in Cuba, are buying properties in Cuba's cities, beach resorts and other towns. Second, we explore the economic and extra-economic motives behind such transnational property transactions, highlighting how residential properties are bought and converted into private restaurants or hotels. Central to our analysis is that the present development is not simply shaped by local or national demand and processes but also by international investment. We contend that a pattern of economic globalization unfolds where transnational remittances, rather than institutional investments or mortgage finance, steer Cuba's emerging property market, along with local investments among Cuban citizens.

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Urban Transformation Interventions: A Decision Support Model for a Fair Rent Gap Recapture

Morano

Tajani

Giudice

et al. 2021

Lecture Notes in Computer Science

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Beirut and the creation of the rent gap

Cited by 34 publications

References 60 publications

Financial geography III: The financialization of the city

Financial geography III: The financialization of the city

Cuban migrants and the making of Havana’s property market

Urban Transformation Interventions: A Decision Support Model for a Fair Rent Gap Recapture

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