Real estate funds and urban risk
The association between real estate funds and urban risk is complex; financial uncertainty of real estate development increases urban vulnerability and negatively affects the sustainability of cities. However, the relation is not reciprocal, since the impact that urban risk, and the reliability of n...
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Universidad de Chile. Facultad de Arquitectura y Urbanismo
2013
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oai:ojs.revistas.uchile.cl:article-303032021-07-05T15:09:27Z Real estate funds and urban risk Fondos inmobiliarios y riesgo urbano Daher, Antonio The association between real estate funds and urban risk is complex; financial uncertainty of real estate development increases urban vulnerability and negatively affects the sustainability of cities. However, the relation is not reciprocal, since the impact that urban risk, and the reliability of national economies have on real estate development is relatively low. The success of national economies depends on the specific conditions of a country's cities, and the success of global supranational risk is closer to urban subnational risk. The financial risk of real estate development has increased because of financialisation. As the metropolitan concentration is high and selective, transnational real estate funds, along with the geographical mobility of capital, propel the growth of real estate bubbles and crisis, making a big impact on sustainability at many levels - urban, national and even global-. Financialisation is not just a real estate development issue; rather it is an "urban financialisation" (like the subprime crisis), which includes social housing, intensifying territorial disparities. La relación entre fondos de inversión inmobiliaria y riesgo urbano es compleja: el riesgo del sector inmobiliario-financiero incrementa la vulnerabilidad urbana, y la sustentabilidad de las ciudades es más dependiente del riesgo de ese sector que éste del riesgo urbano y del riesgo país. La suerte de las economías nacionales está muy asociada a la suerte de las ciudades y la del riesgo supranacional global a la del riesgo subnacional urbano. El riesgo financiero-inmobiliario se ha multiplicado por la financiarización: los fondos inmobiliarios transnacionales y la gran movilidad geográfica de capitales, por su alta y selectiva concentración metropolitana, inducen la inflación de burbujas y las crisis, afectando la sustentabilidad urbana, nacional e incluso global. La financiarización no sólo es inmobiliaria: se trata de una amplia "financiarización urbana" que incluye -como en la crisis subprime- la vivienda social, y que agudiza las disparidades e inequidades territoriales. Universidad de Chile. Facultad de Arquitectura y Urbanismo 2013-12-02 info:eu-repo/semantics/article info:eu-repo/semantics/publishedVersion application/pdf https://revistaurbanismo.uchile.cl/index.php/RU/article/view/30303 10.5354/ru.v15i29.30303 Revista de Urbanismo; Núm. 29 (2013): Diciembre; Pág. 32-45 Revista de Urbanismo; Núm. 29 (2013): Diciembre; Pág. 32-45 0717-5051 spa https://revistaurbanismo.uchile.cl/index.php/RU/article/view/30303/32087 |
| institution |
Universidad de Chile |
| collection |
OJS |
| language |
spa |
| format |
Online |
| author |
Daher, Antonio |
| spellingShingle |
Daher, Antonio Real estate funds and urban risk |
| author_facet |
Daher, Antonio |
| author_sort |
Daher, Antonio |
| title |
Real estate funds and urban risk |
| title_short |
Real estate funds and urban risk |
| title_full |
Real estate funds and urban risk |
| title_fullStr |
Real estate funds and urban risk |
| title_full_unstemmed |
Real estate funds and urban risk |
| title_sort |
real estate funds and urban risk |
| description |
The association between real estate funds and urban risk is complex; financial uncertainty of real estate development increases urban vulnerability and negatively affects the sustainability of cities. However, the relation is not reciprocal, since the impact that urban risk, and the reliability of national economies have on real estate development is relatively low. The success of national economies depends on the specific conditions of a country's cities, and the success of global supranational risk is closer to urban subnational risk. The financial risk of real estate development has increased because of financialisation. As the metropolitan concentration is high and selective, transnational real estate funds, along with the geographical mobility of capital, propel the growth of real estate bubbles and crisis, making a big impact on sustainability at many levels - urban, national and even global-. Financialisation is not just a real estate development issue; rather it is an "urban financialisation" (like the subprime crisis), which includes social housing, intensifying territorial disparities. |
| publisher |
Universidad de Chile. Facultad de Arquitectura y Urbanismo |
| publishDate |
2013 |
| url |
https://revistaurbanismo.uchile.cl/index.php/RU/article/view/30303 |
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AT daherantonio realestatefundsandurbanrisk AT daherantonio fondosinmobiliariosyriesgourbano |
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