Subordinate housing financialization: tracing global institutional investment into Lisbon’s urban development

References

• Aalbers, M. B. (2016). The financialization of housing: A political economy approach. Routledge.
   Google Scholar
• Aggregate. (2023, March 17). Ad-hoc announcement—sale of VIC. Aggregate holdings. https://www.aggregateholdings.com/en/adhoc/aggregate-ad-hoc-announcement-sale-of-vic
   Google Scholar
• Alves, S. (2022). Divergence in planning for affordable housing: A comparative analysis of England and Portugal. Progress in Planning, 156, 1–21. https://doi.org/10.1016/j.progress.2020.100536.
   Web of Science ®Google Scholar
• APPII. (2019). Promoção Imobiliária: Guia Exclusivo dos Promotores e Investidores Imobiliários 2019. Associação Portuguesa dos Promotores e Investidores Imobiliários.
   Google Scholar
• August, M., & Walks, A. (2018). Gentrification, suburban decline, and the financialization of multi-family rental housing: The case of Toronto. Geoforum; Journal of Physical, Human, and Regional Geosciences, 89, 124–136. https://doi.org/10.1016/j.geoforum.2017.04.011
   Web of Science ®Google Scholar
• Barata-Salgueiro, T., Mendes, L., & Guimarães, P. (2018). Tourism and urban changes: Lessons from Lisbon. In M. Gravari-Barbas, & S. Guinand (Eds.), Tourism and gentrification in contemporary metropolises: International perspectives (pp. 256–271). Routledge.
   Google Scholar
• Bassens, D., van Heur, B., & Waiengnier, M. (2019). Follow the money: Cultural patronage and urban elite geographies. Urban Geography, 40(5), 719–746. https://doi.org/10.1080/02723638.2018.1449429
   Web of Science ®Google Scholar
• Beswick, J., Alexandri, G., Byrne, M., Fields, D., Hodkinson, S., & Janoschka, M. (2016). Speculating on London’s housing future. City, 20(2), 321–341. https://doi.org/10.1080/13604813.2016.1145946
   Google Scholar
• Bonizzi, B. (2013). Capital flows to emerging markets: An alternative theoretical framework (186; SOAS Department of Economics Working Paper Series). SOAS. https://www.soas.ac.uk/economics/research/workingpapers/file89101.pdf
   Google Scholar
• Bonizzi, B., Kaltenbrunner, A., & Powell, J. (2019). Subordinate financialization in emerging capitalist economies (23044; Greenwich Papers in Political Economy). University of Greenwich. https://ideas.repec.org/p/gpe/wpaper/23044.html
   Google Scholar
• Braun, B. (2021). Asset manager capitalism as a corporate governance regime. In J. S. Hacker, A. Hertel-Fernandez, P. Pierson, & K. Thelen (Eds.), The American political economy: Politics, markets, and power (pp. 270–294). Cambridge University Press.
   Google Scholar
• Brill, F., & Özogul, S. (2021). Follow the firm: Analyzing the international ascendance of build to rent. Economic Geography, 97(3), 235–256. https://doi.org/10.1080/00130095.2021.1931108
   Web of Science ®Google Scholar
• Büdenbender, M., & Aalbers, M. B. (2019). How subordinate financialization shapes urban development: The rise and fall of Warsaw’s Służewiec business district. International Journal of Urban and Regional Research, 43(4), 666–684. https://doi.org/10.1111/1468-2427.12791
   Web of Science ®Google Scholar
• Christophers, B. (2022a). Mind the rent gap: Blackstone, housing investment and the reordering of urban rent surfaces. Urban Studies, 59(4), 698–716. https://doi.org/10.1177/00420980211026466
   Web of Science ®Google Scholar
• Christophers, B. (2022b). Rentier capitalism: Who owns the economy, and who pays for it? Verso Books.
   Google Scholar
• Cocola-Gant, A., & Gago, A. (2021). Airbnb, buy-to-let investment and tourism-driven displacement: A case study in Lisbon. Environment and Planning A: Economy and Space, 53(7), 1671–1688. https://doi.org/10.1177/0308518X19869012
   Web of Science ®Google Scholar
• Confidencial Imobiliário. (2020). Portuguese investment property survey: Despite the uncertain scenario licensing is the greatest obstacle to development (Q1/2020).
   Google Scholar
• Costa Pinto, T., & Guerra, I. (2013). Some structural and emergent trends in social housing in Portugal. Rethinking housing policies in times of crisis. CIDADES, Comunidades e Territórios, 27, 1–21. https://revistas.rcaap.pt/cct/article/view/9305.
   Google Scholar
• d’Ávila, R. (2019, January). O Peso do estado no preço da habitação. Confidencial Imobiliário, 339, 25–28.
   Google Scholar
• Elfayoumi, K., Karpowicz, I., Lee, J., Marinkov, M., Mineshima, A., Salas, J., Tudyka, A., & Schaechter, A. (2021). Affordable rental housing: Making it part of Europe’s recovery (21/13). International Monetary Fund. https://www.imf.org/en/Publications/Departmental-Papers-Policy-Papers/Issues/2021/05/24/Affordable-Rental-Housing-Making-It-Part-of-Europes-Recovery-50116
   Google Scholar
• Erol, I. (2019). New geographies of residential capitalism: Financialization of the Turkish housing market since the early 2000s. International Journal of Urban and Regional Research, 43(4), 724–740. https://doi.org/10.1111/1468-2427.12794
   Web of Science ®Google Scholar
• Fernandez, R., & Aalbers, M. B. (2020). Housing financialization in the global south: In search of a comparative framework. Housing Policy Debate, 30(4), 680–701. https://doi.org/10.1080/10511482.2019.1681491
   Web of Science ®Google Scholar
• Fernandez, R., Hofman, A., & Aalbers, M. B. (2016). London and New York as a safe deposit box for the transnational wealth elite. Environment and Planning A: Economy and Space, 48(12), 2443–2461. https://doi.org/10.1177/0308518X16659479
   Web of Science ®Google Scholar
• Ferreira, H. S. (2018, November 7). Com custos de contexto é difícil ter muitas casas e a preços acessíveis. Público Imobiliário.
   Google Scholar
• Fichtner, J. (2020). The rise of institutional investors. In P. Mader, D. Mertens, & N. van der Zwan (Eds.), The routledge international handbook of financialization (pp. 265–275). Routledge.
   Google Scholar
• Fields, D. (2017). Unwilling subjects of financialization. International Journal of Urban and Regional Research, 41(4), 588–603. https://doi.org/10.1111/1468-2427.12519
   Web of Science ®Google Scholar
• Fields, D. (2018). Constructing a new asset class: Property-led financial accumulation after the crisis. Economic Geography, 94(2), 118–140. https://doi.org/10.1080/00130095.2017.1397492
   Web of Science ®Google Scholar
• Gabor, D., & Kohl, S. (2022). “My home is an asset class”: The financialization of housing in Europe. The Greens/EFA. https://www.greens-efa.eu/en/article/document/my-home-is-an-asset-class
   Google Scholar
• Gambarotto, F., & Solari, S. (2015). The peripheralization of Southern European capitalism within the EMU. Review of International Political Economy, 22(4), 788–812. https://doi.org/10.1080/09692290.2014.955518
   Web of Science ®Google Scholar
• García-Lamarca, M. (2021). Real estate crisis resolution regimes and residential REITs: Emerging socio-spatial impacts in Barcelona. Housing Studies, 36(9), 1407–1426. https://doi.org/10.1080/02673037.2020.1769034
   Web of Science ®Google Scholar
• Goulding, R., Leaver, A., & Silver, J. (2023). From homes to assets: Transcalar territorial networks and the financialization of build to rent in Greater Manchester. Environment and Planning A: Economy and Space, 55(4), 828–849. https://doi.org/10.1177/0308518X221138104
   Web of Science ®Google Scholar
• Graeme, C. (2019, September 11). Investors look to middle class housing demand. Essential Business. https://www.essential-business.pt/2019/09/11/investors-look-to-middle-class-housing-demand/
   Google Scholar
• Harvey, D. (2007). The limits to capital (Updated edition). Verso.
   Google Scholar
• Heeg, S., García, M. V. I., & Arreortua, L. A. S. (2020). Financialization of housing in Mexico: The case of Cuautitlan Izcalli and Huehuetoca in the metropolitan region of Mexico city. Housing Policy Debate, 30(4), 512–532. https://doi.org/10.1080/10511482.2020.1781227
   Web of Science ®Google Scholar
• Hughes-McLure, S. (2022). Follow the money. Environment and Planning A: Economy and Space, 54(7), 1299–1322. https://doi.org/10.1177/0308518X221103267
   Web of Science ®Google Scholar
• Iberian Property. (2019, February). Iberia leads investment demand for commercial real estate. Iberian Property, 9, 28–30.
   Google Scholar
• Iberian Property. (2020). Investment: There’s a new “normal” in the Iberian market (13). Iberian Property. https://www.iberian.property/magazines/investment-theres-a-new-normal-in-the-iberian-market/
   Google Scholar
• Idealista. (2018, July 6). Peso do investimento estrangeiro em imobiliário disparou desde a Troika. idealista/news. https://www.idealista.pt/news/imobiliario/habitacao/2018/07/06/36731-oito-em-cada-dez-investidores-imobiliarios-em-portugal-sao-estrangeiros
   Google Scholar
• Idealista. (2019a, April 11). Preço das casas no centro histórico de Lisboa subiu 19% num ano … e 134% desde 2013. idealista/news. https://www.idealista.pt/news/imobiliario/habitacao/2019/04/10/39351-preco-das-casas-no-centro-historico-de-lisboa-subiu-19-num-ano-e-134-desde-2013
   Google Scholar
• Idealista. (2019b, May 27). Torre Portugália é para a classe média. idealista/news. https://www.idealista.pt/news/financas/investimentos/2019/05/24/39754-torre-portugalia-sera-para-a-classe-media-o-argumento-do-promotor-para-levar-o
   Google Scholar
• Idealista. (2019c, August 28). Vai nascer um mega projeto residencial para a classe média em Alcântara. idealista/news. https://www.idealista.pt/news/financas/investimentos/2019/08/28/40675-vai-nascer-um-mega-projeto-residencial-para-a-classe-media-em-alcantara
   Google Scholar
• Idealista. (2019d, December 13). Vanguard Properties investe também em casas para a classe média. idealista/news. https://www.idealista.pt/news/financas/investimentos/2019/12/12/41812-vanguard-properties-investe-tambem-em-casas-para-a-classe-media-vai-construir-100
   Google Scholar
• Idealista. (2020a, February 19). Atraso nos licenciamentos é o principal obstáculo à promoção imobiliária. idealista/news. https://www.idealista.pt/news/imobiliario/construcao/2020/02/19/42481-atraso-nos-licenciamentos-e-o-principal-obstaculo-a-promocao-imobiliaria-a-trava
   Google Scholar
• Idealista. (2020b, February 27). “Produtos destinados à classe média já começam a ser um objetivo dos promotores.” idealista/news. https://www.idealista.pt/news/imobiliario/habitacao/2020/02/26/42557-produtos-destinados-a-classe-media-ja-comecam-a-ser-um-objetivo-dos-promotores
   Google Scholar
• Idealista. (2021, December 20). Só uma SIGI foi criada em 2 anos de regime – porquê? idealista/news. https://www.idealista.pt/news/imobiliario/empresas/2021/12/20/50189-so-uma-sigi-foi-criada-em-2-anos-de-regime-porque
   Google Scholar
• INE. (2018). Estatísticas de Preços da Habitação ao nível local—3o trimestre de 2017. Instituto Nacional de Estatística. https://www.ine.pt/ngt_server/attachfileu.jsp?look_parentBoui=317157010&att_display=n&att_download=y
   Google Scholar
• INE. (2019). Construction: Building permits and completed buildings—4th Quarter 2018. Instituto Nacional de Estatística. https://www.ine.pt/xportal/xmain?xpid=INE&xpgid=ine_destaques&DESTAQUESdest_boui=315403469&DESTAQUESmodo=2
   Google Scholar
• Janoschka, M., Alexandri, G., Ramos, H. O., & Vives-Miró, S. (2020). Tracing the socio-spatial logics of transnational landlords’ real estate investment: Blackstone in Madrid. European Urban and Regional Studies, 27(2), 125–141. https://doi.org/10.1177/0969776418822061
   Web of Science ®Google Scholar
• JLL. (2019a). Portugal coliving: Follow the trend. Jones Lang LaSalle IP, Inc. https://www.jll.pt/pt/estudos-e-tendencias/estudos-de-mercado/portugal-coliving-follow-the-trend-2019
   Google Scholar
• JLL. (2019b). Portugal real estate market 360. Jones Lang LaSalle IP, Inc.
   Google Scholar
• JLL. (2020). Multifamily Portugal: A market on the rise. Jones Lang LaSalle IP, Inc. https://www.jll.pt/pt/estudos-e-tendencias/estudos-de-mercado/multifamily-portugal
   Google Scholar
• Jorge, S. (2020). The financialization of the margins of Maputo, Mozambique. Housing Policy Debate, 30(4), 606–622. https://doi.org/10.1080/10511482.2020.1714690
   Web of Science ®Google Scholar
• Kutz, W., & Lenhardt, J. (2016). “Where to put the spare cash?” Subprime urbanization and the geographies of the financial crisis in the global south. Urban Geography, 37(6), 926–948. https://doi.org/10.1080/02723638.2015.1118989
   Web of Science ®Google Scholar
• Lapavitsas, C., Kaltenbrunner, A., Lindo, D., Michell, J., Painceira, J. P., Pires, E., Powell, J., Stenfors, A., & Teles, N. (2010). Eurozone crisis: Beggar thyself and thy neighbour. Journal of Balkan and Near Eastern Studies, 12(4), 321–373. https://doi.org/10.1080/19448953.2010.510012
   Web of Science ®Google Scholar
• Lestegás, I., Lois-González, R.-C., & Seixas, J. (2018). The global rent gap of Lisbon’s historic centre. International Journal of Sustainable Development and Planning, 13(04), 683–694. https://doi.org/10.2495/SDP-V13-N4-683-694
   Google Scholar
• Lusa. (2019, November 22). Salário médio em Lisboa é superior a €1000 mas metade dos trabalhadores ganha menos do que isso. Jornal Expresso. https://expresso.pt/economia/2019-11-22-Salario-medio-em-Lisboa-e-superior-a-1000-mas-metade-dos-trabalhadores-ganha-menos-do-que-isso
   Google Scholar
• MarketScreener. (2021, September 7). Aggregate holdings SA: Half year results 2021. MarketScreener. https://www.marketscreener.com/news/latest/Aggregate-Holdings-SA-Half-year-results-2021–36360164/
   Google Scholar
• Mateus, J. N. (2019, November 30). Portugal tem o 3o pior investimento público per capita da UE. Jornal Expresso. https://expresso.pt/economia/2019-11-30-Portugal-tem-o-3-pior-investimento-publico-per-capita-da-UE
   Google Scholar
• Matos, F. L. de. (2012). Recent dynamics in the Portuguese housing market as compared with the European Union. Bulletin of Geography. Socio-Economic Series, 18(18), 69–84. https://doi.org/10.2478/v10089-012-0020-6
   Google Scholar
• Mendes, L. (2017). Gentrificação turística em Lisboa: Neoliberalismo, financeirização e urbanismo austeritário em tempos de pós-crise capitalista 2008-2009. Cadernos Metrópole, 19(39), 479–512. https://doi.org/10.1590/2236-9996.2017-3906
   Google Scholar
• Mendes, L. (2021). Transnational gentrification and the housing market during pandemic times, Lisbon style. Urban Geography, 42(7), 1003–1010. https://doi.org/10.1080/02723638.2021.1949832
   Web of Science ®Google Scholar
• Mendes, L., & Carmo, A. (2016). State-led gentrification in an era of neoliberal urbanism: Examining the new urban lease regime in Portugal. Contested Cities International Conference, Madrid.
   Google Scholar
• Montezuma, J., & McGarrigle, J. (2019). What motivates international homebuyers? Investor to lifestyle ‘migrants’ in a tourist city. Tourism Geographies, 21(2), 214–234. https://doi.org/10.1080/14616688.2018.1470196
   Web of Science ®Google Scholar
• Nethercote, M. (2020). Build-to-Rent and the financialization of rental housing: Future research directions. Housing Studies, 35(5), 839–874. https://doi.org/10.1080/02673037.2019.1636938
   Web of Science ®Google Scholar
• Pereira, A. L. D. S. (2017). Financialization of housing in Brazil: New frontiers. International Journal of Urban and Regional Research, 41(4), 604–622. https://doi.org/10.1111/1468-2427.12518
   Web of Science ®Google Scholar
• Piketty, T. (2014). Capital in the twenty-first century. Harvard University Press.
   Google Scholar
• Pincha, J. P. (2021, October 8). Sector imobiliário alerta que “construir para arrendar não é viável em Portugal.” PÚBLICO. https://www.publico.pt/2021/10/08/local/noticia/sector-imobiliario-alerta-construir-arrendar-nao-viavel-portugal-1980401
   Google Scholar
• Pinho, A., Carvalho, L., & Vale, D. (2022). DIAGNÓSTICO DAS CONDIÇÕES HABITACIONAIS INDIGNAS: Habitação PRR–AML 2021|2026. Área Metropolitana de Lisboa & CiAUD, Universidade de Lisboa. https://www.aml.pt/susProjects/susWebBackOffice/uploadFiles/wt1wwpgf_aml_sus_pt_site/componentNews/SUS63751ABFC5A3F/DCHI_SUMARIO_EXECUTIVO_AML_.PDF
   Google Scholar
• Pósfai, Z., & Nagy, G. (2018). Crisis and the reproduction of core-periphery relations on the Hungarian housing market. European Spatial Research and Policy, 24(2), 17–38. https://doi.org/10.1515/esrp-2017-0007
   Google Scholar
• Powell, J. (2013). Subordinate financialisation: A study of Mexico and its non- financial corporations [SOAS, University of London]. https://core.ac.uk/download/pdf/19090664.pdf
   Google Scholar
• PwC. (2018). Real estate going global: Portugal. PwC. http://www.lisboarendaacessivel.pt/fileadmin/renda_acessivel/imagens/investor_guides/Real_Estate_going_global__2018_portuguese_section__Tax_and_legal_aspects_of_real_estate_-_PWC.pdf
   Google Scholar
• PwC, & Urban Land Institute. (2018). Emerging trends in real estate: Europe 2019. https://www.pwc.com/gx/en/financial-services/assets/pdf/pwc-etre-europe-2019.pdf
   Google Scholar
• Relvas, R. B. (2021, December 9). Custos de construção de habitação nova sobem acima de 7% em Outubro. PÚBLICO. https://www.publico.pt/2021/12/09/economia/noticia/custos-construcao-habitacao-nova-sobem-acima-7-outubro-1987950
   Google Scholar
• Relvas, R. B., & Soares, R. (2023, February 16). As dez novas medidas do pacote para combater a crise da habitação. PÚBLICO. https://www.publico.pt/2023/02/16/economia/noticia/10-novas-medidas-pacote-combater-crise-habitacao-2039256
   Google Scholar
• Rodrigues, J., & Reis, J. (2012). The asymmetries of European integration and the crisis of capitalism in Portugal. Competition & Change, 16(3), 188–205. https://doi.org/10.1179/1024529412Z.00000000013
   Google Scholar
• Rodrigues, J., Santos, A. C., & Teles, N. (2016). Semi-peripheral financialisation: The case of Portugal. Review of International Political Economy, 23(3), 480–510. https://doi.org/10.1080/09692290.2016.1143381
   Web of Science ®Google Scholar
• Saaristo, S.-M. (2022). Informal modes of governance: Negotiating evictions and housing rights in Lisbon, Portugal. Radical Housing Journal, 4(1), 9–30. https://doi.org/10.54825/SKGV4690
   Google Scholar
• Saaristo, S.-M., & Silva, R. (2023). Struggles against financialisation of housing in Lisbon – the case of Habita. Housing Studies, https://doi.org/10.1080/02673037.2023.2190958
   Web of Science ®Google Scholar
• Santos, A. C., & Reis, J. (2018). Portugal: Uma semiperiferia reconfigurada. e-cadernos CES, 29, 57–75. https://doi.org/10.4000/eces.3163.
   Google Scholar
• Santos, L. (2019, November 12). “Estamos a entrar num período em que a oferta residencial de luxo em Lisboa vai exceder a procura.” Idealista/News. https://www.idealista.pt/news/imobiliario/habitacao/2019/11/11/41465-estamos-a-entrar-num-periodo-em-que-a-oferta-residencial-de-luxo-em-lisboa-vai
   Google Scholar
• Savini, F., & Aalbers, M. B. (2016). The de-contextualisation of land use planning through financialisation: Urban redevelopment in Milan. European Urban and Regional Studies, 23(4), 878–894. https://doi.org/10.1177/0969776415585887
   Web of Science ®Google Scholar
• Searle, L. G. (2018). The contradictions of mediation: Intermediaries and the financialization of urban production. Economy and Society, 47(4), 524–546. https://doi.org/10.1080/03085147.2018.1538638
   Web of Science ®Google Scholar
• SEC. (n.d.). Oaktree European principal fund III, L.P. Securities and exchange commission. Retrieved July 15, 2022, from https://www.sec.gov/edgar/browse/?CIK=1534195
   Google Scholar
• Sharma, S. E. (2021). Down and out in Dhaka: Understanding land financialization and displacement in austerity urbanism. Urban Geography, 42(5), 681–700. https://doi.org/10.1080/02723638.2021.1949845
   Web of Science ®Google Scholar
• Socoloff, I. (2020). Subordinate financialization and housing finance: The case of indexed mortgage loans’ coalition in Argentina. Housing Policy Debate, 30(4), 585–605. https://doi.org/10.1080/10511482.2019.1676810
   Web of Science ®Google Scholar
• Tavares, A. (2020, November 26). Arrendamento é “sem dúvida uma grande oportunidade em Portugal.” Vida Imobiliária. https://vidaimobiliaria.com/noticias/reabilitacao-urbana/arrendamento-sem-duvida-grande-oportunidade-portugal/
   Google Scholar
• Tulumello, S. (2016). Reconsidering neoliberal urban planning in times of crisis: Urban regeneration policy in a “dense” space in Lisbon. Urban Geography, 37(1), 117–140. https://doi.org/10.1080/02723638.2015.1056605
   Web of Science ®Google Scholar
• Tulumello, S. (2019). Struggling against entrenched austerity: From the housing crisis toward social movements for housing in post-crisis Lisbon and Portugal. In F. Othengrafen, & K. Serraos (Eds.), Urban resilience, changing economy and social trends. Coping with socio-economic consequences of the crisis in Athens, Greece (pp. 61–79). Leibniz Universität Hannover.
   Google Scholar
• Tulumello, S. (2022). The “Souths” of the “Wests”. Southern critique and comparative housing studies in Southern Europe and USA. Housing Studies, 37(6), 975–996. https://doi.org/10.1080/02673037.2021.1966391
   Web of Science ®Google Scholar
• Tulumello, S., & Allegretti, G. (2021). Articulating urban change in Southern Europe: Gentrification, touristification and financialisation in Mouraria, Lisbon. European Urban and Regional Studies, 28(2), 111–132. https://doi.org/10.1177/0969776420963381
   Web of Science ®Google Scholar
• Tulumello, S., & Colombo, A. (2018). Inclusive communities, exclusionary city, planning n/a? Mapping condomínios fechados semi-quantitatively in Lisbon, Cascais (and Barreiro). In S. Aboim, P. Granjo, & A. Ramos (Eds.), Ambiguous inclusions: Inside out, outside in (pp. 481–507). Imprensa de Ciências Sociais.
   Google Scholar
• UN Human Rights Council. (2017). Report of the special rapporteur on adequate housing as a component of the right to an adequate standard of living, and on the right to non-discrimination in this context: Mission to Portugal (A/HRC/34/51/Add.2).
   Google Scholar
• Wallerstein, I. (1979). Semiperipheral countries and the contemporary world crisis. In The capitalist world-economy: essays (pp. 95–118). Cambridge University Press.
   Google Scholar
• Weber, R. (2015). From boom to bubble: How finance built the New Chicago. University of Chicago Press.
   Google Scholar
• Wijburg, G., Aalbers, M. B., & Heeg, S. (2018). The financialisation of rental housing 2.0: Releasing housing into the privatised mainstream of capital accumulation. Antipode, 50(4), 1098–1119. https://doi.org/10.1111/anti.12382
   Web of Science ®Google Scholar