The Financialization of Latin American Real Estate Markets

The Financialization of Latin American Real Estate Markets: A Research Companion provides an authoritative overview of the real estate asset class in Latin America with chapters covering Mexico, Brazil, Argentina, Colombia, Nicaragua and Chile. The focus is on the current academic research and its relevance for practical applications and is divided into four key themes: real estate-related wealth and macroeconomics, housing price dynamics and affordability, financial crises and structural change, and non-residential real estate. The contributors cover the institutional context for real estate investment, the main players in real estate investment finance in Latin America, real estate appraisal and performance measurement, and real estate portfolios and risk management. The purpose of this book is to provide an informed overview of urban economics theory applied to financial real estate markets and capital investments practices. This analysis primarily focuses on the financial mechanisms using debt, mortgages, and equity positions to operate these markets. The regional focus on Latin America reflects on the way in which cities follow similar patterns in the design of Housing policies and programs, the mechanisms to produce infrastructures and the growing disparities that the allocation of large investments is producing among its citizens. Real estate represents an increasingly significant global asset class and investors and researchers must understand its distinctive characteristics in the region. Providing a comprehensive reference for students, academics and professionals studying, researching and working in real estate investment, finance and economics, this cutting-edge volume will pave the way for future research.

Alfonso Valenzuela-Aguilera is Professor of Urban Planning at the State University of Morelos and John Bousfield Distinguished Visiting Professor in Planning at the University of Toronto. He also works as a planning analyst/consultant and advises to various citizen boards and councils. Luis Alberto Salinas-Arreortua is Professor of Geography at the Institute of Geographic Research, Universidad Nacional Autónoma de México. He teaches geography and urbanism and has published widely on gentrification, housing policy, and urban management. José Gasca Zamora is Professor of Geography at the Institute of Economic Research, Universidad Nacional Autónoma de México. He teaches regional development, management of local and regional development, and analysis of territorial and regional public policies.

1. Financing the Territory: The Reconfiguration of Real Estate Markets in Latin America 2. Regulatory configuration, evolution and current status of Real Estate Mutual Funds in Colombia 3. Social housing mortgage securitization and peripheral urbanization in Bogotá's metropolitan area 4. The New Urban Wastefulness. Financialization of Urban Development in Mexico City 5. Housing financialization: tensions, crises, and evolution 6. From Regulation to Financialization: The Role of the Brazilian State in Housing Markets 7. The territorial dimension of real estate financialization: typologies and topologies of assets in Brazilian REIT's portfolios 8. REITs: key agents in the expansion of financial investments in the industrial and logistics real estate market in Mexico 9. Financialization processes in the tertiary sector. FIBRAS study case in Mexico City 10. Investment Funds as a movement of the Financial-Real Estate Complex in Brazil 11. The agents of construction, real estate market, and finance towards an expanded field of urban financialization in cities "off the radar" 12. Toward the subordinate financialization of housing in Nicaragua. A critical analysis of Nicaraguan housing policy 13. Variegated urban financialization: implementation of CEPAC in Brazil 14. Megaprojects as testbeds for urban financing models in Latin America: a comparative relational analysis of experiences in Argentina and Brazil