The Financialization of Latin American Real Estate Markets: New Frontiers introduces the fundamental principles of urban economics, housing, and large-scale real estate development in Latin America and equips aspiring investors and developers with the foundations for success in a unique, dynamic region. Using case studies from the Americas, this textbook provides a framework for assessing the economic, technological, social, and political forces that shape urban space, helping readers understand the aims and risks of real estate investment. Chapters on economic theory, novel financial instruments, and the regulatory environment connect real-world practice to the latest scholarly conversations in urban planning, real estate finance and development, and regional studies.
Informed by the author’s extensive experience as an academic and practitioner throughout the region, this distinctive resource sheds light on the relationship between financial capital and urban form, and places Latin American cities at the center of the urban economy debate.
Features
Provides a thorough introduction to the mechanics of real estate markets, grounding spatial and economic theories with practical examples of the tools used to finance urban development in Latin America
Centers around case studies from Mexico, Brazil, Chile, Panama, Argentina, and Colombia—some of the region’s most dynamic markets
Presents financial instruments such as mortgage-backed securities, collateralized debt obligations, credit default swaps, and real estate investment trusts in a global context
Examines State policies and programs for housing and infrastructure in Latin America, demonstrating regional patterns and new perspectives
Covers real estate finance from housing to megaprojects, exploring recent trends in infrastructure, commercial centers, and tourism with an eye toward sustainable financing practices for the future
Suitable for graduate and upper-level undergraduate students of real estate, urban planning, and Latin American studies, The Financialization of Latin American Real Estate Markets: New Frontiers also serves as essential reading for professionals in international real estate finance and development.
Author(s): Alfonso Valenzuela Aguilera
Publisher: Routledge
Year: 2022
Language: English
Pages: 233
City: New York
Cover
Endorsement
Half Title
Title Page
Copyright Page
Table of Contents
Preface
Acknowledgments
Introduction
1 Financial Capital and the Restructuring of Cities
The Urban Economy and the City Structure
Framing the Development of Geographical Economics
Revisiting Urban Spatial Economics
The Location Theory Paradigm
The Concentric Ring Model
The Radial Sector Model
The Polynuclear Model
The Economics of Spatial Location and the Definition of Land Prices
Conclusion: the Economic Nature of Cities
2 Theorizing the Spatial Structure of Cities
Fictitious Capital and Real Estate Markets
Revisiting Urban Land Rent Theories
The Formation of Urban Land Prices
The Three Circuits of the Spatial Economy
The Upper Circuit
The Intermediate Circuit
The Lower Circuit
Social and Institutional Frameworks
Real Estate Markets in Latin America
Notes
3 Financial Instruments as Tools
Financial Instruments and the Location of Capital
Mortgage-backed Securities (MBSs)
The Impact of Collateralized Debt Obligations (CDOs)
Credit Default Swaps (CDSs)
Real Estate Investment Trusts (REITs)
Notes
4 Financing Housing Markets
Housing: Financial Markets and the State
Chile and Progressive Housing Programs
Mexico and Private Housing Corporations
Brazil and Minha Casa, Minha Vida Program
Colombia and the Production of Social Housing Schemes
New Perspectives On Housing Policies in Latin America
Notes
5 Financing Megaprojects in Latin America
Megaprojects: Finance, Markets, and the State
Puerto Madero, Buenos Aires
Santa Fe, Mexico City
Punta Pacífica, Panama City
Porto Maravilha, Rio De Janeiro
Notes
6 Financial Instruments and the City
International Flows of Capital and Urban Governance
Financial Instruments for Infrastructure
Financial Instruments for Infrastructure: Mexico as a Case Study
Development Capital Certificates (CKDs)
Infrastructure and Real Estate Investment Trusts (FIBRAs)
Financial Instruments for Shopping Centers
Financial Instruments for Tourism
Notes
7 Conclusions: Sustainable Financing Practices of Cities
The Financialization of Living Environments
Megaprojects: Large Investments and the State
The Instrumentalization of Capital in the Urban Realm
References
Index
