Para além das metrópoles globais: a atuação de investidores financeiros nas cidades médias brasileiras

Abstract

After the subprime crisis in 2008, the literature about the role of the financial capital in the production of urban space grew substantially. However, this production has mainly focused on the process of financialisation in large cities, making analyses of medium-sized cities scarce. This study seeks to fill this gap. We argue that the financialization of these cities is not merely an extension of the phenomenon observed in the metropolises but a distinct process with its own characteristics. The research identifies two main factors that influence this differentiation: the nature of the investors and their decision-making criteria. As we found, in the case of medium-sized cities, financial investors tend to be more risk- prone and prioritise diversification of investments by real estate segment and regional location. Based on the analysis of these factors, we were able to aggregate into four dimensions what characterizes the financialization process of global cities and medium- sized cities, with its peculiarities. These are: the investment flows, the nature of the financial actors, the geographical scale of the investments and the property uses and segments resulting from the investments. The methodology includes more than 40 semi- structured interviews, analysis of press materials and research into the property portfolios of institutional investors, providing a robust empirical basis for the discussions presented.financeirização, cidades médias, produção do espaço urbano, mercado imobiliário.

Keywords

• medium-sized cities
• financialization
• production of urban space
• real estate market.