Financialization of real estate production: spatial impacts

Authors

DOI:

https://doi.org/10.33237/2236-255X.2026.7500

Keywords:

Financialization, Real Estate Market, Production of Space, Salvador–BA

Abstract

This article seeks to identify the role of international financial capital in the appropriation of portions of Brazil's urban income and its impact on the production of space. Initially, we analyze the participation of international capital in the purchase of shares of real estate developers on the B3 exchange between 2005 and 2023, as well as its share in the companies' controlling interest. We present the specific characteristics of credit and property titles and how they induce companies to form land banks. We quantified the number of land banks and completed developments, and we defined a time factor that reveals control over the production of space. We analyze three cases in the city of Salvador, Bahia, and conclude that international capital has expanded its control over urban land and the production of space in Brazilian cities and has appropriated increasing portions of Brazil's urban income.

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Author Biographies

André Luís Cardoso Santos, Universidade do Estado da Bahia (UNEB)

PhD in Geography from PPGEO/UFS (Postgraduate Program in Geography/Federal University of Sergipe) addressing the theme of financialization of the real estate market, Master in Urban and Regional Planning from IPPUR/UFRJ dealing with the theme of Urban Centralities, graduated in Architecture and Urbanism from UFBA, member of the State Council of Cities of the State of Bahia in the period 2010-2016, Professor of the Urbanism Course at UNEB (State University of Bahia) working mainly on the following themes: Urban Ecology, Accessibility, Public Space, Urban Economy, Urban Planning, Structure and Urban Centrality, in addition to exercising various artistic activities.

Ana Rocha dos Santos, Universidade Federal de Sergipe (UFS)

She holds a bachelor's degree (1990), bachelor's degree (1994), master's degree (1999), and doctorate (2008) in Geography from the Federal University of Sergipe. She is currently an associate professor at the Federal University of Sergipe - Prof. Alberto Carvalho Campus and the Graduate Program in Geography (PPGEO-UFS). She works as a researcher at the Observatory of Metropolises - Aracaju Center. She leads the Research Group on Urban-regional Studies, Politics, and Education (GRUPE). She has experience in Geography, with an emphasis on Regional Geography, Political Geography, and Geography Teaching, working mainly on the following topics: development policy, State, power, public policy, teaching practice, teaching methodology, and teacher training.

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Published

2026-03-15

How to Cite

SANTOS, André Luís Cardoso; ANA ROCHA DOS. Financialization of real estate production: spatial impacts. Journal Geotemas, Pau dos Ferros, v. 16, p. e02603, 2026. DOI: 10.33237/2236-255X.2026.7500. Disponível em: https://periodicos.apps.uern.br/index.php/GEOTemas/article/view/7500. Acesso em: 15 mar. 2026.

Issue

Vol. 16 (2026): Revista Geotemas

Section

Articles

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