FINANCIALIZATION AND HOUSING

exploring the advance of real estate asset securitization in Brazil

Abstract

The securitization of real estate assets has figured as a relevant variable for understanding the contemporary imbrications between the urban built environment and the process of financialization
of housing. However, although a growing literature has provided important considerations associated with the constitution of these asset markets, these debates bring, in general, a perspective built from the countries with central capitalism. This work contributed an initial contribution to fill some of the blind spots on this topic, starting from the Brazilian example exploring the securitization of real estate assets, with emphasis on the period between 2007-2019. The results of this work seek to present two analytical contributions to the financialization literature: 1) it provides a specific focus on the fact that this process presents the main characteristics of its preference and diffusion within the real estate sector; 2) argues that the existing advance of the process in Brazil cannot be dissociated from the State and its financial institutions, unlike the narratives and
imaginaries of securitization based on corporate finance.