And the capitalist production of housing in Medellin (2009-2017)? Following the financialisation’s clues

Abstract

In urban and housing research on Medellín, the analysis of what could be the most intense capitalist building cycle in its history has been overlooked in the last two decades. In this sense, the objective of the article is to explore what is the contemporary configuration of agents, relationships and spatial practices of the capitalist production of housing in Medellín and the Metropolitan Area of Valle de Aburrá with special attention to the structuring of the finance-promotion nexus. Based on an analysis of the links between the State and development and between financial companies and promotersconstruction companies in the sphere of housing production, a trend towards unbanking, financial monopolization of housing development and the emergence of new agents were identified. It is concluded that this shows an emerging process of housing financialization between 2009 and 2017, the period of greatest intensity of said expansionary cycle, with already evident implications on the commercialization of housing and its more expeditious conversion into a financial asset.